COVID-19 (Coronavirus) has reached all 50 states and is continuing to impact the world. Updates on the virus are happening by the minute, while both the private sector and the government continue to combat the effects this will have on the economy and, specifically, small businesses.
Our top priority is making sure you’re able to focus on more important things than your business’ books—both through this crisis and beyond. To help, we’ve compiled a list of small business resources for verified programs and relief efforts and listed them below.
The CDC and WHO remain the best resources for the latest updates on the virus as it pertains to your health. You’ll find breaking news we think might be useful to small business owners at the bottom of this page, these articles are being updated and aren’t official policy or announcements, but you might want to be aware of them.
Know what you’re looking for? Hop to the resources you need most here.
Your Top Resources
- The CARES stimulus bill has been signed into law.
- For the short version of what’s included in the stimulus package, check out this New York Times article.
- To read the full bill, click here. (Helpful hint: The information relating to SBA loans can be found in pages 8-83. Details on how much can be borrowed start on page 18. Details on loan forgiveness start on page 41.)
- How to apply for Paycheck Protection Program. There are still funds available as of May 18, 2020.
- The Treasury Department has released a FAQ doc for the Paycheck Protection Program to clear up any confusion regarding the application process or how to qualify.
Small Business Resources
- The US Senate Committee on Small Business and Entrepreneurship has created a comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These are intended to assist business owners with whatever needs they have through this time. To keep up to date on when these programs become available, stay in contact with your local SBA District Office.
- The US Chamber of Commerce has created a guide for small business owners to survive the coronavirus. The Chamber of Commerce also recommends you take these immediate steps for your business.
- Multistate is tracking all state and local policy changes and updating them daily. They are updating this daily and their tracker includes gathering limitations, mandatory curfews, small business assistance, and supply chain issues that may be affecting your area.
- National Cybersecurity Alliance shared their best practices for remote workers, should your business be utilizing this strategy make sure you’re keeping your data safe. They are hosting a number of webinars regarding this topic, as well.
- Faire, a wholesale marketplace for retailers, has put together a COVID-19 Relief Resources for Small Businesses Tracking Sheet, which is a Google Sheet focused on providing resources for financial relief to small businesses. The resources listed are focused on retailers. Thanks, Faire!
- We put together a guide of the 4 things business owners should know about the CARES act.
HR Resources
- Unemployment Insurance Flexibilities have been rolled out by the Federal Government. This news release does a great job outlining the changes and how you can take advantage of the benefits, should your business need to.
- There are legal obligations your company could face during this time. As you evaluate your strategies, policies, and procedures here is what you should keep in mind.
- Crisis Hotlines are always on and available.
Tax Resources
- The tax deadline has been pushed to July 15th. Should you qualify for a refund, most are still being issued within 21 days and the IRS recommends you still submit your taxes as soon as possible. Any IRS information on the coronavirus tax relief efforts can be found here.
- Avalara has a roundup of state tax relief for your business. Relief may include filing extensions, interest waivers, and penalty waivers for a host of taxes, including lodging tax and sales and use tax.
- Need information about state tax deadlines? Check out TurboTax’s comprehensive guide to tax due dates here.
- Where’s My Refund? is an IRS online tool that will track your tax refund. You will need your Social security number or ITIN, your filing status and your exact refund amount to use the tool.
- Using Online Payment Agreements you can apply for a payment plan online to pay off your tax liability over time.
- Did you know the IRS has an app? IRS2Go app is a mobile only app where you can check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more.
- Your IRS Online Account can show you your payoff amount, updated for the current calendar day, the balance for each tax year for which you owe, up to 24 months of your payment history, and key information from your current tax year return as originally filed (if you’ve already done so).
- The IRS has clarified that expenses related to the PPP loan are not tax-deductible.
Financial Resources
Many financial institutions and businesses are stepping up to help small businesses during this time. Should you need any help, these are some of the resources available.
- Facebook has announced a $100 million grant for small businesses impacted by COVID-19 and launched the Business Resource Hub, which features recommendations to help small businesses stay connected to customers and stay on track. Sign up to submit an application as they are able to accept them.
- James Beard Foundation has created a Food and Beverage Industry Relief Fund to provide micro-grants to independent food and beverage small businesses in need. To submit an application, click the link beneath the donation button located on their website.
- JPMorgan pledged $50 million to help struggling customers, and $8 million in aid to small businesses and nonprofits, specifically.
- QuickBooks has launched a Small Business Relief fund in partnership with GoFundMe and is committing up to $1 million in funding for these efforts. You can create a free fundraiser for your business, or nominate your customers and community businesses.
- Square has been approved to process Paycheck Protection Program loans for their customers.
- We put together a walkthrough of two SBA Emergency Loan options: Paycheck Protection Program vs Disaster Loans. Update: applications for disaster loans are on hold as of April 29, 2020 due to funding constraints in the SBA.
- Many banks are able to begin processing Paycheck Protection Program loans. Use the SBA website to find approved lenders who can process your application.
- If you applied for the Paycheck Protection Program and are wondering about the status of your loan you can track its progress here. Update: Treasury Secretary, Steve Mnuchin says any business who accepted more than $2 million through the PPP loan will be subject to a full audit to ensure they qualified for the loan and may face criminal liability charges if they did not follow qualification guidelines.
Banks
If your business is being impacted by COVID-19, you should reach out to your bank or credit issuer directly. The links below are simply statements we were able to find online and are not representative of an exhaustive list.
Developing Stories
These stories are developing quickly but could have consequences for your small business.
- Congress is making changes to the PPP to favor small businesses. The bill is headed to the president’s desk for approval.
- Business Insider: The Small Business Administration just told thousands of businesses applying for disaster loans that their personal information was mistakenly leaked
- Journal of Accountancy: AICPA-led coalition calls for small business funding to continue paying workers
- New York Times: Daily coronavirus updates without a paywall
This post was last updated on June 4, 2020. We will do our best to update according to the latest news.
