Resource Guide for
Impacted Small Businesses
Resources for Business Affected by Coronavirus COVID-19
Businesses across the country have been severely impacted by the swift spread of the novel coronavirus COVID-19. From cancelled projects to mandated closures to layoffs, virtually every business in the country has been affected by this pandemic. In an effort to support our customers, QuickBridge has pulled together resources to keep you informed about how to weather this storm.
Congress Enacts Small Business Relief
Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March, which originally made more than $349 billion available to help keep small businesses afloat. In late April, an additional $310 billion was approved to support small businesses who missed out on the first opportunity to obtain financial support. This includes $60 billion of that funding set aside specifically for smaller community banks and credit unions that offer business loans.
Paycheck Protection Program Loans
The Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) is intended to help businesses with less than 500 employees maintain staff levels and payroll while they are impacted by COVID-19. Businesses can borrow up to $10 million to finance payroll, rent and utilities through June 30, 2020.
If a business uses 75% of the loan to pay for those payroll-related costs, the loan amount is forgiven. Any portion of the PPP loan not used for payroll-related costs will have a repayment term of two years at 1%. Loan payments will be deferred for six months.
SBA Emergency Loan Advances
The Small Business Administration (SBA) is offering businesses Economic Injury Disaster Loan (EIDL) advances of up to $10,000 to provide economic relief for those experiencing temporary financial disruptions as a result of COVID-19. Upon successful completion of an EIDL application, the SBA will distribute $10,000 to the business. These funds are forgivable.
Existing Loan Relief
The SBA will immediately cover up to 6 months of payments for small businesses that already have SBA loans, including waiving interest and fees.
The IRS, and many state governments, have extended tax filing deadlines until July 15, 2020.