New Information

Below are forms for loan assistance for businesses and individuals affected by Covid-19.  Please note expiration dates.  

• Covid-19 Disaster Loan Assistance

Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters  (Expires 9/30/2020)

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION

• HBDI Small Business Stabilization Loan Fund

Micro-Enterprise Stabilization Loan 

Small Businesses

The main features for small businesses are emergency grants and a forgivable loan program for companies with 500 or fewer employees. There are also changes to rules for expenses and deductions meant to make it easier for companies to keep employees on the payroll and stay open in the near-term.

Emergency grants: The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.

Forgivable loans: There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.

Relief for existing loans: There is $17 billion to cover six months of payments for small businesses already using SBA loans.

Large Businesses 

The legislation designates $339.8 billion for programs that will go to state and local governments. It is divided up to put $274 billion toward specific COVID-19 response efforts, including $150 billion in direct aid for those state and local governments running out of cash because of a high number of cases.

All businesses: The bill establishes a fully refundable tax credit for businesses of all size that are closed or distressed to help them keep workers on the payroll. The goal is to get those employees hired back or put on paid furlough to make sure they have jobs to return to. The credit covers to 50 percent of payroll on the first $10,000 of compensation, including health benefits, for each employee.

For employers with more than 100 full-time employees, the credit is for wages paid to employees when they are not providing services because of the coronavirus. Eligible employers with 100 or fewer full-time employees could use the deduction even if they aren't closed.