Many small businesses are wrestling with how to stay afloat during this time of economic uncertainty. Federal, state, and local governments plus some private organizations have created relief programs to aid businesses at this time.
We’ve rounded up information on the major financial relief programs available for small businesses and self-employed workers. Top options include the “Paycheck Protection Program” as well as the “Economic Injury Disaster” Loan. This past week, we’ve helped our small business owner clients prepare their applications and details for submission to their respective PPP lenders. You can reach out for a personalized virtual session if you need support.
Economic Injury Disaster Loan (EIDL)
- Can apply to receive an advance emergency grant of up to $10,000 while your loan application is being processed (Possibly a $1,000 cap per employee up to $10,000)
- Loan Amount: Up to $2 million
- Interest rates: 3.75% for For-Profit, 2.75% Non-Profit
- Term/Maturity: Up to 30 Years
- Payment Deferment: 12 Months
- When & Where To Apply: SBA.gov
Paycheck Protection Program
- Can apply to receive a forgivable loan meant to help you keep workers on the payroll
- Loan Amount: Up to 2.5 times average monthly payroll ($100,000 cap per employee), loan cap is $10 million per business
- Interest rate: 1%
- Term/Maturity: 2 Years
- Payment Deferment: 6 Months
- When & Where To Apply: Apply through an SBA approved lender
- Starting April 3rd (small businesses & sole proprietorships)
- Starting April 10 (independent contractors & self-employed)
- Apply through June 30 2020 (until funds run out)
Directory Of Additional Resources For Small Business
U.S Small Business Administration (SBA)
U.S Department Of Treasury
PPP (Paycheck Protection Program) Loans
- PPP Information Sheet
- Sample PPP Borrower Application Form (Updated 4/2/2020)
- U.S Department Of Treasury PPP FAQs (Updated 4/8/2020)
- SBA Zip Code Search For Eligible PPP Lender
- Yahoo Finance PPP Loan Lender List & Requirements
- Don’t Panic! Taking the Guesswork Out of PPP Loans
- How To Calculate Payroll Costs For Your Paycheck Protection Loan (Updated 4/7/2020)
- Kabbage PPP Loans (online lender for those who may not be able to apply via their existing banking relationship)
- Fundera PPP Loans (another online option for those who may not be able to apply via their existing banking relationship)
Other Relief Programs
- Facebook Small Business Grants
- Red BackPack Fund Backed by Sara Blakely
- Verizon LISC Small Business Grants (Round 2 Applications should begin Mid-April)
- Hello Alice Business For All Grant
- Open For Business Hub
- Google Ads Credits For Small and Medium-Sized Businesses
NYC COVID-19 Relief For Small Business
NJ COVID-19 Relief For Small Business
Women-Owned Business COVID-19 Resources
Disclaimer: This blog post is not intended to be a substitute for specific financial, tax or legal advice. The article is for educational purposes only. Reproduction of this material is not permitted without written permission.
