COVID-19
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Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March, which originally made more than $349 billion available to help keep small businesses afloat.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.

Tax Extensions

The IRS, and many state governments, have extended tax filing deadlines until July 15, 2020.

Funding Options for Businesses Impacted by COVID-19

Paycheck Protection Program (PPP)

Up to a $10 million forgivable loan to help businesses maintain payroll. Businesses should reach out directly to their business bank to apply for the PPP.

Economic Injury Disaster Loans

Businesses can apply for an SBA EIDL directly on the SBA website. Once an application is complete, the business will receive an immediate $10,000 forgivable advance.