Small Business Relief Stimulus

STATE AND FEDERAL ASSISTANCE HELP FOR SMALL BUSINESS
Stimulus legislation signed March 27 by President Trump included relief for small business, below you can find a summary and some resources on the page below.

The US Chamber of Commerce has a good summary of the different programs, which can be accessed by clicking here.

“MAIN STREET” LENDING PROGRAM
The Federal Reserve’s “Main Street” business lending program will be designed for companies in the middle — too big for small-business loans and too small to tap capital markets. Details of the plan can be found here.

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. OAAA will keep you updated as SBA finalizes the rules, which is estimated to be within the next two weeks.

Paycheck Protection Program (PPP)
These loans, via the Small Business Administration (SBA), will be forgiven if certain standards are met to retain workers. Small businesses facing uncertainty due to coronavirus can apply up to 2.5 times monthly payroll. The SBA suggests conferring with your banker/lender (banks are administering these loans for the government)

Click here for a Q&A that describes the Payroll Protection Program, click here for an SBA application

Special Report #1: Can I Get Small Business Relief?
Special Report #2: Preparing to Apply
Special Report #3: Frustration

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.

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.

Florida’s Small Business Development Centers are offering bridge loans.

DEFERRED TAX PAYMENTS
U.S. Department of the Treasury and IRS issued guidance on deferring tax payments.

Download the PPP Forgiveness application.

UNEMPLOYMENT INSURANCE
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).

STATE RESOURCES
The National Association of Manufacturers offers a comprehensive COVID-19 Map of State Resources.

If you have any questions, please contact OAAA’s Mike Hershey for more information.

Modified: 3 months