Full Report - CARES Act - SBA Loans

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CARES Act - SBA Loans


SBA Funding

Smaller Options for Immediate Working Capital — EIDL Grants and Express Bridge Loans
Larger Options for Working Capital — EIDL Loans and PPP Loans

Provide access to $10,000 to anyone who was impacted by a covered disaster.
Who's Eligible:
• Sole proprietors with or without employees
• Independent contractors
• A business of 500 or less full-time equivalents
• An ESOP of 500 or less full-time equivalents
• Tribal small business concern with not more than 500 employees

Maximum Amount:
Maximum amount of advance is $10,000.

Use of Funds:
• Providing paid sick leave to employees unable to work due to the direct effect of COVID-19
• Maintaining payroll to retain employees during business disruption or substantial slowdowns.
• Meeting increased costs to obtain materials unavailable from the applicant's original source due to interrupted supply chains
• Making rent or mortgage payments
• Repaying obligations that cannot be met due to revenue loss

An applicant shall not be required to repay any amounts of an advance provided under this subsection, even if subsequently denied an EIDL loan

Apply with the SBA

Covered Period:
1/31/2020 through 12/31/2020. The EIDL Grant must be funded within that time period.

Contact Information:

Provide quick access to working capital.

Who's Eligible?
• Small businesses that were located in disaster areas under the Presidential disaster declaration as of the date of disaster, or
• Small businesses located in any state, territory or DC area that have been adversely impacted by the COVID-19 emergency.

Maximum Amount:

Use of Funds:
• Must be used to support the survival and/or reopening of the small business
• Working capital
• Specific disaster-related purposes such as generators, repair or replacement of inventory

• Maximum maturity is 7 years, and maximum interest rate of P+6.5%
• Express Bridge loan can be consolidated into a larger disaster loan with a longer term

How do I apply?
Must apply to a bank with an existing relationship that is an SBA Express approved lender.

Active Period:

No delinquent federal debt or prior loss unless waived by the SBA for good cause.
Provide working capital loans to small businesses either directly or indirectly impacted by a declared disaster.

Who's Eligible:
  • Small businesses
Most private non-profit organizations, including:
  • Businesses directly affected by the disaster.
  • Businesses that offer services directly related to the businesses in the declaration.
  • Other businesses indirectly related to the industry that are likely to be harmed by losses in their community.

Maximum Amount:
Up to $2 million. Rates are 3.75% for small businesses and 2.75% for non-profit organizations with terms up to 30 years.

Use of Funds:
• Pay fixed debts
• Payroll
• Accounts Payable
• Other bills that could have been paid had the disaster not occurred

Apply with the SBA

Active Period
  • Key Things To Know About EIDL Loans
Under the CARES Act, EIDL provisions have been expanded:
  • EIDLs can be approved by SBA based solely on an applicant’s credit score.
  • EIDLs of less than $200,000 can be approved without a personal guarantee.
  • SBA is not requiring real estate collateral and will take a general security interest in business property.
  • Businesses need not have been in business for the one-year period prior to the COVID-19 pandemic.

Other Elements of the CARES ACT

  • Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.
  • Unemployment: The program provides $250 billion for an extended unemployment insurance program and expands eligibility and offers workers an additional $600 per week for four months, on top of what state programs pay. It also extends UI benefits through Dec. 31 for eligible workers. The deal applies to the self-employed, independent contractors and gig economy workers.
  • Payroll taxes: The measure allows employers to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022.
  • Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.
  • 401(k) Loans: The loan limit is increased from $50,000 to $100,000
  • RMDs suspended: Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.
  • Charity. There is a new provision that provides an above-the-line deduction for charitable contributions, plus, the limits on charitable contributions are changed.
  • Small business relief: $350 billion is being dedicated to preventing layoffs and business closures while workers have to stay home during the outbreak. Companies with 500 employees or fewer that maintain their payroll during coronavirus can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.
  • Net Operating Losses: The Tax Cuts and Jobs Act (TCJA) net operating loss rules are modified. The 80% rule is lifted, and losses can now be carried back five years.
  • Excess Loss Limitations: The excess loss limitation (ELL) rules for pass-through entities are suspended.
  • Interest Expense Limitation: The interest expense limitations are increased to 50% from 30% for tax years beginning in 2019 or 2020. Taxpayers can also elect to calculate the interest limitation for 2020 using their 2019 adjusted taxable income as the relevant base, which often will be significantly higher.
  • Large corporations: $500 billion will be allotted to provide loans, loan guarantees, and other investments, these will be overseen by a Treasury Department inspector general. These loans will not exceed five years and cannot be forgiven. Airlines will receive $50 billion (of the $500 billion) for passenger air carriers, and $8 billion for cargo air carriers.
  • Hospitals and health care: The deal provides over $140 billion in appropriations to support the U.S. health system, $100 billion of which will be injected directly into hospitals. The rest will be dedicated to providing personal and protective equipment for health care workers, testing supplies, increased workforce and training, accelerated Medicare payments, and supporting the CDC, among other health investments.
  • Coronavirus testing: All testing and potential vaccines for COVID-19 will be covered at no cost to patients.
  • States and local governments: State, local and tribal governments will receive $150 billion. $30 billion is set aside for states, and educational institutions. $45 billion is for disaster relief, and $25 billion for transit programs.
  • Agriculture: The deal would increase the amount the Agriculture Department can spend on its bailout program from $30 billion to $50 billion.


