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Read MoreThe COVID-19 Pandemic Has Affected Small Businesses Everywhere...
Our business coaches can help you understand the varied COVID-19 relief programs and funding options, locate participating lenders, and develop a plan for moving forward. We can also help you as you navigate supply chain issues, create a plan for moving your business online, and analyze cashflow, credit, and other finance concerns.
For your convenience and to comply with social distancing guidelines, our business coaches are available to meet via Zoom web conference, email, or an “old-fashioned” phone call to help you develop a plan of action for your business.
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THE LATEST CORONAVIRUS RELIEF UPDATES
SBA COVID-19 Economic Injury Disaster Loan Identity Theft
If your identity was used, without your permission, to obtain a COVID-19 Economic Injury Disaster Loan (EIDL)… follow the procedures outlined below. The US Small Business Administration has developed a...
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Changes to PPP to further promote equitable access to relief
February 22, 2021: The White House issued a press release describing upcoming enhancements to SBA’s Paycheck Protection Program. The changes include: Instituting a 14-day period, starting Wednesday, during which only...
Read MoreCross Program Eligibility on SBA Coronavirus Relief Options
A summary of criteria that must be met when considering different funding options
PPP Applicant | Shuttered Venue Operators Grant Applicant | COVID-19 EIDL Applicant | |
|---|---|---|---|
First Draw PPP borrowers may be eligible to apply for Second Draw PPP loans | May apply for SVOG if received a PPP loan prior to 12/27/20. If PPP loan received on or after Dec. 27, 2020, the amount will be deducted from SVOG. | May apply for EIDL; PPP and EIDL can’t be used for the same purpose/costs | |
May not apply for PPP after receiving SVOG | May be eligible to receive a supplemental SVOG award | May apply for EIDL; SVOG and EIDL can’t be used for the same purpose/costs as SVOG | |
May apply for PPP, but cannot be used for the same purpose/costs as EIDL | May apply for SVOG; EIDL and SVOG can’t be used for the same purpose/costs as EIDL | The same business cannot apply for more than one EIDL |
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
CORONAVIRUS RELIEF OPTIONS FROM SBA
SBA offers several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can view all options or skip to a specific program below.
SBA is currently offering the following funding options:
- Paycheck Protection Program (PPP):
- COVID-19 Economic Injury Disaster Loans (EIDL)
- Express Bridge loans
- SBA debt relief (for existing borrowers)
SBA is preparing to offer:
SBA previously offered the following funding options:
- EIDL Advance (No longer available)
SBA offers several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can view all options or skip to a specific program below.
SBA is currently offering the following funding options:
- Paycheck Protection Program (PPP):
- COVID-19 Economic Injury Disaster Loans (EIDL)
- Express Bridge loans
- SBA debt relief (for existing borrowers)
SBA is preparing to offer:
SBA previously offered the following funding options:
- EIDL Advance (No longer available)
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Join us each Wednesday at Noon as we share updated information, resources, strategy, and ideas
for Kentucky small businesses to not just survive, but thrive.
ATTENTION KENTUCKY SMALL BUSINESSES...
HERE ARE STEPS YOU SHOULD TAKE RIGHT NOW
Talk To Your Lender
Ask about a deferral of principal payments on any outstanding loans.
Talk To Your Insurance Agent
Ask about your business interruption insurance and if this public health crisis is a qualifying event.
Talk To Your Landlord
Ask about a deferral of rent payments
Prioritize Your Debts
Look at what you have personally guaranteed. Payments on other debt may have to wait until your cash situation improves.
Immediately Eliminate Unnecessary Expenses
During this time, your business needs to run as lean as possible.
Prepare Financial Documents
You will need up to date financial statements and tax returns for SBA’s Disaster Recovery process and you should be analyzing your Cash Flow on a regular basis.