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For small business owners, dealing with the effects of the Coronavirus outbreak is challenging enough. That’s why we’re here to help you navigate the ever-changing climate of relief options available to US businesses. Small businesses in all 50 states have the ability to seek assistance from nationwide organizations and programs as outlined in our COVID-19 Resource Guide. In addition, many states are creating COVID-19 relief programs solely for their residents. As a small business owner during this difficult time, it’s...

What is it? The EIDL program provides business loans up to $2 million and includes an emergency grant of up to $10,000 to be made within three days of application. The grant will be forgiven provided that funds are used for providing sick leave, maintaining payroll, meeting increased costs driven up by interrupted supply chains, making business’s rent/mortgage payments, and repaying obligations that cannot be met due to revenue loss. How does the EDIL program differ from the PPP program?...

What is it? The PPP provides small business loans that can be up to 2.5x the business’s average monthly payroll costs, up to $10 million. Payroll costs may include salaries, bonuses, retirement and healthcare benefits and parental leave. Loans will be given on a first-come, first-serve basis and your business must apply before June 30th. Is my business eligible? This program is for US-based businesses with under 500 employees. To qualify, your business must have been substantially impacted by COVID-19...

What is it? Many landlords, auto loan, and insurance companies are able to provide financial assistance in the form of delayed payments for customers impacted by coronavirus by offering a deferment or a forbearance. To avoid defaulting on payments, a due-date change, deferment or forbearance will delay payments if a customer can sufficiently demonstrate a temporary inability to pay to their Creditor. In some instances a deferment can be interest-free. Is my business eligible for this? Creditors may provide financial...

In addition to loans provided by the SBA, the IRS has its own program to support businesses in the wake of COVID-19. What is it? The IRS has created an Employee Retention 2020 Tax Credit that, for eligible businesses, could equal up to 50% of the wages paid to employees. Credit is given for the first $10,000 of salary, including health benefits, paid to each eligible employee. Applies to qualified employee wages paid after March 12, 2020, and before January...