COVID-19 Small Business Financial Resources
Small Business Financial Resources
COVID-19 Small Business State and Federal Guidance
Business Resources to Retain Employees
- Paycheck Protection Program (PPP)
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. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Loan application - https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Find a bank near your to apply - https://www.sba.gov/paycheckprotection/find?address=40601&pageNumber=1
FOR MORE INFORMATION:
Business Resources to Relieve temporary financial difficulties
- Economic Injury Disaster Loan Emergency Advance (EIDL)
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. The EIDL is a low-interest, fixed-rate loan that can provide up to $2 million in assistance for a small business. SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury. Applicants do not go through a bank to apply, and instead, apply directly to SBA’s Disaster Assistance Program. Actual loan amounts are based on the amount of economic injury. Application – https://covid19relief.sba.gov/#/
FOR MORE INFORMATION: https://www.ksbdc.org/coronavirus#SBA
- SBA Express Bridge Loans
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. 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 (EIDL).
- SBA Debt Relief
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.
FOR MORE INFORMATION: https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf
- Kentucky Unemployment Insurance
Under normal circumstances, the first week of an unemployment insurance claim does not receive payment. The Governor has opted to waive this if you were laid off due to COVID-19. This does not mean that you will receive benefits immediately. Kentucky pays unemployment benefits every two weeks.
To file a UI claim online: http://www.kewes.ky.gov/
To file a claim by telephone number: http://www.kewes.ky.gov/
FOR MORE INFORMATION: https://kcc.ky.gov/Pages/COVID19-UI-Frequently-Asked-Questions.aspx
- Families First Coronavirus Response Act: Employee Paid Leave Rights
Requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.
FOR MORE INFORMATION: