COVID-19 Business Financial Assistance Programs
We understand that many businesses are seeking Coronavirus Financial Support & Loan Relief Help. We’re working to bring you the latest information and resources to help weather this pandemic. Below is the most current available COVID-19 financial assistance resources.
Watch this page for updates and information as they become available.
Paycheck Protection Program (PPP)
ORIGINAL FUNDING (3-27-2020)
WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
• Are self-employed and have no employees; OR
• Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
• Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
Click here to view the EZ Forgiveness Application.
Click here to view the Full Forgiveness Application.
Congress passed the stimulus package on March 27, the $2 trillion aid package included a new Paycheck Protection Program to be administered by the U.S. Small Business Administration (SBA). The objective of the program is to provide small businesses with the capital they need to continue making payroll. Download the PPP Summary Sheet Here.
Small businesses who have less than 500 employees are eligible to apply. In addition, independent contractors and gig economy workers may also be eligible. For most communities, this means that the majority of businesses who have been negatively impacted by COVID-19 qualify. By applying for this forgivable loan and using the money to keep employees on the payroll, the impact on local economies will be reduced.
Even though the program is designed to cover payroll for an eight-week period, businesses can actually borrow up to 2.5 times their average monthly payroll cost. As a result, businesses could get up to 10 weeks of payroll covered by the loan, up to $10 million. This loan can cover the entire payroll cost including salaries, wages, paid time off, tips, taxes and healthcare benefits. In addition to covering payroll costs, the loan can also help to pay for operational costs that could include rent and utility payments.
The loan is forgivable as long as businesses meet certain criteria.
Additional eligibility criteria and discussion has been added to the Interim Final Rule - https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule-additional-eligibility-criteria-requirements-certain-pledges-loans. Added topics include Self Employed PPP Eligible individuals and forgiveness documentation.
Treasury/SBA has updated the PPP FAQ - https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
Although you can’t claim both the PPP loan and the Employee Retention Credit, you can claim either and the FFCRA paid leave credit. The paid leave tax credit was established under the Families First Coronavirus Response Act (FFCRA). It lets employers who are required to provide coronavirus paid leave receive a tax credit for the amount of the paid leave wages. You can apply for the Paycheck Protection Program loan and claim the FFCRA paid leave credit. You can also claim both the Employee Retention Credit and the paid leave tax credit. However, you cannot double-dip. If you choose to take the Employee Retention Credit and the paid leave credits, you can’t claim those credits on the same wages. Because you can only claim the paid leave credits on paid leave wages, you cannot claim the Employee Retention Credit on FFCRA paid leave wages.
How to Apply for the PPP?
Businesses can apply with any SBA-certified lender, including local banks and credit unions. Businesses are encouraged to contact the bank they have a relationship with or to find an Idaho lender here.
ATTENTION: MOFI (Idaho- Montana CDC) is now accepting applications for SBA’s Paycheck Protection Program. This is an option for those businesses who lack a banking relationship with an SBA approved lender. Once a new round of funding is approved by the House, this money will move fast so we encourage your business to jump on this opportunity ASAP.
SBA Economic Injury Disaster Loans (EIDL)
SBA is once again accepting applications for the Economic Injury Disaster Loans. This program includes up to a $10k advance that the applicant gets to keep even if they are declined for the loan.
- Additional $50 billion for SBA Disaster Loan Program
- Additional $10 billion in funding (on top of $10 billion in CARES Act)
- Expands eligibility to agricultural enterprises with less than 500 employees
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. Download the Economic Injury Disaster Loan Summary Sheet
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds (Grants) will be made available within days of a successful application, and this loan advance will not have to be repaid.
How much can you borrow?
Eligible entities may qualify for loans up to $2 million.The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources. Apply Now.
How can the funds be used?
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion. Funds cannot be used to pay down long-term debt
Express Bridge Loan Pilot Program
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. 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. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA 7(a) Loan Program
The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.
SBA Debt Relief Program
As part of SBA's debt relief efforts, The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
Employee Retention Credit
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).
Although you can’t claim both the PPP loan and the Employee Retention Credit, you can claim either and the FFCRA paid leave credit. The paid leave tax credit was established under the Families First Coronavirus Response Act (FFCRA). It lets employers who are required to provide coronavirus paid leave receive a tax credit for the amount of the paid leave wages. You can apply for the Paycheck Protection Program loan and claim the FFCRA paid leave credit. You can also claim both the Employee Retention Credit and the paid leave tax credit. However, you cannot double-dip.
If you choose to take the Employee Retention Credit and the paid leave credits, you can’t claim those credits on the same wages. Because you can only claim the paid leave credits on paid leave wages, you cannot claim the Employee Retention Credit on FFCRA paid leave wages.
Idaho Community Fund
The Idaho Community Foundation, United Ways in Idaho and Idaho Nonprofit Center have partnered to create the COVID-19 Response and Recovery Fund for Idaho, which will provide grants to trusted organizations that support and serve low-income Idahoans.
Applications are now being accepted from organizations supporting Idahoans during this crisis. For information about eligibility, funding priorities and to apply, click here. Unfortunately, we cannot assist individuals directly.
The COVID-19 Response and Recovery Fund for Idaho will provide immediate and long-term grants on a rolling basis to organizations that work with people disproportionately affected by the virus, including those who are enduring economic hardship as a result of lost work and economically vulnerable people affected by closures of services on which they rely.
The grants are meant to fill the gap not covered by efforts being put in place through public institutions, including cities, the state or the federal government.
A grantmaking process and selection criteria are being developed and will be announced later, once donations have begun to accumulate in the fund.
Other Funding and Support
AND ACCESS TO FORMS AND APPLICATIONS