Fundbox Updates

Coronavirus/COVID-19 Updates and Resources for Small Businesses

By Fundbox Team

[UPDATED ON 4/1/2020]

To help our fellow small businesses meet the challenges caused by the impact of the novel coronavirus/COVID-19, we’ve created (and will continually update) this post to share the latest available resources and support options you may find relevant to your business operations.

Nationwide Support for
Small Business

SBA Disaster Assistance for COVID-19 ←Apply for Assistance
The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest EIDL loan due to Coronavirus (COVID-19). Note: The SBA cautions that EIDL loans may interact with loan forgiveness programs coming from the CARES Act, so please consider your likely options before applying.

U.S. Congress: Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
A bill to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic, including: Lending and grants for small businesses, establishing a bridge loan facility that will enable businesses to continue to pay employees and provide essential operations, and pausing the payment of payroll taxes.
Update 3/31/20: U.S. Treasury says, With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds.

U.S. Congress: Families First Coronavirus Response Act
This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.

SBA: Coronavirus (COVID-19) Small Business Guidance & Loan Resources
From the Small Business Administration (SBA) come these guidelines for businesses and employers to plan and respond to novel coronavirus disease (COVID-19), Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19).

National Conference of State Legislatures: State Action on Coronavirus
A current summary of State Legislation Responding to COVID-19.

National Governors Association
See the latest updates on national guard activations, restricted travel and other state-specific resources and actions. Also includes current information on the status of COVID-19 in the United States and abroad, and the latest efforts by the federal government.

U.S. Chamber of Commerce: Resources to Help Your Small Business Survive
If your business is struggling financially due to the coronavirus, here are some resources that can help.

IRS: Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.

MainVest (Invest in Main Street)
Main Street Initiative may provide a zero-interest cash advance (funding limit: $2,000) for approved brick-and-mortar businesses seeking future long-term community investment through MainVest’s licensed crowdfunding portal for small businesses.

State-by-State Support
for Small Business

Alabama
Alabama Department of Revenue
For small businesses unable to pay their state sales taxes due to the impact of the coronavirus (COVID-19), penalties will be waived for taxes reported for returns filed for the February, March, and April 2020 reporting periods.
Alabama Department of Labor
Alabama workers who are not able to work due to COVID-19 will be eligible to file for unemployment benefits. Workers can file for benefits online at www.labor.alabama.gov or by calling 1-866-234-5382. Online filing is encouraged.
City of Birmingham
Birmingham Strong Emergency Loan Fund provides emergency zero-interest, 180-day loans to small businesses (less than 50 employees) of no more than $25,000 (with an average loan size of $10,000) to (a) prevent staff reductions; (b) offset losses related to the Coronavirus; and (c) help companies sponsor sick pay for workers. 
Community Foundation of West Alabama
The Small Business Relief Fund is available to small businesses located in one of the following counties in West Alabama: Bibb, Fayette, Greene, Hale, Lamar, Marengo, Pickens, Sumter, or Tuscaloosa.

Alaska
Alaska Division of Economic Development
Small Business Economic Development Program eligibility includes all communities in the state of Alaska with a population of less than 30,000. Loans in communities of 30,000 or more are available on a limited basis, depending on funds availability.
Rural Development Initiative Fund makes loans available to a business located in a community with a population of 5,000 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. A $150 nonrefundable application fee must be submitted with the completed application.
Alaska Division of Economic Development Microloan Loan Program promotes economic development in Alaska by helping small businesses access needed capital. Loans may be made for working capital, equipment, construction or other commercial purposes for a business located in Alaska.A $100 nonrefundable application fee must be submitted with the completed application.

Arkansas
Arkansas Economic Development Commission
Community Development Block Grant (CDBG) will make up to $12 million in CDBG assistance available for COVID19 relief and recovery. Email: COVID19.businessinfo@arkansasedc.com or phone toll-free: 1-800-ARKANSAS.
Quick Action Loan Program allocates $4,000,000 from the Governor’s Quick Action Closing Fund and eligible companies may apply for a loan or loan guaranty of up to $250,000. Email: COVID19.businessinfo@arkansasedc.com. Phone: 501-682-1121 or toll-free: 1-800-ARKANSAS.
Arkansas Division of Workforce Services
Provides alternatives for employers faced with a reduction in their workforce to help prevent layoffs and allows employees to receive a portion of their unemployment benefits while working reduced hours.

California
Employment Development Department (CA)
Disability Insurance Claims
 may provide DI if you’re unable to work due to having or being exposed to COVID-19. 
Paid Family Leave Claims
may provide up to six weeks of benefit payments to eligible workers who have a full or partial loss of wages because they need time off work to care for a seriously ill family member or to bond with a new child.
Payroll Tax Deadline Extension: employers experiencing a hardship as a result of COVID-19 may request up to a 60-day filing extension without penalty or interest. Call toll-free from the U.S. or Canada: 1-888-745-3886.
California Infrastructure and Economic Development Bank
Jump Start Loan Program offers loans up to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas.
City of Los Angeles
The City of Los Angeles has established Small Business Emergency Microloan Program for businesses that been affected by the COVID-19 outbreak with loans ranging from $5,000 to $20,000.
City of Oakland
The City of Oakland’s Finance Department will waive late payment penalties for small businesses resulting from failure to file taxes due March 1, 2020 on time due to COVID-19. To apply call (510) 238-3704 or email BTwebsupport@oaklandca.gov.
City of Sacramento

