As a result of COVID-19, the Federal Government of the United States of America is implementing a number of measures to help its citizens and small businesses.
To help relieve some of the impact that small businesses and other private & non-profit organizations are experiencing due to COVID-19, the federal government will implement statewide loan assistance programs.
Under the Economic Injury Disaster Loan (EIDL) program, the government will make loans up to $2 million available to help businesses sustain themselves due to loss in revenue.
Both small businesses and non-profits are eligible to apply for these loans at a very low-interest rate. Speak with your financial institution for more information or click here.
For individuals earning up to $1 million with an existing tax payment deadline of April 15, 2020, the tax payment deadline has been extended until July 15, 2020. For businesses earning up to $10 million, the tax deadline has been extended until July 15, 2020. Speak with your CPA for more information or click here.
Multiple states, cities, and organizations have come out with their individual relief programs to help small businesses and non-profit organizations survive the after-effects of the COVID-19 pandemic.
In New York, businesses, which have fewer than 100 workers and are experiencing a 25% or higher loss in revenue, will be eligible for loans up to $75,000 at zero interest rates.
The city of San Francisco has created the COVID-19 Small Business Resiliency Fund, under which small businesses will have access to up to US$10,000 to pay worker salaries and rent.
Florida initiated the Florida Small Business Emergency Bridge Loan Program through which small businesses can get loans of up to US$50,000 and US$100,000 in special cases.
The state of Massachusetts announced a US$10 million Small Business Recovery Loan Fund that aims to provide relief up to US$75,000 to small businesses that have under 50 employees.
We recommend that you speak with your business’ trade organization for information on what relief programs they may have established.
Under the government’s Paycheck Protection Program (PPP), an amount of $350 billion has been allocated towards small businesses (fewer than 500 employees) in the form of forgivable loans.
In addition to the above, the government will also help small businesses through the CARES act that entails the forgiveness of existing small business administration loans. Once implemented, small business owners would be exempt from paying loan payments for the next six months.
We strongly urge all business owners, solopreneurs and contract employees to speak with your CPA and Banker or Banking Institution for help with resources and the application process.
At Navarro Creative Group, our core purpose has always been to support local and small and medium businesses, and during challenging times like these, we’re committed to that now more than ever.
We believe in strengthening the local economy by sharing resources and tools necessary to support our business community. Like many small businesses, you may be facing staff shortages, remote work, and an evolving marketplace where changing customer habits are causing you to pivot and change the way you do business. These changes may be temporary or may become part of your long-term strategy. We’ve established this page to share some of the resources we’ve discovered to help guide you through this difficult time.
Together we can #protectlocal.
About the author
Wendy Navarro, CEO
Wendy is the results-driven CEO of Nashville Area Digital Marketing Agency NAVARRO CREATIVE GROUP. Since 2015, she has been helping clients transform business expertise into brand authority by leveraging innovative marketing strategies.
