Note: This post will be continually updated as additional resources become available. Originally published by Inc. Magazine – https://www.inc.com/kevin-j-ryan/coronavirus-resource-list-for-businesses.html – We want you to be aware of your options. This page is a good up-to-date resource for finding financial aid for small business. Check the link for up to the minute updates.
Note: This post was updated at 12:30 a.m. ET on April 29 and will be continually updated as additional resources become available.
Business owners are reeling as the Covid-19 disruptions to daily life hit an increasing number of locales. Governments are scrambling to marshal resources to offer assistance to those taking a hit.
Here’s a rundown of programs available as of Wednesday, April 29.
President Trump signed a new $484 billion coronavirus relief bill into law on Friday, April 24. The legislation adds an additional $320 billion in funding to the Paycheck Protection Program (PPP), which provides government-guaranteed loans to small businesses, and adds $10 billion to the Economic Injury Disaster Loan (EIDL) program.
On March 27, President Trump signed an unprecedented $2.2 trillion economic stimulus bill into law. The package includes hundreds of billions of dollars in loans to both small businesses and large companies, as well as direct payments of up to $1,200 for individuals. The package also includes enhanced jobless aid that for the first time would also apply to freelancers and gig economy workers.
Treasury secretary Steven Mnuchin announced on March 20 that Tax Day is being delayed from April 15 to July 15, giving taxpayers and businesses extra time to file their taxes without interest or penalties.
President Trump signed a coronavirus relief package into law on March 18 that provides paid leave benefits and additional unemployment benefits for U.S. workers. The package, which will take effect by April 2, includes new federal employee-benefit mandates and offers these provisions for employers:
- Tax credits for businesses with fewer than 500 employees to cover:
- Two weeks of paid sick leave for employees who have been quarantined, have a sick family member, or have been affected by school closings.
- Up to three months of paid family and medical leave amounting to no less than two-thirds of regular pay for those employees listed above.
- The option for the Labor Department to exempt businesses with fewer than 50 employees from abiding by the paid leave mandate, if the Labor Department decides the new law could pose an existential threat to the company.
Mnuchin announced March 17 that the IRS will defer $300 billion worth of tax payments for individuals and businesses. Corporations can defer up to $10 million of payments owed to the IRS, interest-free, for 90 days, while individuals can defer up to $1 million.
Recently, the president signed a bill that allows the SBA to issue an estimated $7 billion in low-interest loans. The SBA announced on March 12 that small businesseswith financial burdens caused by the pandemic that don’t have credit available elsewhere can be eligible for loans of up to $2 million with a 3.75 percent interest rate (2.75 percent for nonprofits). As of March 21, businesses in all 50 states and U.S. territories can apply here. For more information, you can contact the SBA disaster assistance customer service center at 1-800-659-2955 or email@example.com.
The International Franchise Association–the trade organization for franchisers, franchisees, and suppliers–has requested $300 billion in SBA lending authority for the creation of a small-business workforce stabilization fund and relief for business interruption insurance.