Small Business Emergency Economic Relief Loan Program establishes a $1 million economic relief fund for businesses affected by COVID-19. The fund will provide zero-percent interest loans of up to $25,000 per business.
City of San Francisco
The Small Business Relief Program for businesses and employers impacted by COVID-19 went into effect on 3/16/2020. SBA Economic Injury Disaster Loans, business tax & fee deferments, and paid sick leave assistance are now available to San Francisco small businesses.
The Small Business Resiliency Fund may provide emergency grants of up to $10,000 for microbusinesses (fewer than 10 employees) that can prove recent loss in revenue.
Deferred Business Taxes and Licensing Fees: The City is deferring collection of annual small business license and permit fees, and for businesses with up to $10M in gross receipts, the City is deferring payment of quarterly business taxes.
Franchise Tax Board (CA)
Tax Deadline Extension: the FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities.
California Department of Tax and Fee Administration
Tax Assistance from the CDTFA is available for individuals and businesses impacted by complying with a state or local public health official’s imposition or recommendations related to COVID-19.

Colorado
City of Denver Economic Development and Opportunity Fund is prioritizing industries most-impacted by the coronavirus pandemic (e.g. restaurants, nail salons, barbershops, home childcare, retail shops) by providing cash grants up to $7,500.
Telluride Regional Loan Fund is available in selective counties and offers capital loans designed for business growth and expansion. Lending is designed to help businesses create a financial base that leads to bridging to commercial lending.
Region 10 Business Loan Fund (BLF) is a lending source that provides capital to small businesses focusing on expansion, creating and retaining jobs, and benefiting our growing regional economy.
Exponential Impact Survive & Thrive COS provides recovery funding in the form of low-interest loans of up to $25,000, mentorship and other resources to support resiliency and continue building healthy businesses. Exponential Impact, in partnership with the Pikes Peak Community Foundation, and various other community partners, businesses, and local investors have teamed up to offer immediate relief services.

Connecticut
State of Connecticut

The state has extended filing deadlines for certain business taxes.

Florida
State of Florida

Businesses are invited to complete the business damage survey as the state works to qualify for a disaster declaration.
Small Business Emergency Bridge Loan Program now available to small businesses statewide that experienced economic damage as a result of COVID-19, providing short-term, interest-free working capital loans to businesses, up to $50,000 per eligible small businesses with two to 100 employees.

Illinois
City of Chicago
Chicago Small Business Resiliency Fund: Starting March 31, small businesses in Chicago can apply for low-interest loans of up to $50,000 with repayment terms of up to five years. The amount of the loan you’ll qualify for depends on your revenues before business was affected by the coronavirus. To be eligible you must demonstrate a 25% drop in revenue, have less than $3 million in revenue and fewer than 50 employees, and have no current tax liens or legal judgments.”

Iowa
Voluntary Shared Work Program from Iowa Workforce Development may be a viable option for employers dealing with challenges from COVID-19. The program is intended for use as an alternative to layoffs and can be an effective tool for Iowa businesses experiencing a temporary decline in regular business activity.

Maine
State of Maine

Maine businesses can learn about applying for an SBA economic disaster loan.
COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.
Relief Interim SBA Finance LoanProgram provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to the business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.

Maryland
Tax Deadline Extension to June 1, 2020 for business returns with due dates during the months of March, April and May 2020 for businesses.

Massachusetts
Office of the Governor: Tax Relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived.

Michigan
Michigan Small Business Relief Program offers small business loans and grants to eligible borrowers suffering from the COVID-19 outbreak. Companies with 50 employees or fewer can qualify for grants, while loans are targeted at companies with 100 employees or fewer that can’t get credit elsewhere. In both cases, businesses must show income loss. Grants will be available in amounts of up to $10,000 to help cover working capital. Loans will be available in amounts from $50,000 to $200,000 at interest rates of 0.25%. 

Minnesota
Sales Tax Payment Extension for Eligible Businesses. The Minnesota Department of Revenue is granting a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. During this time the department will not assess penalties or interest.

New Jersey
State of New Jersey

Review the information for NJ businesses. See also the New Jersey small business services page.

New Mexico
COVID-19 Business Loan Guarantee Program assists businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000 and can be used for (and not limited to) working capital, inventory and payroll.

New York
City of New York

Assistance & Guidance for Businesses Impacted Due to Novel Coronavirus. New York City may provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit.
New York City Employee Retention Grant Program established to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.
New York City Small Business Continuity Fund: If your business has fewer than 100 employees, is within the five boroughs, and have experienced at least a 25% reduction in revenue, you can get up to $75,000 in interest-free loans from the city to cover revenue losses. Businesses You must have no tax liens or legal judgments against you, and you must prove a loss in revenue and that you are able to repay the loan. (Applications open soon.)

