Small Business Resources
Tarantino is here to provide tenants with the latest updates regarding the historic economic stimulus package pending final approval by Congress in response to the coronavirus pandemic affecting small businesses. This information will help you navigate to the most important resources to facilitate these difficult times for your business.
COVID-19 Stimulus Bill Overview
Small businesses that qualify will receive emergency government loans.
Federally guaranteed loans will be available to qualifying small businesses, sole proprietors, independent contractors and other self-employed individuals. These loans can be up to 2.5 x the borrower’s average monthly payroll costs, but not to exceed $10 M. The loans will have no interest for one year and the deadline to apply is June 30, 2020.
Direct Payments will be sent to taxpayers as a relief.
Individuals who make up to $75,000 a year and $150,000 jointly will receive a one-time payment of $1,200 or $2,400 joint. Additionally, they will receive a $500 payment per child.
Unemployment support will increase substantially, helping more Americans.
An additional $600 per week will be added to each state’s normal unemployment rate for up to four months and provide an additional 13 weeks of benefits to those who remain unemployed after state unemployment benefits are no longer available. This program will include independent freelancers and gig workers such as Uber drivers.
Troubled companies can receive government bailouts.
This measure provides $500 billion to the Department of Treasury’s exchange stabilization fund for use in loans, loan guarantees, and other investments for distressed businesses that do not qualify for the small business relief. An additional $75 billion will be available for industry-specific loans – including airlines and hotels.
Health care across the nation will receive aid.
Hospitals and health care systems will be receiving more than $150 billion to be used for hospitals, research and treatment.
ADDITIONAL COVID-19 RESOURCES
Small Business Assistance
Paycheck Protection Program
Provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable, to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs.
COVID-19 Economic Injury Disaster Loan Application
Borrowers may apply for an Emergency Economic Injury Disaster Loan (EIDL) grant in addition to a loan under the Paycheck Protection Program, provided the loans are not used for the same purpose. If a borrower received a loan under 7(b)(2) after January 31, 2020, the borrower may refinance the outstanding balance as part of a loan under the Program.
COVID-19 Microloan Program
The Small Business Administration (SBA) Microloan Program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training and technical assistance to start-up, newly established and growing small business concerns.
COVID-19 SBA Loan Assistance through SCORE
As a resource partner of the SBA, SCORE provides virtual mentoring for small businesses impacted by (COVID-19) to help you navigate through the SBA process.
- SBA Disaster Assistance Resources
- COVID-19 Economic Injury Disaster Loan Application
- Everything You Need to Know About SBA Disaster Assistance Loans
- COVID-19 Emergency Loans Small Business Guide and Checklist
- A Step-by-Step Guide on How to Apply for an SBA Disaster Relief Loan
- Virtual Guide for Navigating the SBA Process
- Guide to Coronavirus Federal Small Business Stimulus Aid Programs
- TX Restaurant Relief Fund
- CARES Act 2020 Latest Developments
- Resources to Help Your Small Business Survive the Coronavirus
- Free Software That Businesses Can Use During The COVID-19 Crisis