Covid-19 Resource Center
Small businesses and individuals are facing unprecedented challenges during the Coronavirus (COVID-19) pandemic. This resource center will provide information on relief and assistance available to small businesses.
SBA has published the new simplified one page PPP loan forgiveness applications for PPP loans less than $150,000. Even though SBA has published the new application, not all banks have started accepting simplified PPP forgiveness application yet. Please follow instructions from your banks on how to apply for the forgiveness.
Second round of PPP loans starts on January 13th. Borrowers are eligible for a second-draw PPP loan of up to $2 million, if the they have at least 25% reduction in revenue for any quarter in 2020 compared to similar quarter in 2019, have used full amount of first PPP, were in operation on February 15, 2020 and have less than 300 employees.
On December 27, 2020, President Trump singed into law pandemic relief bill that provide various benefits to individuals and small businesses impacted by the COVID-19 pandemic. The bill includes direct cash payments to individuals, enhanced unemployment benefits, and second PPP loans to small businesses.
President Trump signed into law a bill that allows flexibility to small businesses that received PPP funds. The bill extends the eight-week period to use the fund to 24 weeks. The bill also changed so-called 75/25 rule. The new ratio would be to use at least 60% of PPP loan on payroll and no more than 40% on other costs.
Small businesses are eligible to apply for Paycheck Protection Program (PPP) or/and Economic Injury Disaster Loans (EIDLs).
PPP allows for loan forgiveness if the loan is used for qualified expenses. EIDL provides $10K advance that doesn't need to be repaid.
Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.
To support small businesses and workers during these challenging times, IRS has announced tax credits for small and mid-size business to recover cost of paid sick leave and child care leave costs.
IRS has extended deadline for federal taxes from April 15 to July 15. Any payments due on April 15 (including estimated tax payments) are also extended until July 15 without interest or penalty.
SBA Loans Detail Comparison
Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs) are available to small businesses that are impacted by the Coronavirus. Click below for a high level comparison of the two loans.
You can find additional information on relief available to small businesses and individuals that are impacted by the COVID-19 (Coronavirus) pandemic below: