Coronavirus: Small Business Updates and Resources
Has your small business been affected by the COVID-19 outbreak? As resources become available we will post them on this web page.
Indiana County COVID-19 Resources
The Allegheny Conference COVID-19 Resources
SBA to Provide Economic Injury Disaster Loans (EIDL) for Coronavirus Related Economic Disruptions
Small Business Paycheck Protection Program (PPP)
Guide to Understanding the SBA EIDL and Payroll Protection Loan Application Process (recorded webinar) (recorded webinar)
Pennsylvania SBDC Disruption Recovery Website
Disaster Loan Forms
In response to the coronavirus crisis, governments and other institutions, e.g., banks, are taking concerted actions to help small businesses. Your local SBDC is tracking these actions and can provide assistance in filing for programs being administered
by the SBA. Congress recently passed programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that is intended to assist business owners with their needs. Some of the highlights of that bill are shown below.
Cash grants for individuals for individuals earning less than $75,000 and couples filing jointly and earning $150,000 or less. Adults would receive $1,200 and each child $500. The IRS will be looking at 2018 and 2019 tax returns
and will send the money out April 6. If they have your bank account information, it will be direct deposited. If they don’t have your banking information, a check will be mailed. No application necessary.
Expanded Unemployment Compensation for self-employed, independent ,contractors and gig workers. This will give the self-employed, independent contractors, and gig workers $600 per week for up to four months. Those on unemployment
will get an additional $600 per week Apply through the Careerlink office.
Loans for Small Businesses, with the provisions for forgiveness for these loans if small businesses keep their workers employed. You may hear this referred to as Paycheck Protection Program. These are new loans
in the CARES Act and can later be forgiven if the employer keeps employees on payroll during the crisis or call them back if they have already been laid off or furloughed. These can be applied for through approved SBA 7A lenders. This is distinct and different than the Economic Injury Disaster Loan which is applied for directly with the SBA through an online portal.
CARES Act Comparison Paycheck Protection and EIDL Grant
Senate Bill Act - Small Business Owner’s Guide to the CARES Act
Paycheck Protection Program
Economic Injury Disaster Loans and Loan Advance
SBA Debt Relief
SBA Express Bridge Loans
Guidance for Businesses and Employers