Resource Recap: Programs for Small Businesses
Small businesses have a number of resources and relief programs to consider as part of a massive response to the COVID-19 pandemic. Systems have been overloaded or simply untested, but program administrators are working to minimize frustrations.
Forbes has developed a list of state, federal and community services and updates it frequently. It appears to have removed its security firewall to share this resource beyond subscribers. Find the list at , or visit the Association’s resources page at .
Here, we take a quick look at nationwide assistance for small businesses.
Paycheck Protection Program
The U.S. Small Business Administration (SBA) will guarantee loans of up to $10 million to eligible businesses, and the loans will be provided by lenders including banks and credit unions. Paycheck Protection Program loans can be forgiven if businesses maintain payroll for eight weeks at employees’ normal salary levels and use the loan proceeds for qualifying expenses.
Expanded Access to SBA Economic Injury Disaster Loans
As part of its disaster assistance program, the SBA is providing working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3.75 percent for small businesses and 2.75 percent for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. The stimulus updated the program so that sole proprietors and businesses with fewer than 500 employees qualify, and applicants don’t need to provide a personal guarantee on loans under $200,000. Payments can also be deferred for up to four years.
Emergency Grant of $10,000
Even if your business is denied an SBA Economic Injury Disaster Loan, you can access this grant, which can be used to provide employee sick leave, maintain payroll or meet other needs like paying rent.
Extensions or Filing, Paying Taxes
The federal tax return filing deadline is now July 15. For tax payments of up to $10 million, the IRS has also extended the deadline for individuals and businesses to July 15. Estimated tax payments originally due tomorrow are now due July 15.
Several states have aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late payments. Check with your state tax agency to learn more.
Deferral Programs for Existing Loans
Many banks have offered deferment and forbearance to business loan customers having trouble making payments. Search for your bank’s response resources at .
Facebook Small Business Grants
Facebook is offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available. Learn more at .

