We are currently living through a period of uncertainty and angst that we'll never forget. Like many of you, we are trying to do what we can to help our customers and the larger business community navigate this challenging time.
If your business & revenues impacted, here is some information and resources available from Federal, State agencies and the private sector.
Just a few hours ago, the US Senate approved an historic $2 trillion stimulus deal. As details specific to small businesses become available, we will send out another email with updates.
Updates so far:
Tax Day is now July 15: Treasury, IRS extended filing deadline and federal tax payments regardless of amount
Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19)
The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.
State and Local Coronavirus Small Business Assistance:
California (San Francisco)
Emergency grants up to 10k for businesses with 1-5 employees
The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide. These short-term, interest-free working capital loans are intended to 'bridge the gap' between the time a major catastrophe hits and when a business has secured longer term recovery resources.
The Michigan Small Business Relief Program will provide up to $20 million in support for small businesses negatively impacted by COVID-19. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. Funds for the program are expected to be available no later than April 1, 2020.
More details forthcoming
NYC Employee Retention Grant Program
This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.
Maryland Small Business COVID-19 Emergency Relief Loan Fund - This $75 million loan fund (for for-profit businesses only) offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum.
Maryland Small Business COVID-19 Emergency Relief Grant Fund - This $50 million grant program for businesses and non-profits offers grant amounts up to $10,000, not to exceed 3 months of demonstrated cash operating expenses for the first quarter of 2020.
The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. The Small Business Relief Fund is part of the Small Business Relief Initiative : a program supported by GoFundMe, Yelp, and Intuit Quickbooks.
No interest loans up to $15,000 and up to six months grace period.
Most large and regional banks now offer deferred loan payments and refunds on late fees, overdraft fees, monthly maintenance fees, etc. Check with your bank for options available to small businesses. Banks may offer additional relief programs as situations evolve. Keep checking emails and stay in touch with your banker.