Export-Import Bank of the United States (EXIM)

  • Waiver of program requirements with which parties cannot reasonably comply under the circumstances, such as field exams, borrowing base certificates, financial statement reporting, and other reporting requirements;
  • Waiver of defaults for nonpayment of interest up to 30 days;
  • Waiver of provisions relating both to defaults and to replenishment of collateral for over-advances resulting from losses of inventory and/or sales;
  • Automatic extensions of up to 30 days for all claim-filing deadlines that arise from the date of this notification (with further extensions considered at EXIM’s discretion);
  • Flexibility regarding the documentation necessary to file a claim.


  • Streamlined processing of multi-buyer policy renewals that are eligible for renewal within 60 days from the date of this notification;
  • Extension of expiry dates of up to 30 days for exporter single-buyer policy (ESS) renewals that expire within 60 days from the date of this notification;
  • Streamlined processing of all Special Buyer Credit Limit (SBCL) renewals that expire on or before April 1, 2020, including the extension of the final shipment date up to 30 days;
  • Extension of up to 30 days for shipment reporting and premium payment deadlines for all shipments made during a 30-day period from the date of this notification;
  • Extension of overdue reporting requirements for up to 30 days for all reporting that would normally have required reporting during the next 30 days from the date of this notification;
  • Extension of up to 30 days beyond the claim filing period if the claim filing deadline specified in the policy occurs within 30 days from the date of this notification;
  • Flexibility in claims analysis and the documentation necessary to file a claim.


  • Extension of up to 30 days beyond the claim filing period if the claim filing deadline specified in the policy occurs within 30 days from the date of this notification;
  • Extension of up to 30 days for policies that expire within 60 days from the date of this notification;
  • Extensions of up to 30 days of shipment reporting and premium payment deadlines for all shipments made during a 30-day period from the date of this notification;
  • Flexibility in claims analysis and the documentation necessary to file a claim.


  • Alabama
In Alabama, employers whose employees must file unemployment compensation claims for weeks filed due to COVID-19 related issues may see some temporary relief, as all charges will be waived. The Department of Revenue is providing relief for state lodgings tax account holders as well as small businesses who are unable to pay their February, March, and April 2020 state transient occupancy tax on time. Late payment penalties will be waived through June 1, 2020.

  • Alaska
The Governor of Alaska has announced plans to offer a $1 billion disaster relief fund, but details haven’t yet been fleshed out.
The Alaska Small Business Development Center is offering several free on-demand training videos to help businesses navigate through these times.

  • Arizona
Many states, including Arizona, offer a Shared Work Unemployment Compensation Program: an alternative for employers faced with a reduction in force. This program allows an employer to divide the available work or hours of work among a group of affected employees instead of laying them off, and it allows the employees to receive a portion of their Unemployment Insurance benefits while working reduced hours.

  • Arkansas
An approved Shared Work Plan is valid for one year. An employee may be eligible for up to 26 weeks of Shared Work benefits.
Arkansas. Arkansas’ Shared Work Unemployment Compensation program is aimed at preventing COVID-19-related layoffs right now. The state has a Quick Action Loan Program that provides a loan or loan guaranty of up to $250,000, with priority given to small to medium-sized companies that are in the supply chain of essential goods and services (including healthcare, food manufacturing, logistics).
Additionally, the Community Development Block Grant (CDBG) provides grants to eligible local governments to provide loans to companies impacted by COVID19, as well as grants to clinics, hospitals, and other non-profits working in rural Arkansas and to vulnerable populations such as the homeless.
The Arkansas State Chamber website has updated information.

