Re$ources for Small Businesses during COVID-19

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We’ve gathered financial resources for small business owners that can help offset the economic impact of COVID-19. While tough times are ahead, the encouraging thing is that there is help, like the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act , loans and special grants.

  1. Stimulus Payments and Recovery Rebates via CARES Act - Provides rebate amounts for eligible individuals and married couples.

    • Individuals who earn $75K in AGI or less: $1,200 rebate

    • Married couples earning up to $150K: $2,400 + $500 each child

    • Rebate amounts are advance refunds of credits against 2020 taxes

  2. Unemployment under CARES Act

    • $600 additional weekly benefit to base state unemployment benefit for those eligible

    • Additional 13 weeks of UI benefits for those eligible

  3. Federal Income Tax Deadline Extension - Deadline to file income tax returns and pay taxes due by April 15, 2020 has been extended to July 15, 2020.

  4. Federal Payroll Tax Deferral - Payroll taxes due from the period beginning on date CARES Act signed into law and ending on 12/31/20 are deferred.

    • The entirety of payroll taxes incurred by employers and 50% of payroll taxes incurred by self-employed persons qualify for deferral.

    • Half of the deferred payroll taxes are due on 12/31/21, with the remainder due on 12/31/22.

  5. SBA 7(a) Relief Loan: Paycheck Protection Program - The Paycheck Protection Program provides nearly $350B for small business cash-flow assistance through federally guaranteed loans.

    • The loans can cover payroll support, employee salaries, rent, utilities, and other debt obligations as America's small businesses recover from the economic impacts of COVID-19.

    • A portion of the loan may qualify for forgiveness (!!!) if you meet the qualifications (one of them being that you pay 75%+ of your workforce 100% of their salaries for the eight weeks after loan approval)

  6. SBA 7(b) Federal SB Relief Economic Injury Disaster Loan - Low-interest loans for small businesses.

    • The interest rate is 3.75% for small businesses. Loan repayment terms can last as long as 30 years.

    • Apply for the loan here.

  7. Automatic Deferral of Previous SBA Loans - Borrowers paying back SBA home and business loans from previous disasters - automatically deferred through 12/31/20.

  8. Federal Student Loan Relief - Automatic payment suspensions for any student loan help by the federal government until 9/30/20.

  9. IRS Installment Agreements - For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended.

  10. Retirement Distributions via CARES Act - Waived 10% penalty on early withdrawals of up to $100K from qualified retirement plans for coronavirus related distributions.

    • Any income attributable to an early withdrawal is subject to tax over a three year period, and taxpayers may re-contribute the withdrawn amounts to a qualified retirement plan without regard to annual caps on contributions if made within three years.

    • Waives all required minimum distributions for 2020.

  11. Bank & Credit Card Payment/Interest Relief - Most banks and credit card companies are offering assistance to customers in response to COVID-19.

  12. Facebook Small Business Grant Program - Facebook is offering $100M in cash grants and ad credits for up to $30,000 eligible small businesses in over 30 countries.

  13. GoFundMe Small Business Relief Initiative - GoFundMe started the Small Business Relief Fund to benefit small businesses. GoFundMe, Intuit QuickBooks, and Yelp have each donated $500,000 to the fund. They will issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe.

  14. Hello Alice Business for All Grants - Hello Alice is offering $10k grants being distributed immediately to small business owners impacted by coronavirus, as part of a broader mission to ensure Business for All. Hello Alice exists as a giant hub for small business owners, so there are lots of other helpful resources such as tutorials on a range of subjects, PDF tip sheets and more!

  15. SheaMoisture Minority Business Fund - SheaMoisture will award minority-owned businesses that are finding creative ways to support their communities through COVID19.

    • Also providing an online e-learning hub for minority business owners that gives access to resources, mentorship /leadership, and advice on how to prepare for economic downturn.