Helpful Information For Small Businesses Dealing With The Economic Effects Of COVID-19

On 4/13/2020, the Economic Development Committee had a meeting with federal, state, and regional agencies, as well as with legislative offices, and local officials to discuss programs available to small business owners during this troubling time. You can watch the meeting above. Below, we've provided contact information for each of the agencies and legislative offices involved in this discussion. We've also included helpful information from the SBA. As more information becomes availible, this page will be updated. 

Helpful Contacts: 

Federal:

 State:

Local and Regional: 

SBA Programs:
 

SBA Small Business Recovery Assistance

On Friday, March 27^th, a $350 billion economic recovery bill was passed to help small businesses affected by the Coronavirus Pandemic.

Emergency capital is now available through the SBA 1. through financial institutions and  2. online directly from the SBA.

Counseling and training is also available virtually through our network of resource partners.

1. Paycheck Protection Program

SBA and Treasury Department is launching the Paycheck Protection Program to help keep employees on payroll and small businesses operating.  The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.  Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.  Find ELIGIBLE LENDERS / APPLICATION HERE

2. Economic Injury Disaster Loan

The Economic Injury Disaster Loan is a low-interest, long-term loan (not to exceed 30 years) for up to $2 million to small businesses and nonprofits. The interest rate on EIDLs may not exceed 3.75% per year for small businesses and 2.75% for non-profits. The first payment is deferred for 12 months. The application can be completed online at https://covid19relief.sba.gov/

3. Emergency Economic Injury Grant (EIDL Advance UP TO $10K)

If you apply for that Economic Injury Disaster Loan – during the online application process you will be prompted to request an “Economic Injury Disaster Loan Advance” for UP TO $10,000 as part of the application. If approved for the advance you can receive the funds to pay for payroll and other operating expenses; the advance amount only will be FORGIVEN.  To access the advance, you must first apply for an EIDL and then request the advance which does not need to be repaid. LEARN MORE

4. Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law (3/27).  LEARN MORE

5. Express Bridge Loan

The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000. This is a loan program for small businesses with an existing banking relationship with SBA Express lenders as of the date of the disaster.  LEARN MORE Find Express Lenders here: LENDER LIST

6. Counseling & Training

Small business owners needing a business counselor to help guide you through this uncertain time can turn to your local Small Business Development Center (SBDC),

Center for Women & Enterprise, or SCORE mentor chapters. To find a local resource partner, visit www.sba.gov/LOCALASSISTANCE