  • California
In California, businesses suffering a hardship because of COVID-19 can request up to a 60-day extension from the State of California’s Employment Development Department (EDD) to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. California also has an Unemployment Insurance (UI) Work Sharing Program that can help minimize or eliminate layoffs. Governor Newsom signed an executive order to halt evictions and slow foreclosures until May 31 unless conditions change. Hard-hit cities like San Francisco have also taken other local measures, including deferred quarterly tax payments and annual small business licenses and permits, as well as emergency loan funds available to businesses hit by the pandemic.

  • Colorado
Colorado’s Work-Share Program provides an alternative to laying off employees by keeping them working fewer hours, during which employees may be able to collect unemployment benefits. The state also offers a Rapid Response program that offers consultation on layoff aversion strategies, onsite workshops for employees in transition, job placement assistance, and information on unemployment benefits. Colorado also has a Small Business COVID-19 Disaster Response Hotline to answer questions: 303-860-5881.

  • Connecticut
In Connecticut, the Department of Revenue Service has extended deadlines for annual state tax returns due on or after March 15, 2020, and before June 1, 2020, by at least 30 days. The payments associated with these returns are also extended. And like others, Connecticut offers a Shared Work program through its Unemployment Insurance division.

  • Delaware
Delaware has launched its Hospitality Emergency Loan Program (HELP), which offers no-interest loans of up to $10,000 per hospitality business per month. Delaware.gov provides ongoing updates on resources for small businesses.

