Resources for Small Businesses

Paycheck Protection Program

Prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. More information is available here(Source: treasury.gov

SBA Payroll Protection

Businesses with under 500 employees per location are eligible to receive up to 8 weeks of financial assistance through federally guaranteed loans from the SBA. If the employer maintains payroll and does not terminate employees, the portion of the loan used to meet payroll, mortgage obligations, rent, and utilities will be completely forgiven.  This is designed to ensure businesses can retain their workers and applies retroactively to February 15, 2020, to help bring workers who may have already been laid off back onto the payroll.

Employee Retention Credits

Employee Retention Credits are refundable payroll tax credits for 50% of wages paid by employers to employees up to $10,000 per employee.  This is available to employers whose:
  • Operations were fully or partially suspended due to COVID-19 shut down order
  • Gross receipts declined by more than 50% when compared to last quarter
Employers with 100 or fewer employees receive the credit for every employee regardless of working or not.

Economic Injury Disaster Loans and Loan Advance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. (Source: sba.gov