The current global pandemic is affecting every person and business around the country, and around the world. Here are the latest facts and figures regarding COVID-19, including a breakdown by each state.
The virus has forced governments to implement travel restrictions and stay at home orders that are negatively impacting the economy and causing widespread business closures. If you’re impacted, here are some COVID-19 relief resources you may be eligible for:
The CARES Act
Congress recently passed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which includes support for small businesses and non-profit organizations through a new loan program called the Paycheck Protection Program (PPP).
The PPP includes $350 billion that’s available for loans to small businesses with 500 or fewer employees. The max loan a company can request is $10 million in order to cover:
– Payroll support including paid sick leave and paid medical leave
– Employee salaries up to $100,000
– Rent, mortgage, and utility payments
– Insurance premiums
– Other debt obligations
The PPP loan has an interest rate of no more than 4% annually, and payments can be deferred for six months and up to a year without penalty. Visit the SBA website for a list of approved lenders where you can apply with SBA Form 2483.
The CARES Act also includes Emergency Economic Injury Grants and Economic Injury Disaster Loans (EIDL), which you can apply for through the SBA’s website.
These loans and grants are available for:
– Sole proprietorships
– Independent contracts
– Tribal businesses
– Employee-owned businesses
Similar to the PPP, these financial relief resources are for businesses with 500 or fewer employees. You’re able to apply for the grant, EIDL loan, and PPP at the same time, but you can’t use the EIDL for the same purpose as your PPP loan.
The grant funds are available within three days of filing an application to approved businesses but come with a $10,000 cap. The loans and grants are available until December 31st, 2020. You can apply here on the SBA Disaster Assistance page.
The Small Business Administration has also extended the Express Bridge Loan Pilot Program to those affected by COVID-19. The program allows small businesses to work with SBA Express Lenders to access up to $25,000 with less paperwork.
For further information on the CARES Act and how it affects specific industries, check out these resources:
– National Restaurant Association
– National Retail Federation
– International Franchise Association
– American Hotel & Lodging Association
– American Public Transportation Association
– American Gaming Association
– Hospitality Professionals
The IRS has implemented steps to help taxpayers, businesses, and others affected by the coronavirus pandemic through the Coronavirus Tax Relief page, which notably extends the federal income tax deadline to July 15th, 2020.
There’s also Employee Retention Credits, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Facebook created a free Business Resource Hub that includes $100 million in cash grants and ad credits to help keep your business going strong. To be eligible, you need to have between 2 and 50 employees, been in business over a year, and have experienced challenges from C-19.
Cable and Internet Providers
Cable and Internet providers are stepping up to keep the country’s new “work from home if you can” policy afloat. 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.
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.
Comcast is providing free Xfinity hotspots, unlimited data, and no disconnects or late fees for all customers experiencing hardship over the next 60 days.
Here is a list of banks offering some form of relief to customers affected by C-19.
Google is helping you communicate changes to your hours or business operations through GoogleMyBusiness Help.
Resources By State
– UI Work Sharing Program
– Rapid Response
– San Francisco Revolving Loan Fund and Emerging Business Loan Fund
– Los Angeles City Small Business Emergency Microloan Program
– State-Specific Resources
– State-Specific Resources
– WorkShare Program
Please note this article is updated daily with new resources for businesses.
Did we miss any C-19 relief resources? Tell us in the comments below, and we’ll add them: