At OneLocal, we know that the COVID-19 pandemic has resulted in some difficult times for many small businesses. We are committed to supporting and helping small businesses overcome this situation.
To help provide guidance to our valued clients, we have put together a library of links pointing to government resources for businesses affected by COVID-19.
Federal Government Assistance for Small Businesses
- Paycheck Protection Program
- The U.S. Small Business will guarantee loans of up to $10 million to eligible businesses, and the loan will be provided by lenders. All businesses with 500 or fewer employees may apply and receive a 100% loan forgiven when using the funds on payroll, as well as other eligible expenses to retain full staff and payroll.
- Small Business Administration Loan Forgiveness
- The CARES Act forgives loan payments for most existing SBA loans. Once implemented, no loan payment is required for the next six months. The payment due during this six month period will not have to be repaid.
- Expanded Access to U.S. SBA Economic Injury Disaster Loans
- SBA is providing working capital loans of up to $2 million with a 3.75% interest rate to small businesses affected by the coronavirus.
- If denied a loan, an emergency grant of $10,000 can be used to provide employee sick leave, maintain payroll or other eligible expenses.
- Federal Income Tax Payment Deadline Extension
- Tax filers with federal income tax payments due on April 15, 2020 are automatically postponed to July 15, 2020 without penalties or interest.
- Delay in employer and self-employment payroll taxes
- Employers and self-employed individuals may defer payment of the employer share of Social Security tax to fifty percent of the deferred payroll taxes due on December 31, 2021. The remaining amounts will be due on December 31, 2022.
State Support Information
In addition to government relief efforts, many companies are also offering support to businesses. Example include (but are not limited to):
- Local utility sectors offering deferred payments
- Landlords offering rent deferrals
- Banks offering mortgage deferrals
- Telecom companies waiving certain overage fees
- Software providers offering credits or discounts
We recommend you check with your service providers to see what relief initiatives they are offering, as well as the terms and conditions of those offers.
We’re Here To Help
OneLocal is here to support you and your business through these tough times. We recognize the challenges that small businesses are faced with due to COVID-19 and social distancing measures. If you have any other questions on how we can help your business at this time, do not hesitate to reach out to us.