  • Florida
The Florida Small Business Emergency Bridge Loan Program is available to small business owners in Florida that have experienced economic damage as a result of COVID-19. The program offers short-term, interest-free working capital loans. Also, the Short Time Compensation program helps employers retain their workforce in times of temporary slowdown by encouraging work sharing rather than laying them off. Florida SBDC’s Business Disaster Recovery Assistance page offers additional resources.
  • Georgia
The NFIB offers resources and online events to help small businesses in Georgia.
  • Hawaii
The Chamber of Commerce Hawaii has a page of COVID-19-related content for business owners.
  • Idaho
Idaho’s SBDC has resources to assist small businesses in the state, including information on disaster recovery. The state also has a resources page on COVID-19.
  • Illinois
The Illinois Department of Revenue (IDOR) is waiving any penalty and interest that would have been imposed on late sales tax payments from qualified businesses who operate eating and drinking establishments. The Illinois Department of Commerce has a resource page for small businesses. In Chicago, there is a Chicago Small Business Resiliency Fund offering low-interest loans up to $50,000 and repayment terms of up to five years to businesses who have seen a 25% or greater drop in revenue due to COVID-19.
  • Indiana
The Indiana Small Business Development Center is a hub of all information relevant to small businesses.
  • Iowa
The Iowa Department of Revenue extended the filing and payment deadlines for income, franchise, and moneys and credits taxes until July 31, 2020. The Iowa Workforce Development site has useful information about unemployment insurance and the Voluntary Shared Work program, as well as free webinars. NFIB is another resource, as is the Iowa Economic Development site.
  • Kansas
In Kansas, the Hospitality Industry Relief Emergency (HIRE) Fund allows impacted hospitality businesses to receive a loan of up to $20,000 at 0% interest for a period of 36 months. There will be no principal or interest payments for the first four months. The Community Development Block Grants program has been streamlined to get suffering businesses funds within two days. KCSourceLink has resources for small businesses.
  • Kentucky
Team Kentucky has resources and links related to COVID-19 for small businesses. The Kentucky SBDC has a useful ebook entitled “Checklist for Managing in Times of Financial Difficulty.”
  • Louisiana
The Louisiana Economic Development website has resources at the federal, state, and regional area on COVID-19, and the Louisiana SBDC has useful content.
  • Maine
The Finance Authority of Maine (FAME) is partnering with the SBA and local Maine lenders to offer limited-time loans up to $50,000 and up to 75% pro-rata loan insurance on loans up to $100,000. The CEI website has coronavirus resources, as well as information for specific industries like farming and child care. The Maine Department of Economic and Community Development also has resources.
  • Maryland
Maryland’s Work Sharing Program helps businesses struggling to keep employees. The state is also extending the deadline for tax payments (business and individual) by 90 days, with no interest or penalties. The deadline for business-related tax filings is now June 1. And licenses, permits, and registrations that would expire during the current state of emergency will be extended until at least the 30th day after the state of emergency is lifted. Stay informed on the Maryland Business Express website.
  • Massachusetts
Massachussetts’ WorkShare program is a resource to keep from laying off employees due to COVID-19. Regular sales tax, meals tax, and room occupancy taxes that would be due in March, April, and May are now due on June 20 with no penalties or interest. Businesses that paid less than $150,000 in regular sales plus meals taxes in the year ending February 29, 2020, will be eligible for relief for sales and meals taxes. And those that paid less than $150,000 in room occupancy taxes in the same year will be eligible for relief for room occupancy taxes. Certain licensed professionals whose licenses or registrations are due during the COVID-19 emergency will receive a 90-day extension to renew.
  • Michigan
With Michigan’s Work Share program, unemployment benefits are based on a percentage of the reduced hours of work and pay. The reduction in work hours must result in an equivalent reduction in wages. The Michigan Small Business Relief Program will provide up to $20 million to small businesses negatively impacted by COVID-19, divided into $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.
  • Minnesota
Restaurants, bars and other hospitality businesses who had to temporarily close in Minnesota because of COVID-19 have a 30-day grace period to pay sales and use tax, and they will not have to pay penalties or interest. The Governor has issued an executive order that relieves employers of unemployment benefit charges associated with COVID-19; they will not see an increase in their UI tax rate if they have workers who collect unemployment benefits. The Economic and Employment Development site, as well as the Minnesota Chamber of Commerce have coronavirus updates and resources.
  • Mississippi
The Mississippi SBDC has resources and a toolkit for business owners. The Department of Employment Security has information on unemployment benefits.
  • Missouri
The NFIB in Missouri has resources related to small businesses and COVID-19.
  • Montana
Montana employers who have had to lay off or let go of employees because of coronavirus may not have to pay unemployment benefits for those workers, thanks to recent temporary measures.
  • Nebraska
In Nebraska, the Governor has made an executive order for restaurants and bars impacted by COVID-19, including allowing restaurants to sell alcohol with take-out and delivery orders, waiving excise tax penalties, and extending temporary operating permits.
  • Nevada
Find resources on the Nevada SBDC and NFIB pages.
  • New Hampshire
Employers are temporarily relieved of paying unemployment benefits to employees they have to let go because of COVID-19. The state’s WorkShare program is designed to help keep employees working. The New Hampshire Department of Business and Economic Affairs (BEA) has a comprehensive web page of resources.
  • New Jersey
The Department of Labor and Workforce Development in New Jersey has a website with answers to common questions. So does the New Jersey Economic Development Authority.
  • New Mexico
