Small Businesses

Paycheck Protection Program – Loan Assistance

Eligibility: Small business (less than 500 employees), sole proprietorships, independent contractors, self-employed persons, private nonprofit organizations, 501(c)(19) veterans organizations

Important Dates: Loan Processing Begins April 3, 2020, Program Available Through June 30, 2020. 

Description: The Paycheck Protection Program is a loan designed to provide an incentive for small businesses to keep their workers on payroll. The Small Business Administration (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. Businesses can apply through any existing SBA 7(a) lender or other lenders approved to participate in the program. Businesses should consult with their local lenders as to whether they are participating in the program. 

Economic Injury Disaster Loan Program

Eligibility: Small business (less than 500 employees), sole proprietorships, independent contractors, self-employed persons, private nonprofit organizations, 501(c)(19) veterans organizations

Important Dates: Application Available Now, Program Available Through September 30, 2020

Description: The Economic Injury Disaster Loan (EIDL) is a loan up to $2 million with an advance of up to $10,000 designed to provide immediate relief to small businesses. This loan will provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. The loan advance does not have to be repaid. Funds will be made available through the Small Business Administration (SBA) following a successful application process. 

Express Bridge Loan

Eligibility: Small businesses that have current relationships with SBA Express Lenders

Important Dates: Application Available Now, Pilot Program to Expire March 13, 2021

Description: The Express Bridge Loan Pilot Program (EBL) is designed to provide economic support to small businesses who have an existing relationship with an SBA Express Lender. The loans provide help to overcome the temporary loss of revenue a business may be experiencing. The loan amount is up to $25,000. The loan can be a term loan or used to bridge the gap while a business is waiting for a decision and disbursement on an Economic Injury Disaster Loan. 

Debt Relief Program

Eligibility: Small businesses with current and new 7(a), 504, and microloans

Important Dates: Program Available Through September 27, 2020

Description: The Debt Relief Program is designed to provide economic relief for small businesses with existing and new 7(a), 504 and microloans. The assistance is provided through the Small Business Administration and existing lenders. The program includes the payment of principal, interest and fees for a six month period on loans issued before September 27, 2020. Current disaster loans may receive automatic deferment through December 31, 2020. 

Main Street Lending Program

Eligibility: Small and mid-size businesses employing 10,000 or less employees or with revenues less than $2.5 billion

Important Dates: Ongoing

DescriptionThe Federal Reserve is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in good financial standing before COVID-19 pandemic. A reserve bank will set up a special purpose vehicle (SPV) to purchase 95 percent of loans originated by eligible lenders and lenders will retain 5 percent of the loans. Loans may be obtained through eligible lenders and will have a four-year maturity with a one-year principal and interest payment deferral. The Federal Reserve is currently working to create the program.

Refundable Tax Credits

Eligibility: Businesses with fewer than 500 employees that are subject to Emergency Paid Sick Leave Act (EPSLA) and Expanded Family Leave Medical Act (FMLA) and certain self-employed individuals in similar circumstances     

Important Dates: Credits based on wages and leave paid April 1, 2020 – December 31, 2020 

Description: The Families First Coronavirus Response Act (the "FFCRA") provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. The FFCRA gives businesses funds to provide employees with paid leave for reasons related to COVID-19 and covers the costs by providing businesses with refundable tax credits. Additional information about eligibility, and how to claim these credits can be found online.

Employee Retention Credit

Eligibility: Employers and tax-exempt organizations operating in 2020 experiencing either suspension in operations or significant decline in gross receipts as defined 

Important Dates: Qualified wages paid after March 1, 2020 and before January 1, 2021   

Description: The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. If the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.