Through the COVID-19 outbreak, several businesses have to make critical decisions to keep going strong. Many factors that employees have to think about are financials, employees, supply chain, and the future. As this is a stressful time, it is important to know all of the resources that are available to help. Before applying for loans, grants and funds to support your business, it is important to know what each of them offer. Due to allocated funds, some of these programs are currently unavailable. Stay connected below to continue growing your business.
The Paycheck Protection Program (PPP) provides loan forgiveness by bringing back unemployed workers and maintaining payroll.
President Trump signed the new PPP Flexibility Act into law. This bill provides flexibility towards small businesses. The new deadline to apply for a PPP loan is August 8, 2020. View additional PPP downloads here!
The Economic Injury Disaster Loan (EIDL) provides financial assistance to businesses impacted by disasters. It also provides forgivable advances up to $10,000. View an EIDL guide from the US Chamber of Commerce here!
As of July 11, 2020, the SBA has stopped processing EIDL Advance requests since program funds have been fully allocated. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated. EIDL loan applications continue to be accepted and processed.
Businesses with current business relationship with an SBA Express Lender can access up to $25,000 to provide critical economic support.
If a business had a disaster loan in "regular servicing" status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
The U.S. Chamber of Commerce initiated a Save Small Business Fund to offer short term relief for small employers. Not available at this time due to allocated funds
The USDA-RD has taken several critical actions to help rural residents, businesses and communities impacted by COVID-19.
The Main Street Lending Program is being established to support lending to small and medium sized businesses that were in good financial standing before the COVID-19 outbreak.
The US Treasury and IRS launched the ERC designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
View EIDL and PPP information as of May 6, 2020. Through these pdf slides, you can also view EIDL portal assistance, loan calculation, and other questions answered in regards to these funding programs.
CDBG funds are an important tool in supporting small KS communities. Gov. Kelly announced on 5/11/2020 that more than $9M will be available through the new CDBG-CV program. Applications will be open on May 12 for these funds.
Through donated funds from the Entrepreneurship Tax Credit through NetWork Kansas, the Restart Kansas Program provides businesses with up to $20,000 seeking emergency assistance due to COVID-19. For more information, view the files below and please reach out to your E-Community leader or Network Kansas.
South Central Kansas Economic Development District provides expedited loan financing for crucial working capital in amounts up to $25,000 for COVID-19 disaster purposes to small businesses within the SCKEDD District.
The Hospitality Industry Relief Emergency Fund is intended to support the hospitality industry to sustain operations. Not available at this time due to allocated funds
The KC COVID-19 small business relief fund is a new community backed $5M small business relief loan fund intended to provide immediate relief to local, small businesses that have been impacted by COVID-19. Not available at this time due to allocated funds
The Kansas SBDC is the states advising resources for small businesses. They have developed a COVID-19 resources page that includes webinars, financial assistance, employer information and COVID-19 support resources.
The Kansas Department of Commerce's COVID-19 Response page provides information about critical new, tools and resources for Kansas businesses.
The U.S. Treasury provides up to date information about Federal responses towards COVID-19 and financial resources.
The COVID-19 outbreak is occurring during tax season. The IRS has created a special statement to help taxpayers, businesses and others affected by the coronavirus. You can also check the status of your economic impact payment.
The State Science and Technology Institute (SSTI) provides Federal, Legislative, Private, and State COVID-19 resources for businesses and individuals.
CO provides resources and information to help navigate through COVID-19. This information includes blogs, webinars, guides and news.