Disaster Assistance for Small Businesses

Paycheck Protection Program

The Paycheck Protection Program provides $350 billion for 100 percent federally-guaranteed loans for 8 weeks of assistance to small businesses and nonprofits. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loans.

  • Loans can be forgiven when used for payroll costs, interest on mortgage obligations, rent, and utilities.
  • The maximum loan amount is 2.5 times the average monthly payroll, up to $10 million.
  • SBA-certified lenders and non-SBA lenders would be authorized to make Paycheck Protection loans., All lenders participating in the Paycheck Protection Program, including banks, credit unions, and other financial institutions, will be moved to delegated authority which allows lenders to process loans quickly without SBA approval.
  • Payments are automatically deferred for six months where the SBA pays principal, interest, and fees on all SBA loans.

Fill out the application and take it to your local lender.

Economic Injury Disaster Loans

The U.S. Small Business Administration is providing low-interest Economic Injury Disaster Loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).

  • The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.
  • Once a small business applies for an EIDL, you can request an advance of up to $10,000 and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.

For more information and to apply, click here.

Paid Leave

Refundable tax credits are available for private-sector employers that are required to offer coronavirus related paid leave to employees. IRS will be posting information soon on these credits on its website (IRS.gov/coronavirus), including information on how to obtain advance payment of these credits. Generally, employers must provide employees:

  • Up to two weeks (80 hours, or a part-time employee's two-week equivalent) of paid sick leave based on the higher of their regular rate of pay, or the applicable state or Federal minimum wage, paid at:
    • 100% for qualifying reasons #1-3 below, up to $511 daily and $5,110 total;
    • 2/3 for qualifying reasons #4 and 6 below, up to $200 daily and $2,000 total; and
    • Up to 12 weeks of paid sick leave and expanded family and medical leave paid at 2/3 for qualifying reason #5 below for up to $200 daily and $12,000 total.

A part-time employee is eligible for leave for the number of hours that the employee is normally scheduled to work over that period.

An employee can take leave related to COVID-19 if the employee is unable to work, including unable to telework, because the employee:

  1. is subject to a Federal, State, or local quarantine or isolation order related to COVID-19;
  2. has been advised by a health care provider to self-quarantine related to COVID-19;
  3. is experiencing COVID-19 symptoms and is seeking a medical diagnosis;
  4. is caring for an individual subject to an order described in (1) or self-quarantine as described in (2);
  5. is caring for his or her child whose school or place of care is closed (or child care provider is unavailable) due to COVID-19 related reasons;
  6. is experiencing any other substantially-similar condition specified by the U.S. Department of Health and Human Services.

For more information about paid leave, visit https://www.dol.gov/agencies/whd.