The New Mexico Economic Development Department has launched the COVID-19 Business Loan Guarantee Program, which guarantees a portion of a loan or line of credit up to 80% of principal or $50,000. There are also LEDA zero-percent interest loans available, which can be used for land, building and infrastructure, as well as lease abatement or mortgage assistance.
Personal and corporate state income taxes have an extended deadline with no penalty or interest for payments.
  • New York
If a business has seen a reduction in revenue by 25% or more because of COVID-19 and has 100 or fewer employees, it may be eligible for zero-interest loans up to $75,000 through the NYC Small Business Continuity Fund. The city is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months (an average of $6,000).
There are state resources on COVID-19 from Empire State Development and New York State Restaurant Association.
  • North Carolina
The North Carolina Department of Revenue has extended the tax filing deadline to July 15 for individual, corporate, and franchise taxes with no penalties. Employers will not be charged for individuals who are paid unemployment benefits for reasons related to COVID-19.
  • North Dakota
To align with the extension provided by the IRS for tax filing and payments, the North Dakota state tax filing deadline has been extended to July 15. The Greater North Dakota Chamber as well as the SBDC have small business resources.
  • Ohio
In an effort to aid restaurants and bars in Ohio who are struggling due to closures, the Ohio Department of Commerce will offer a liquor buyback option. Ohio’s Bureau of Workers’ Compensation (BWC) system has deferred insurance premium installment payments for March, April, and May until June 1, 2020. Employers can now defer health insurance premium payments interest free for up to 60 days. The state’s TechCred program offers employers up to $2,000 in reimbursement for every technology-focused credential earned by an employee, up to $30,000 per employer per round. SharedWork Ohio allows workers to remain employed and employers to retain trained staff. The state tax deadline in Ohio has been extended, as it has with many other states.
  • Oklahoma
The Oklahoma Department of Commerce has staff available to help small businesses fill out disaster loan application forms. The NFIB has resources related to COVID-19.
  • Oregon
WorkShare Oregon provides an alternative for employers and workers who may be facing the prospect of a lay off situation, particularly due to COVID-19. The Oregon Economic Development Association, as well as the SBDC and Business Oregon have resources for business owners. In Portland, small businesses operating in the Jade District and Old Town Chinatown neighborhoods can apply for emergency funding of up to $190,000, with priority given to Asian- and Pacific Islander-owned businesses.
  • Pennsylvania
To qualify for Pennsylvania’s Shared-Work plan, the business must certify that the plan is in lieu of layoffs that would involve at least 10 percent of the employees in the business and would result in an equivalent reduction in work hours. The Pennsylvania Chamber website has additional resources for small businesses.
  • Rhode Island
Rhode Island Commerce has addressed common questions business owners have about coronavirus.
  • South Carolina
Tax returns and tax payments in South Carolina now have an extended due date of June 1. The South Carolina Chamber of Commerce has a list of relevant resources.
  • South Dakota
Find COVID-19 related resources on the South Dakota Department of Labor and Regulation page, as well as NFIB.
  • Tennessee
Find the latest news on the website of the Department of Economic and Community Development, as well as a list of resources on the Tennessee Municipal League site.
  • Texas
The Shared Work program provides an alternative to laying off Texas employees. There are additional resources on the Texas Economic Development page.
  • Utah
The World Trade Center Utah offers a variety of services to businesses, including free consulting, grants, and relief provisions. Rapid Response services are designed to reduce unemployment insurance costs and minimize disruption in the event that of staff layoff because of COVID-19. In Salt Lake City, qualified businesses can apply for 0% interest loans up to $20,000 as part of the Emergency Loan Program.
  • Vermont
The Vermont personal and corporate income tax deadline has been extended to July 15 with no penalty or interest. Businesses that owe Meals and Rooms Tax or Sales and Use Tax who can’t meet the March 25 and April 25 filing deadlines will not be charged penalty or interest for late submissions.
  • Virginia
February sales tax payments, which were due March 20, can be extended by 30 days with a written request. Income tax filing must be complete by May 1, however, payments can be deferred until June 1. Get additional information on the Virginia SBDC page, as well as NFIB.
  • Washington
Washington Department of Revenue will provide extensions for filing and paying tax returns upon request. The Employment Security Department has a helpful page on questions about shared work, layoffs, and other topics. The Governor also has a page of resources for small businesses. In Seattle, there’s a Small Business Stabilization Fund, an emergency fund that provides working capital grants in amounts up to $10,000 to qualifying small businesses. The city recently added $1.5 million to this fund. Amazon is helping support businesses with less than $7 million in annual revenue or fewer than 50 employees with a few blocks of its Seattle headquarters through its Neighborhood Small Business Relief Fund.
  • Washington, D.C.
In Washington, D.C., an Emergency Relief for Small Businesses bill has been passed that will extend unemployment compensation due to COVID-19, create a small business grant program for those who don’t qualify for unemployment insurance, and delay retail sales tax payments, among other measures.
  • West Virginia
There is a Coronavirus Guide for Employers for business owners in West Virginia.
  • Wisconsin
The Small Business 20/20 program is designed to support small businesses and micro-enterprises negatively impacted by the COVID-19 Virus. The program provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants to existing loan clients to help with short-term cash flow issues. The Hmong Wisconsin Chamber of Commerce (HWCC) has an Emergency Loan Fund (COVID-19) that can be used for working capital to cover rent, payroll, and other fixed expenses. Loans between $5,000 and $10,000 will be given with an interest-only option for the first three months.
  • Wyoming
  • Find coronavirus-related links and resources through Wyoming’s SBDC as well as The State of Wyoming’s Economic Development Agency.

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