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Emergency Financial Assistance & Resources (1/14/2021)

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET.  The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

The information and resources provided below outline programs available to assist you with emergency funding resources and financial relief. The information is updated on a frequent basis as government leaders propose and enact legislation. (Updated: 1/14/2021)

Paycheck Protection Program (PPP)

Updated – 1/14/2021

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The Small Business Administration (SBA) is currently offering:

For more information on the PPP – CLICK HERE

PPP First Draw Loans

SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and

At least 60 percent of the proceeds are spent on payroll costs.

Who Can Apply

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

How and When to Apply

Borrowers can apply for a First Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All new First Draw PPP Loans will have the same terms regardless of lender or borrower.

Updated First Draw Forms:

PPP Second Draw Loans

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
  • The loan proceeds are spent on payroll costs and other eligible expenses; and

At least 60 percent of the proceeds are spent on payroll costs.

Targeted Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

How and When to Apply

Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All Second Draw PPP Loans will have the same terms regardless of lender or borrower.

Second Draw Forms:


Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, the first of several relief packages for American workers and small businesses.

In addition to traditional SBA funding programs, the CARES Act and subsequent legislation established several new temporary programs to address the COVID-19 outbreak.

Coronavirus Funding Options

PPP – Paycheck Protection Program

Economic Injury Disaster Loans

SBA Express Bridge Loans

SBA Debt Relief

Coronavirus Recovery Information in Languages other than English


State & Local Assistance

Updated – 05/8/2020

Review the links and websites presented on this page to discover the financial assistance offered at the state, regional, or local levels. Many states are providing assistance and you should visit your state government small business administration or COVID-19 resources webpages for specific procedures or opportunities. Regional organizations and local/municipal governments may also be a source of financial assistance and tax relief.

Overview

In addition to the Federal relief programs released through the CARES ACT, there are also several State, Local, and other National/Regional relief programs available for business owners. Below you will find three links that can help you navigate to and apply for relief programs that are available from your City, State, and other National Business levels.

It is important to note the following:

  • There is a great demand for grants and low-interest loans to assist through the pandemic, therefore some of the program’s funds may already be exhausted.
  • Additional funds may be added in the near future.
  • Access each link in order to get access to all of the relief programs available in your area. each loan relief or grant offering from each state will differ in loan size, eligibility requirements, terms, the application process, and required documents.
  • Each respective relief program eligibility will differ by state or municipality.
  • You may not be eligible for all of the posted lending options as some provide specific criteria/industry/audience.
  • This is a rapidly evolving environment. The links provided may be updated to reflect the most current relief funds available.

Associations and Program Resources

Institute Of Self-Reliance Website

Overview: Includes an ongoing list of grant and loan programs that can help small, locally owned businesses weather the COVID-19 pandemic. Please continue to visit the website as it is updated often in order to provide the most up to date information on new relief programs that are available.

Details: The website has three categories which include Federal, State & Local, and National & Regional. Please click on the state that your business is currently located to get details on the information available locally.

Read More…


National Governor’s Association

Overview: States and municipalities are adding programs by the day. Check your governor’s website for up-to-date information about relief available in your area. The National Governors Association offers a list of each state’s governor’s website.

Details: The website lists each state’s Governor’s website. Click on the link for your state where the business is located, and you will be directed to the official Governors site for the state.

  • On each state site, you will be able to access information about the COVID-19 relief programs available on the state level.
  • Many of the sites have a COVID-19 Resources tab that can be accessed.
    • However please note each state’s website differs and the location of the COVID-19 relief information will vary by each individual state’s website.
    • If are having trouble locating the COVID-19 relief information, please click on the contact section for the website in order to ask for assistance in its location.
    • Each state’s site is your primary source for information as well as any questions about the various lending options.

View More…


The Hartford: Small Biz Ahead

Overview: To assist businesses through the COVID-19 pandemic, the Hartford created this website to assist during these complicated times. They have put together a comprehensive small business assistance guide on how to receive aid and keep your business open.

Details: This website lists Federal, State & Local, and Non-profit relief programs.  This website also includes banks and corporations that are providing assistance to small business owners.  Click on the link to be directed to the website for the noted relief program.

Read More…


State / Local Financial Assistance Programs

The State and Local Internet directory provides convenient one-stop access to the websites of thousands of state agencies and city and county governments and other organizations.

Click here to view the State, County & City website locator.

Click here to view the list of government websites


Questions?

Choice has a dedicated loan consultant, Yolanda Merriweather that can also facilitate your needs when it comes to lender resources. You may contact her by submitting your question(s) below.

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    Updated on January 14, 2021

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