Economic Help during COVID-19 

This page provides information on various economic opportunities availble during the government-suggested social distancing due to the COVID-19 outbreak across the world. Please review these resources and contact the Main Street office if you have any questions.

 

Small Business Administration Disaster Loan Information

SBA Guaranteed Loan Payment Relief

SBA will pay the principal, interest, and any associated fees owed on SBA Gauranteed loans for 6 months, as follows:

Economic Injury Disaster Loan (EIDL)

Eligibility: Businesses with 500 employees or fewer. Includes sole proprietorships, independent contractors, cooperatives, ESOP's, and tribal small businesses with under 500 employees.

Economic Injury Disaster Loan (EIDL) Advance

Eligibility: Advances are available to small businesses, sole proprietors, independent contractors, tribal businesses, as well as cooperatives and employee-owned businesses in operation on January 31, 2020.

 

HOW TO APPLY:

Although a paper application and forms are acceptable, filing electronically is easier, faster, and more accurate.

In addition to the above, we suggest contacting your lending institution to see if relief programs are being offered during this time: delaying payments; interest-only payments.

 

Coronavirus Aid, Relief, and Economic Security (CARES) Act
Paycheck Protection Program (PPP)

The Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide 100% federally guaranteed loans to small businesses through its Paycheck Protection Plan (PPP). Please find attached a primer here.
 
Eligibility: Small businesses as defined by SBA size standards, generally up to 500 employees, but up to 1,500 employees depending on the sector as certain sectors are based on revenue; sole proprietors, the self-employed, and independent contractors.

Requirements: The business must certify that the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, and pay utilities.

 
Take a look at this handy infographic for more information.
Here's another one detailing the PPP.
 
Emergency Bridge Loan (EBL)
 
Which Should You Take Advantage of?
 
 

Please contact us with any questions you may have. And check out the SBDC's GREAT Comparison page on this information.

 

Facebook Small Business Grants Program

Facebook knows that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. They've heard that a little financial support can go a long way, so they are offering $100 Million in cash grants and ad credits to help during this challenging time.

Who's eligible?

Facebook is offering $100 Million in cash grants and ad credits for up to $30,000 eligible small businesses in over 30 countries where we operate. They'll share more details as they become available.

How the program can help:

Sign up at this page for more information as it is made available: https://www.facebook.com/business/boost/grants.

 

GoFundMe Grant Program

The GoFundMe Coronavirus Small Business Relief Initiative is intended to support local businesses facing financial loss from the COVID-19 pandemic. The fund will be issuing $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. Take a look here.

 

Need Help with any of this?

Contact us at chamilton@cityoftoccoa.com or 706.898.5777.