COVID-19 Small Business Resources
UPCOMING FREE WEBINARS
June 9th, 3:00 p.m. - How to Downsize to Survive
June 11th, 3:00 p.m. - Ecommerce Crash Course
June 16th, 3:00 p.m. - Moving Forward with Ecommerce
June 18th, 3:00 p.m. - What You Need to Know About SEO
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 end of the loan, etc.). Your Lender does not want to see you go out of business, talk to them now!
SBA Debt Relief Program (6 months of FREE payments on your behalf): If you have (or will 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. [see the SBA Loan Comparison Guide for additional details]
SBA CORONAVIRUS LOANS (EIDL, PPP, EXPRESS BRIDGE LOANS, SBA DEBT RELIEF)
SBA Economic Injury Disaster Loan (EIDL with up to 10K Advance) Notice: EIDL portal is closed (except for Agricultural Businesses)
With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first-come, first-served basis.We will provide further information on the availability of the EIDL portal to receive new applications (at this time, only agricultural businesses are being allowed to enter new requests - this is due to those businesses not previously being allowed to participate).
SBA Economic Injury Disaster Loan (EIDL) with up to $10k forgivable Advance: SBA Disaster Loan via the SBA (not through a Bank) with a 30-year fixed-term and opportunity to get up to a $10k forgivable Advance ($1k per employee for the Advance). You do not have to pay back the Advance, even if you are denied the EIDL loan or decide not to take the loan. [see the SBA Loan Comparison Guide for additional details]
Paycheck Protection Program (PPP) Notice: PPP Loan Request Portal is open again
The U.S. Small Business Administration has resumed accepting Paycheck Protection Program applications from participating lenders. The PPP is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
PPP Clarification FAQ from Treasury Department
SBA Debt Relief Program (6 months of FREE payments made on your behalf):
If you have (or will 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. [see the SBA Loan Comparison Guide for additional details]
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]
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 not combinable with PPP Loan)
TAX FILING DEADLINE PUSHED BACK TO JULY 15TH
SOLE PROPRIETOR/INDEPENDENT CONTRACTORS ASSISTANCE via PANDEMIC UNEMPLOYMENT ASSISTANCE (PUA)
Provides up to $600 per week for up to 39 weeks to the traditionally non-eligible self-employed (Sole Proprietors/ Independent Contractors, Gig Workers, etc). Kansans may file for Pandemic Unemployment Assistance (PUA) by May 12th with payment processing by May 25th (apply here). More Info about the program can be found here.
PRIVATE FUNDING OPPORTUNITIES FOR SMALL BUSINESSES DURING COVID-19
Up & Running with eBay
Free eBay store for three months to help retailers without an e-commerce presence transition to selling online (no selling fees for up to 500 items).
Owned by Google & can be a help to restaurants without online ordering capability.
EMPLOYER RESPONSIBILITIES (EMPLOYMENT LAW, FMLA, ETC)
NEW Family Medical Leave Act (FMLA) rules - U.S. Department of Labor
Families First Coronavirus Response Act - U.S. Department of Labor
Unemployment Benefits: 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.
STATEWIDE COVID19 RESTRICTIONS (Effective May 27th, 2020 all Statewide COVID19 Restrictions have been lifted for businesses. Please check with your local City/County for any local COVID19 restrictions)
COVID19 Tips for Reopening Businesses
COVID-19 SUPPORT RESOURCES
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
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 information related to Paycheck Protection Program (PPP) Forgivable Loans, contact your local participating lender. Find Eligible PPP Lenders
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!