COVID-19 Small Business Resources
SBA CORONAVIRUS LOANS (EIDL, PPP, EXPRESS BRIDGE LOANS, SBA DEBT RELIEF, MAIN STREET LENDING)
SBA Economic Injury Disaster Loan (EIDL with up to 10K Advance Update: While the EIDL Loan is still available, the $10k forgivable Advance is not.
SBA Economic Injury Disaster Loan (EIDL) via the SBA (not through a Bank) with a 30-year fixed-term. For a step by step walkthrough, with EIDL application screenshots, please visit Kansas SBDC Video Training Library and click on the "COVID" category, and then select the "4/2/20 Disaster Loan Training" video.
Apply for EIDL
Paycheck Protection Program (PPP) - Update: The PPP is no longer accepting new applications.
The PPP is an SBA Forgivable loan that helps businesses keep their workforce employed during COVID-19. (Note: After the initial wave of applicants, the required Payroll % of forgivable amount moved to 60%, and the time period moved from 8 weeks to the end of 2020 to allow more flexibility.)
For a step by step video walkthrough of the Forgiveness Application Process, please visit our Kansas SBDC Video Training Library and click on the "COVID" category and then select the "8/18/20 Paycheck Protection Program Forgiveness Application Process" video.
SBA Debt Relief Program (6 months of FREE payments made on your behalf):
If you have, by Sept 27, 2020, an SBA 7(a), 504, or Microloan, the SBA will make the next 6 months of payments for you (you do not have to pay those 6 months back). Speak to your SBA Lender about this now to ensure you get this benefit and direct payments aren’t/weren't being taken out of your bank account during this time.
SBA Express Bridge Loan Program
Up to $25k loan through existing bank relationship with SBA participating lender. Primary use is working capital while you await long-term financing
Main Street Lending Program
$250k to $300million 5 year Loan from the Fed to help Small Businesses impacted by COVID-19 (Non-profits are also eligible). The borrower pays no interest until year two and no principal until year three. The program requires lenders to evaluate a borrower’s financial condition and creditworthiness based on the terms of the Main Street program and the lenders’ own underwriting standards. The program will continue until Dec 31, 2020, or when $600Billion has been loaned out, whichever comes first. Click on this link above to see FAQs on the program and to find Lender's participating in the program.
Fact Sheet Link: https://www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program/main-street-lending-program-overview.aspx
STATE/LOCAL/LENDER/PRIVATE FINANCIAL ASSISTANCE DURING COVID
EXISTING LOANS: Talk to your lender about loan modifications available due to the Coronavirus. Many banks are making no-cost modifications available if you ask (Ex: Interest-only payments for a few months, months of payments pushed off to the end of the loan, etc.). Your Lender does not want to see you go out of business, contact them now!
LOCAL SUPPORT: Check with your local town/county for additional programs they may offer.
Restaurant Ordering App
Owned by Google & can be a help to restaurants without online ordering capability. The 1.5% order fee is waived through March 30, 2021.
SOLE PROPRIETOR/INDEPENDENT CONTRACTORS ASSISTANCE via PANDEMIC UNEMPLOYMENT ASSISTANCE (PUA)
Provides up to $600 per week for up to 39 weeks, through December 26, 2020, to the traditionally non-eligible self-employed (Sole Proprietors/ Independent Contractors, Gig Workers, etc). Kansans may file for Pandemic Unemployment Assistance (PUA) (apply here). More Info about the program can be found here.
IRS TAX RELIEF PROGRAMS FOR EMPLOYERS (REFUNDABLE TAX CREDITS)
Reimbursements for FFCRA FMLA Paid Sick Leave; Paid Child Care Leave; up to $5K per Employee Retention Credit (Employee Retention Credit cannot be combined with PPP Loan)
EMPLOYER RESPONSIBILITIES (EMPLOYMENT LAW, FMLA, ETC)
NEW FEDERAL RULES FOR COVID Quarantine & Sick Leave and Family Medical Leave Act (FMLA)
VIDEO WEBINAR: For a very helpful video walking you through the new FMLA and Sick leave rules & other FFCRA requirements, please visit our Kansas SBDC Video Training Library and click on the "COVID" category and then select the "10/28/20 Employer Guide to COVID Employment Law" video.
Employer Unemployment Benefits Filing: File by Worksheet Info - Kansas Department of Labor
An employer/business owner may use Shared Work in lieu of a temporary, total layoff of employees. It allows for a partial workweek and partial unemployment benefits for employees.
COVID19 RESTRICTIONS: FED/STATE: None; LOCAL: Check with your local City/County for any local restrictions.
COVID-19 SUPPORT RESOURCES
Getting a DUNS Number: Some Grant Programs are asking for a DUNS number with the application. To get a DUNS number for your business click here.
Need help with Cash Flow Management/Projections or Marketing & Operations in the age of COVID? Contact your local SBDC
COVID-19 Federal Rural Resource Guide - U.S. Department of Agriculture
Federal Resources for U.S. Small Businesses -
Curious about tax implications related to COVID-19 financial assistance? Contact your tax professional or the IRS at https://www.irs.gov/help/telephone-assistance
For additional State of Kansas Business Support Info, visit the Kansas Department of Commerce.
Not sure who to talk to about your business situation? Contact us. If we don’t know the answer we will help you find someone who does! We are here to help – save yourself some frustration & contact the Kansas SBDC today!