COVID-19

Resources for Small Businesses

We know everyone is feeling a lot of uncertainty right now. We’re with you – we feel it too. Federal, state and local governments are providing updates regularly on how they can provide economic relief to business owners. 

Since there’s new information being shared daily, we compiled some helpful information for you to reference here.

Federal Government Actions

  • The Federal Reserve announced it will cut interest rates to 0% and take additional steps to stabilize the economy
  • The Small Business Administration (SBA) has been given authority to issue $7 billion in loans for disaster relief. The SBA can provide up to $2 million in disaster loans to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to COVID-19. Please stay informed on the SBA website to determine if your area has been designated as eligible for disaster loan assistance.
  • The Secretary of Education is waiving interest on student loans held by the Federal Government.

SBA Relief Options and Resources

  • As of 4/16/20, SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.The SBA is offering multiple funding options for businesses seeking relief. View on sba.gov here.
  • Paycheck Protection Program provides loan forgiveness for businesses retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Learn more here.
  • EIDL Loan Advance will provide up to $10,000 in economic relief to businesses currently experiencing difficulties. Apply here.
  • SBA Express Bridge Loans enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Click here for the guide on sba.gov.
  • SBA Debt Relief is providing financial reprieve to small businesses during the COVID-19 pandemic. Details here.

Important Tax Updates

  • The IRS has extended the tax filing deadline to July 15th, 2020. The tax payment deadline was also extended to July 15th. If you do need help with filing your taxes, please contact our team and we would be happy to help.

Private Relief Programs

Private corporations across the country are finding ways to support small businesses. We’ve highlighted a few efforts for you below and will update as we see relief efforts that particular help small businesses.

    • Facebook launched a small business grants program offering $100 million in cash grants and ad credits up for up 30,000 small businesses. Facebook also has a helpful business resource hub including tools and tips to help you manage your business during challenging times.
    • Amazon created a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local small businesses – specifically those that will be impacted by fewer customers due to COVID-19. The fund is specifically designed to support businesses in Seattle with fewer than 50 employees or less than $7 million in annual revenue.
    • UberEats is waiving delivery fees for all orders from independently-owned restaurants to help keep them in business.
    • Google rolled out free access to their Hangouts Meet video-conferencing capabilities to all G Suite customers through July 1st.

State Resources

For a full list of small business resources by state, please visit this page.

Other Resources

The original Payroll Protection Program (PPP) rules included strict requirements to prove that the loan was necessary to save your business; and imposed hefty financial and criminal penalties for those that tried to get a handout when they didn’t really need one. But…

The Xendoo team has compiled many resources on the PPP to help small business owners everywhere. Check out our additional resources here: What do I need for my PPP application? Your Guide to PPP Loan Forgiveness Paycheck Protection Program Guide Many business owners…

On Thursday, April 16th, the SBA announced they are no longer accepting applications for the Paycheck Protection Program. We are hopeful that additional funding will be provided and the application process re-opened. We will continue to keep all small businesses informed on updates as we receive them.

This loan is 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.

You’ve got options when it comes to government financial aid for your pandemic-impacted business. But which one is right for you will depend on your needs and business model. Here we’ll discuss the federal government’s Payroll Protection Program (PPP) and the Small…

One of the most talked-about benefits of the coronavirus CARES Act is the Paycheck Protection Program also known as PPP. This program is intended to provide businesses with eight weeks of cash-flow for employers that keep their staff on payroll.

The Paycheck Protection Program is designed to support small businesses with cash during the COVID-19 pandemic, specifically to help businesses keep their workforce employed. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money…

The CARES Act does the following: • Many U.S. residents will receive $1,200 (or $2,400 for joint filers) plus $500 per child under age 17. This benefit will be reduced as taxable income exceeds $75,000 for singles and $150,000 for marrieds filing jointly. Singles who…

As small businesses such as restaurants and gyms are forced to close their doors for an indefinite period of time, Facebook has stepped up with an offer that may keep them from going under and their employees from losing their jobs. The grants will provide a total of…

Commercial Sector   $100 million in cash grants and ad credits for small businesses. Go to the Small Business Grants Program page to sign up for notification when applications are open.   Food and Beverage Industry Relief Fund is in the works. Sign up to…

The IRS is extending the federal income tax filing deadline to July 15 as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Friday. There’s one bit of relief for businesses suffering from the…

On Tuesday, March 17, Amazon notified its US and EU sellers that it would no longer be receiving non-essential shipments of Fulfilled-by-Amazon (FBA) inventory. As of today, 3/18/20, the freeze for those marketplaces runs through April 5, 2020. This is in response to…

At Xendoo, our passion is small business and at times like this, it’s critical we support each other and share our expertise on how to overcome challenging circumstances. Amidst the Coronavirus COVID-19 outbreak, health and government officials are working to maintain…

  Important note: This information is not intended to be taken as tax, legal or financial advice. Rules and regulations are quickly changing and can vary by state. Please consult a lawyer or tax advisor for specific guidance. For tax guidance, please feel free to connect with our team. We are here to help. 

 

Important note: This information is not intended to be taken as tax, legal or financial advice. Rules and regulations are quickly changing and can vary by state. Please consult a lawyer or tax advisor for specific guidance. For tax guidance, please feel free to connect with our team. We are here to help.