The government has introduced a number of measures to help support businesses throughout the Coronavirus crisis. With the speed of the situation, please visit this link for the most up-to-date information:
COVID-19 Small Business Guidance & Loan Resources
Relief Opportunities For Small Businesses
Below is a list of some helpful opportunities for small businesses. If needed, there is likely to be a loan your small business can use during the Coronavirus crisis.
Economic Injury Disaster Loan Program - The Small Business Administration will work directly with state officials to provide loans to small businesses and non-profits. Businesses that have been impacted by COVID-19 can apply for a low-interest Economic Injury Disaster Loan through the SBA for up to $2 million.
Small Businesses in the following designated states are eligible to apply: Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, and West Virginia.
Check out the resource page for more details on the loan and areas it is available.
-or-
Even if you are denied a loan, you may still be able to receive a grant of up to $10,000 to cover payroll and other business expenses such as rent. Grants do not need to be repaid. Check out the resource page and application for more information.
IRS Payment Deadline Extension - Federal income tax payment and filing deadlines have been extended until July 15, 2020. See this page for more detail.
Payroll Tax Credits For Coronavirus Related Leave - Small and midsize businesses are eligible to take advantage of “two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.”
There will also be a tax credit available for those who are self-employed equivalent to the sick leave amount.
For details, click here.
Unemployment For Small Business Owners and Gig Workers - With the passing of the CARES Act, unemployment has temporarily been expanded to include more people. Included in that group are self-employed persons and gig workers. If you are self-employed, you may qualify for state unemployment as well as $600 per week from the Federal Government for up to four months.
To apply for unemployment either visit your states unemployment website or contact them via phone. I encourage you to act fast but be patient. This kind of expansion takes time to set into motion.
Click here to read through some frequently ask questions about the CARES Act.
Stimulus Checks and Student Loan Payment Suspension - Also part of the CARES act is a directive to deliver a stimulus check to every American who has file taxes in either 2018 or 2019. The amount of this check may vary and will only be sent to individuals who have file taxes in either 2018 or 2019. To see more clarification click here for an article that answers questions about the CARES Act.
Federal student loan interest has already been temporary suspended, however, the CARES act has made it possible to temporary suspend you payment last on those loans. To take advantage, you must contact your loan provider. Click here for an article that answers questions about the CARES Act.
State Specific Resources - Please look into the state you operate in to see if there are any resources they are offering for relief efforts. Each state is different and may be offering assistance to small businesses in other ways.
This Forbes article does have a list of what some state/local governments as well as some private and non-profit companies are doing to help: Small Business Relief Tracker: Funding, Grants And Resources For Business Owners Grappling With Coronavirus. Click the article link to find out more.
I will do my best to keep this post as current as possible with new and/or update resources for small businesses being affected by COVID-19. (Updated 3/28/20)