COVID-19 Resources for Businesses

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• 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.

• Includes $350 billion in loans for companies with 500 employees or fewer, including nonprofits, self-employed people and hotel and restaurant chains with no more than 500 workers per location. Government provides eight weeks of cash assistance through loans to cover payroll, rent and other expenses, much of which would be forgiven if the company retains workers. Also $17 billion to help small businesses repay existing loans; $10 billion for grants up to $10,000 for small businesses to pay operating costs.

• The CARES Act amends the Small Business Act to create the Paycheck Protection Program. Under the program, eligible businesses—or those with fewer than 500 employees—can quickly receive loans up to a maximum amount to eligible businesses to help pay up to eight weeks of payroll costs. 

• The loans can also be used for rent, health benefits, insurance premiums, utilities, etc. You can apply for the program starting April 3, 2020.

• Employee retention credit for employers subject to closure due to COVID-19. The provision provides a refundable payroll tax credit for 50 percent of wages paid during the COVID-19 crisis. The credit is available to employers whose (1) operations were fully or partially suspended, due to a COVID-19-related shut-down order, or (2) gross receipts declined by more than 50 percent when compared to the same quarter in the prior year.

• Delay of Payment of Employer Payroll Taxes. Allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax. The bill requires that the deferred employment tax be paid over the following two years.

• Register for an account and apply online.
  
• Up to $2M at 3.75%, 30-year term.
  
• As of now, SBA is still requiring a full loan package, so this will not be a quick process. Our suggestion for those businesses who need the help is to get started ASAP and work directly with the SBA.

• Up to $5M. The upcoming IMPACT 2020 Bill could increase government guarantees of these loans to 95%.  If so, banks should be much more willing to lend after it passes.

• If you use American Express Business, they have a program that allows you to delay 2 months of payments, interest-free. You simply have to call their customer service and ask.

• Other credit card issuers are also offering relief, even if they have not formally released a statement of support. Call your credit card company if you are at risk of not making a payment.

• Some banks are offering forbearance and aid programs as well. This is evolving quickly.

• See below for a list compiled and updated regularly by Forbes

• Facebook created a free Business Resource Hub with resources for businesses struggling to navigate the COVID-19 outbreak. Through the program, Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses.

• Yelp created a $25 million fund to provide relief to independently owned restaurant and nightlife businesses and franchisees with fewer than five locations in the form of waived advertising fees and free advertising, products, and services during this period.

• Intuit Quickbooks teamed up with GoFundMe and Yelp to launch the Small Business Relief Initiative to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.

• Each company has donated $500,000 to start the fund, which will provide grants to small businesses across the United States, starting with the hardest hit areas. The fund will also issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe.

• Get in touch with your local SBA office to see if they have any additional resources specifically designed for business owners in your area.

• DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.

• Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 are eligible

• Businesses can receive a low interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months

• Loans can be used to support working capital

• DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.

• Small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 are eligible

• Businesses can receive a low interest loan of up to $50,000 with a 5 year repayment period with no payments due for the first six months

• Loans can be used to support working capital

• The St. Louis Business Journal and parent company American City Business Journals have compiled a Small Business Resource Guide to provide information on various programs, public and private, that can provide assistance and light in this time of need. Check back often, as this guide will be regularly updated.

• The West Coast Chamber is tracking the COVID-19 crisis closely and working hard to provide you with the most updated facts and data.
  
• If you have any questions about COVID-19 or you are seeking best practices or resources for your company, please visit their website.

• Starting April 1, the Michigan Small Business Relief Program will provide $10 million in low-interest loans and $10 million in grants to eligible Michigan businesses. The loans are for employers with 50 employees or less, and the grants are for companies with less than 100 employees.

• Keep an eye on the page linked below for updates on both programs and how to apply.

Verizon is waiving late fees incurred by any small business or residential customers due to their economic circumstances related to COVID-19 for the next 60 days. The company will also not terminate service to any customers who are unable to pay their bills due to COVID-19, and is adding an extra 15GB of data to all consumer and small business plans.

AT&T will not terminate the service of any wireless, home phone, or broadband residential or small business customers unable to pay their bill due to disruptions caused by COVID-19. For the next 60 days, the company will also waive late payment fees incurred because of the COVID-19 pandemic, and it will keep public Wi-Fi hotspots open for any American who needs them.

Comcast is providing free Xfinity hotspots, unlimited data, and no disconnects or late fees for all customers experiencing hardship over the next 60 days. Comcast is also offering a free Internet Essentials internet plan for all new customers for 60 days.

Uber Eats announced that it is waiving all delivery fees for local restaurants as of March 16. The announcement, which came in the form of an email to Uber Eats customers, also outlined the steps Uber Eats is taking to keep drivers and customers safe during the COVID-19 outbreak.

With dine-in down as much as 75%, Grubhub US deferring commission fees for impacted independent restaurants. 

They are also matching all promotions run by independent restaurants with their Smart Promotions feature, to help make restaurants' investments in growth twice as effective.

Postmates is in conversations with restaurant associations and city governments around the country to assess how to support  local restaurant corridors.

Through the end of April, independent restaurants in the United States can sign up for free with DoorDash and Caviar and pay zero commissions for 30 days. This is not a deferral of fees, nor will merchants be asked to pay anything back.

Squarespace provides easy-to-customize templates, crafted by world-class designers, to help create expressive online stores.

Shopify provides beautiful e-commerce themes that are responsive and easy to customize. 

• Under the recently passed CARES Act, taxpayers who filed tax returns for either 2019 or 2018 and make up to $75,000 for individuals (up to $150,000 for married couples) will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

• You do not need to take any action to receive the payment, as long as the IRS has your direct deposit information. If they do not, you will soon be able to utilize a web-based portal to provide the information.

• Grants will be awarded on a first-come first-served basis to those individuals who meet the prescribed eligibility criteria, as reviewed and verified by the National Restaurant Association Educational Foundation (NRAEF). 

• Subject to the availability of funds contributed to the Fund, a one-time grant of $500 will be disbursed directly to the applicant following NRAEF’s review and confirmation that their submitted application meets the prescribed guidelines. Awards will limited to one grant per person."

• The CARES Act also stipulates that a $600 weekly increase be added to unemployment insurance for the next four months. Individuals not usually eligible for UI will also receive federal funding, including the self-employed, independent contractors, and those with limited work history.

• Additionally, the federal government will fund an additional 13 weeks of unemployment benefits through December 31, 2020 after workers have run out of state unemployment benefits. Keep an eye on this page for more updates.

 Americans have received conflicting information on when they will receive stimulus checks due to the economic fallout from the coronavirus pandemic. But there’s good news: Checks will be hitting their bank accounts soon. 

Congress has passed, or is in the process of passing, three phases of a Federal stimulus package to provide relief to those impacted by the Coronavirus pandemic. Phase 1 is comprised of Economic Injury Disaster Loans available under the existing Disaster Loan Program overseen by the U.S. Small Business Administration (“SBA”). Phase 2 does not feature a loan program. Phase 3 is the Coronavirus Aid, Relief and Economic Security Act, HR 748 (“CARES Act”).[1] The CARES Act features both a Paycheck Protection Program and an Economic Stabilization Loan Program geared for larger businesses.

Explore for detailed explanations of new loan opportunities, federal aid packages and other opportunities for businesses and employers.  Updated regularly.