COVID-19 Small Business Resources
UPCOMING FREE WEBINARS
October 21st, 3:00 p.m. - Cyber Security Training
October 22nd, 9:00 a.m. - Liberal - Retail Tax Seminar
October 22nd, 1:00 p.m. - Liberal - Construction Tax Seminar
October 23rd, 9:00 a.m. - Dodge City - Retail Tax Seminar
October 23rd, 1:00 p.m. - Dodge City - Construction Tax Seminar
October 27th, 10:00 a.m. - QuickBooks Online: The Basics
October 28th, 10:00 a.m. - Online Marketing for your Small Business
October 29th, 10:00 a.m. - QuickBooks Online: The Details
October 30th, 9:00 a.m. - Is Your Company Ready to Achieve SBA's 8(a)/BD Program Certification?
October 30th, 10:30 a.m. - Located in a HUBZone - Get certified!
November 2nd, 5:30 p.m. - Destination Marketing
November 3rd, 1:00 p.m. - Understanding HR Rules and Regulations
November 5th, 10:00 a.m. - State Tax Webinar for Construction Contractors
November 5th, 1:00 p.m. - State Tax Webinar
November 6th, 11:45 a.m. - "Is This A Good Time to Open a Business?" - Resources for the Veterans Interested in Entrepreneurship
November 11th, 11:45 a.m. - Lunch and Learn: Keeping Good Employee Documentation
November 17th, 10:00 a.m. - Understanding Financial Statements
November 17th, 1:30 p.m. - Competing for Government Contracts: Basic Training
November 19th, 10:00 a.m. - Online Marketing for your Small Business
December 1st, 9:30 a.m - Is QuickBooks Right for your Business?
December 3rd, 10:00 a.m - Facebook Shops - Helping Small Businesses Sell Online
December 9th, 11:45 a.m. - Lunch and Learn: Preparing Your Business for Tax Season
December 10th, 10:30 a.m - Understanding HR Rules and Regulations
HELP FOR YOUR EXISTING LOANS (LOCAL, BANK, SBA)
Everyone: Talk to your lender now 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, talk to them now!
SBA CORONAVIRUS LOANS (EIDL, PPP, EXPRESS BRIDGE LOANS, SBA DEBT RELIEF, MAIN STREET LENDING)
Update: While the EIDL Loan is still available, the up to $10k forgivable Advance has now been fully allocated and is no longer available.
SBA Economic Injury Disaster Loan (EIDL) via the SBA (not through a Bank) with a 30-year fixed-term.
The PPP is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA began approving PPP Forgiveness Applications and remitting payments to PPP lenders for PPP borrowers on Oct 2, 2020. Note: After the initial wave of PPP applicants, Payroll required % of forgivable amount moved to 60% and the time period moved from 8 weeks to the end of the year to allow more flexibility to program participants.
Regular Loan Forgiveness Process for PPP Loans greater than $50k
Simplified Loan Forgiveness Process for PPP Loans less than $50k
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 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. [see the SBA Loan Comparison Guide for additional details]
$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.
LOCAL FINANCIAL ASSISTANCE
Check with your local town/county for additional programs they may offer.
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)
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.
PRIVATE FUNDING OPPORTUNITIES FOR SMALL BUSINESSES DURING COVID-19
Owned by Google & can be a help to restaurants without online ordering capability. The 1.5% order fee is waved through the end of 2020.
Wells Fargo Grant Program
Wells Fargo is donating approximately $400 million in Paycheck Protection Program processing fees through a new program to support small businesses owned by people who have been hit hardest by COVID-19.
Updated Oct. 2, 2020: The second cycle of Wells Fargo’s Open for Business Fund, which will provide about $50 million in grants to nonprofits that will help guide entrepreneurs with education, coaching, mentoring, and technical expertise, is now open. Eligible nonprofits may apply through Oct. 23.
EMPLOYER RESPONSIBILITIES (EMPLOYMENT LAW, FMLA, ETC)
COVID QUARANTINE SICK LEAVE REIMBURSEMENT to Employers: NEW Family Medical Leave Act (FMLA) rules in the Families First Coronavirus Response Act - U.S. Department of Labor
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: No Statewide restrictions. Please check with your local City/County for any local COVID19 restrictions.
COVID-19 SUPPORT RESOURCES
Getting a DUNS Number: Some Grant Programs are asking for a DUNS number with the application. If you currently do not have a DUNS number for your business click here
Need help with Cash Flow Management/Projections? Contact your local SBDC
Need help with Marketing & Operations in the age of Social Distancing? 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!