COVID-19 Business Financial Assistance Programs 

We understand that many businesses are seeking Coronavirus Financial Support & Loan Relief Help. We’re working to bring you the latest information and resources to help weather this pandemic.  Below is the most current available COVID-19 financial assistance resources.

Watch this page for updates and information as they become available.



Paycheck Protection Program (PPP)



4-21-2020 - The Senate has passed a $484 billion bill to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL) — that will now head to the House where it is expected to pass later this week. The bill comes after weeks of negotiations between Congress and the White House and after the initial funding for the programs was largely exhausted last week. The bill also contains critical funding for testing and hospitals.

The details:

  • Paycheck Protection Program
    • Additional $310 billion in funding (on top of $349 billion in CARES Act)
    • $30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
    • $30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets
    • Additional $50 billion for SBA Disaster Loan Program

3-27-2020 -  Congress passed the stimulus package on March 27, the $2 trillion aid package included a new Paycheck Protection Program to be administered by the U.S. Small Business Administration (SBA). The objective of the program is to provide small businesses with the capital they need to continue making payroll.   Download the PPP Summary Sheet Here.

Small businesses who have less than 500 employees are eligible to apply. In addition, independent contractors and gig economy workers may also be eligible. For most communities, this means that the majority of businesses who have been negatively impacted by COVID-19 qualify. By applying for this forgivable loan and using the money to keep employees on the payroll, the impact on local economies will be reduced.

Even though the program is designed to cover payroll for an eight-week period, businesses can actually borrow up to 2.5 times their average monthly payroll cost. As a result, businesses could get up to 10 weeks of payroll covered by the loan, up to $10 million. This loan can cover the entire payroll cost including salaries, wages, paid time off, tips, taxes and healthcare benefits. In addition to covering payroll costs, the loan can also help to pay for operational costs that could include rent and utility payments.

The loan is forgivable as long as businesses meet certain criteria

Additional eligibility criteria and discussion has been added to the Interim Final Rule - https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule-additional-eligibility-criteria-requirements-certain-pledges-loans.  Added topics include Self Employed PPP Eligible individuals and forgiveness documentation.  

Treasury/SBA has updated the PPP FAQ - https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

NOTE: 
Although you can’t claim both the PPP loan and the Employee Retention Credit, you can claim either and the FFCRA paid leave credit.  The paid leave tax credit was established under the Families First Coronavirus Response Act (FFCRA). It lets employers who are required to provide coronavirus paid leave receive a tax credit for the amount of the paid leave wages.  You can apply for the Paycheck Protection Program loan and claim the FFCRA paid leave credit. You can also claim both the Employee Retention Credit and the paid leave tax credit.  However, you cannot double-dip.  If you choose to take the Employee Retention Credit and the paid leave credits, you can’t claim those credits on the same wages. Because you can only claim the paid leave credits on paid leave wages, you cannot claim the Employee Retention Credit on FFCRA paid leave wages.

How to Apply for the PPP?
Businesses can apply with any SBA-certified lender, including local banks and credit unions. Businesses are encouraged to contact the bank they have a relationship with or to find an Idaho lender here.     

ATTENTION:   MOFI (Idaho- Montana CDC) is now accepting applications for SBA’s Paycheck Protection Program.  This is an option for those businesses who lack a banking relationship with an SBA approved lender.  Once a new round of funding is approved by the House, this money will move fast so we encourage your business to jump on this opportunity ASAP.  

SBA Economic Injury Disaster Loans (EIDL)


4-22-2020 -  The Senate has passed a $484 billion bill to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL) — that will now head to the House where it is expected to pass later this week. The bill comes after weeks of negotiations between Congress and the White House and after the initial funding for the programs was largely exhausted last week. The bill also contains critical funding for testing and hospitals.

The details:
  • Additional $50 billion for SBA Disaster Loan Program
  • Additional $10 billion in funding (on top of $10 billion in CARES Act)
  • Expands eligibility to agricultural enterprises with less than 500 employees


In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an
Economic Injury Disaster Loan advance of up to $10,000. 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.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.  Download the Economic Injury Disaster Loan Summary Sheet

Eligible Entities
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.  Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds (Grants) will be made available within days of a successful application, and this loan advance will not have to be repaid.   

How much can you borrow?
Eligible entities may qualify for loans up to $2 million.The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources.  Apply Now.

How can the funds be used?

These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion. Funds cannot be used to pay down long-term debt

Express Bridge Loan Pilot Program

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.


SBA 7(a) Loan Program

The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.



SBA Debt Relief Program

As part of SBA's debt relief efforts, The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.


Employee Retention Credit


The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).

The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. Employers are entitled to a refundable tax credit for the required leave paid, up to specified limits. The same wages cannot be counted for both credits.  For more information on the ERC, click here.

Download a Guide to the Employee Retention Tax Credit  

NOTE:


Although you can’t claim both the PPP loan and the Employee Retention Credit, you can claim either and the FFCRA paid leave credit.  The paid leave tax credit was established under the Families First Coronavirus Response Act (FFCRA). It lets employers who are required to provide coronavirus paid leave receive a tax credit for the amount of the paid leave wages.  You can apply for the Paycheck Protection Program loan and claim the FFCRA paid leave credit. You can also claim both the Employee Retention Credit and the paid leave tax credit.  However, you cannot double-dip.

If you choose to take the Employee Retention Credit and the paid leave credits, you can’t claim those credits on the same wages. Because you can only claim the paid leave credits on paid leave wages, you cannot claim the Employee Retention Credit on FFCRA paid leave wages.



Idaho Community Fund



The Idaho Community Foundation, United Ways in Idaho and Idaho Nonprofit Center have partnered to create the COVID-19 Response and Recovery Fund for Idaho, which will provide grants to trusted organizations that support and serve low-income Idahoans. 

Applications are now being accepted from organizations supporting Idahoans during this crisis. For information about eligibility, funding priorities and to apply, click here. Unfortunately, we cannot assist individuals directly.

The COVID-19 Response and Recovery Fund for Idaho will provide immediate and long-term grants on a rolling basis to organizations that work with people disproportionately affected by the virus, including those who are enduring economic hardship as a result of lost work and economically vulnerable people affected by closures of services on which they rely.

The grants are meant to fill the gap not covered by efforts being put in place through public institutions, including cities, the state or the federal government.

A grantmaking process and selection criteria are being developed and will be announced later, once donations have begun to accumulate in the fund.

Other Funding and Support



Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.

Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program. Learn more. They also set up a Business Resource Hub.

JPMorgan pledged $50 million global philanthropic commitment to support communities and people hit hardest by this public health crisis, including $2 million to existing nonprofit partners and $8 million to assist small businesses. Learn more.

Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date. Learn more.

The James Beard Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need. Learn more. 

MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown. Learn more.

Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest rate loans. Learn more.

The Go Fund Me Relief Initiative is intended to support our local businesses facing financial loss. Make a difference today by donating or starting a fundraiser. Learn more.


CLICK ON ANY OF THE FOLLOWING LINKS FOR MORE DETAILED INFORMATION
AND ACCESS TO FORMS AND APPLICATIONS
eidl DETAILS
SBA apply for
sba summary
PPP
ppp APPLICATION
PPP AND EIDL COMPARISON
7a loan program
donate to community fund
SBA DEBT RELIEF
BUSINESS COUNSELING 2
express bridge loan