The Paycheck Protection Program provides nearly $350 billion for small business assistance through federally guaranteed loans. The loans can cover payroll support, employee salaries, rent, utilities and other debt obligations as America’s small businesses recover from the economic impacts of COVID-19. Loans are available for up to 250% of an employer’s average monthly payroll, with a maximum loan of $10 million.
The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. We understand that everyone is looking for ways to keep their family healthy and safe during this outbreak. Also, business owners are looking for ways to keep their businesses’ afloat. A lot of uncertainty is in the air and what is coming next. Here at 1st Merchant Funding we are doing everything we possibly can to support our customers, partners and our community during this challenging time, and we will continue to do so until things return to normal.
We prepared this quick guide to help you find some useful and actionable information, for your family and your business.
The federal government is working on a bailout package that will include relief funds for small businesses, though the exact nature of the relief has not been finalized yet. In the meantime, the federal tax filing deadline has been pushed to July 15 to give businesses and individuals some extra time to pay and keep extra cash in hands.
Coronavirus (COVID-19) Guidelines
Coronavirus (COVID-19) Guide for Businesses and Employers
Small Business Disaster Preparedness & Recovery Resources
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Covid-19 Implications for Businesses
Federal Disaster Loans for Businesses
The SBA has an Emergency Injury Disaster Loan program, which provides loans of up to $2 million to businesses in designated disaster areas. The rates are 3.75% and a maximum term up to 30 years. To qualify your State must submit a disaster declaration to the federal government. Check out the disaster loan page from the SBA to see which areas are eligible so far.
New York City:
Salt Lake City: