Federal Resources

COVID-19 Emergency Relief Working Capital Loan

Funding Snapshot:

This loan is for small businesses who need working capital due to COVID-19 Crisis.
Highlights:
  • Receive up to $150,000
  • 250 or fewer employees
  • 3+ years in business

Easy to Apply — please provide the following:

  • A completed CDC Small Business Finance Disaster Loan application
  • December 31, 2019 financial statement
  • Last 3 months of business bank statements
  • Personal financial statements for anyone with 20% or more ownership 
  • Three years of business and one year of personal tax returns
  • Current debt schedule 
  • Signature on 4506T form

NFIB’s Small Business Resources in Response to Coronavirus

NFIB provides financial and legal resources for small businesses.

Economic Injury Disaster Loan Emergency Advance

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.

The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.

  • Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
  • SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.

Coronavirus Tax Relief for Businesses and Tax-Exempt Entities

Resources provided through the IRS for:

  • Filing and Payment Deadline Extended
  • Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
  • Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
  • Payroll Support for Air Carriers and Contractors
  • Online Tax Help
  • Online resources for small business and self-employed taxpayers
  • Online resources for tax exempt and other entities

COVID-19 Emergency Relief Microloan – CA Only

Funding Snapshot:

This micro-loan is for small businesses who need working capital due to COVID-19 Crisis.

Highlights:
  • Receive up to $50,000
  • 1% interest
  • Minimum 680 credit score

Easy to Apply — please provide the following:

  • Easy to Apply — please provide the following:
    • A completed CDC Small Business Finance Disaster Loan application
    • December 31, 2019 financial statement
    • Last 3 months of business bank statements
    • Call 1.800.611.5170 to be connected to a loan expert
  • Timing:
    • Hear if you are approved in 48 hours
    • Funding in 4-7 business days (we appreciate your patience, depending on volume of requests, funding could be slightly delayed)

Paycheck Protection Program (PPP)

Funding Snapshot:

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Highlights:
  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons
  • The maximum amount of money you can borrow through the PPP is equal to 2.5 times your average monthly payroll costs or $10 million, whichever is lower.

The following are required to apply:

  • Driver’s License for all owners with 20%+ share in the business: A color copy of the front and back of a valid Driver’s License for each owner. Make sure to double-check that the Driver’s License is not expired.
  • Acceptable Payroll Documents (listed in order of the SBA’s seeming preference):
    • For businesses applying for a PPP Loan:
      • 941 Quarterly Tax Filings (2019, 2020 Q1)
      • 944 Annual Tax Filings (2019)
      • Payroll Register for the previous 12 months
      • 12 months most recent bank statements
    • For 1099 Independent Contractors or self-employed individuals applying for a PPP loan:
      • IRS 1040 Schedule C
      • 1099s (under which you were paid)
      • Income and expense reports for 2019
    • For all applicants
      • Business account bank statements
      • Any other document that can prove your payroll expenses