There are options for most all small businesses, self-employed and independent contractors to find help through state and federal government programs during the coronavirus pandemic.
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT
The new stimulus law provides $350 billion in SBA loans to help small businesses-including those in the signs, graphics, and visual communications industry-weather the storm during these difficult times. See if your business is eligible and what the possible terms are. weeks.
Paycheck Protection Program (PPP)
- Small Business Paycheck Protection Program Overview – what it is, who is eligible, when to apply and how to apply (U.S. Department of Treasury, April 1, 2020)
- April 3: Small businesses (less than 500 employees) and sole proprietorships can start applying
- April 10: Self-employed individuals and independent contractors can start applying
- Information Sheet for Borrowers (U.S. Department of Treasury, April 1, 2020)
- Application Form (U.S. Department of Treasury, April 1, 2020)
Employee Retention Credit
Launched on March 31, 2020, the U.S. Department of the Treasury encourages businesses impacted by COVID-19 to use Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
- Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit (U.S. Department of the Treasury, March 31, 2020)
- CARES Act: Employee Retention Credit FAQs (United States Senate Committee on Finance, March 31, 2020)
DISASTER LOAN ASSISTANCE
The U.S. Small Business Administration (SBA) provides low-interest economic injury disaster loans to help small businesses recover from declared disasters. As of March 26, 2020, this includes all 50 U.S. states. Companies can apply for disaster loan assistance on SBA’s website. And here is SBA’s Disaster Assistance in Response to the Coronavirus.
DEFERRED TAX PAYMENTS
U.S. Department of the Treasury and IRS issued guidance on deferring tax payments.
The U.S. Department of Labor has announced new guidance on unemployment insurance flexibilities during the COVID-19 outbreak (March 12, 2020). Businesses should check with your state’s unemployment insurance program regarding the rules in your state (March 12, 2020).
The National Association of Manufacturers offers a comprehensive COVID-19 Map of State Resources.