North Carolina
Business Link North Carolina Loan Assistance counselors can refer callers to the most appropriate resource: either the Small Business Technology Development Center (SBTDC) or the state’s Small Business Center Network (SBCN) to assist with the preparation of any SBA loan application materials. 800-228-8443. BLNC staff are available Monday through Friday, 8:30 AM to 4:00 PM EDT.

Oregon
Beaverton Emergency Business Assistance Program: Businesses in Beaverton (with fewer than 50 employees) that have been ordered to change their services due to government coronavirus guidelines can apply for $2,500 per month in rent or mortgage reimbursement while the city is in a declared state of emergency. To qualify they must have a commercial storefront in Beaverton and a rental lease or mortgage on the property. Submit an application online; funds are awarded on a first-come, first served basis.
Hillsboro Small Business Emergency Relief Program: Until April 20, businesses in Hillsboro can apply to receive a $5,000 grant to offset losses associated with the coronavirus. Priority will be given to small businesses with 10 or fewer employees, especially restaurants, bars, education facilities and businesses that serve large groups of people.
Jade District-Old Town COVID-19 Small Business Response Fund: Small businesses in Portland’s Jade District and Old Town Chinatown neighborhoods can apply for emergency funding to support their businesses. Up to $190,000 total is available from local government sources. Priority will be given to Asian- and Pacific Islander-owned businesses. Initial applications are now closed, however additional grant opportunities will be available starting 3/31/20, through City of Portland. Sign up for updates here.

South Dakota
State of South Dakota

Businesses can get information about applying for economic injury assistance as the state works to qualify for a disaster declaration.

Texas
State of Texas

Businesses can get information about applying for economic injury assistance as the state works to qualify for a disaster declaration.

Utah
Salt Lake City Emergency Loan Program will fund loans to Salt Lake City businesses affected by COVID-19 up to $20,000 at 0% interest. 

Virginia
Tax Deadline Extensions are now in place up to April 20, 2020, however, you MUST file a request, and businesses will be charged interest. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties. State Income Taxes, whether you’re an individual or business, must still be filed by the May 1st deadline, however, they’re allowing for deferment of payment until June 1, 2020. Interest will still accrue (unless legislative action is taken).

Washington
State of Washington updated resource list
 for COVID-19 support for affected Washington businesses.
Department of Revenue Tax Deadline Extensions are in effect through the end of the state of emergency. This action addresses a broad range of taxes. Upon request, the Department will provide extensions for filing and paying tax returns even if the request is after the due date (60 days for monthly returns). Businesses can request by sending a secure email in their My DOR account or by calling Revenue’s customer service staff at 360-705-6705, Monday through Friday 8:00 AM to 5:00 PM.
City Of Seattle
Deferral of B&O Taxes: Eligible businesses that have annual taxable income of $5 million or less and currently pay City taxes on a quarterly basis will have until late 2020 to pay their B&O. To request a deferral, send an email to tax@seattle.gov. For more information, call 206-684-8484
Small Business Stabilization Fund will commit approximately $1.5 million in one-time Community Development Block Grant (CDBG) funds that provide working capital grants in amounts up to $10,000 to qualifying small businesses. Applications accepted through 11:59PM Wednesday, March 25th.
Relief for Utility Payments: The UDP may lower Seattle City Light bills by 60 percent and Seattle Public Utility bills by 50 percent. This allows income-eligible residential customers to access heavily discounted utilities by simply signing a short form that attests to their household income, rather than having to provide income documentation. This will provide immediate and lasting utility bill relief for customers who are unemployed or underemployed due to the COVID-19 outbreak.

Wisconsin
The Small Business 20/20 Program will provide grants of up to $20,000 to assist targeted businesses with cash-flow challenges resulting from COVID-19. The program also provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants to existing loan clients to mitigate short-term cash flow issues and protect jobs and public health in response to the COVID-19 outbreak.

Fundbox Resources

Across our company we have taken precautions, such as a work-from-home policy for all of our employees, to ensure our team remains healthy and our service to you is uninterrupted. We remain here to answer your questions, so please feel free to contact us:

For line of credit customers
Our team is available by phone Monday through Friday, 9:30 AM to 6:30 PM Central Time at (855) 572-7707. Or you can email support@fundbox.com or use our mobile app 24/7. 

For net terms customers
We’re available by phone Monday through Friday, 9:30am to 6:30pm Central Time at (855) 205-9720. Or you can email netterms@fundbox.com

We are publishing a series of articles designed to help you manage your business through unpredictable times:

Fundbox and Coalition Launch #PayToday Campaign to Help Small Businesses
To help infuse small businesses with $900 billion in unpaid invoices, Fundbox, along with a coalition of concerned companies, launched #paytoday, a campaign aimed at encouraging enterprises and governments to pay their small business vendors right away.

Overcoming Financial Challenges in Uncertain Times
Here are a few of the top financial challenges facing small businesses when times are uncertain—and how to overcome them.

5 Employee Management Tips During the Coronavirus Outbreak
Employers must work out new management policies to keep employees safe, reassured and productive under extremely difficult conditions. These five suggestions can help guide your team to a winning mindset and help keep your business in the game.

COVID-19 Health Resources for Business

CDC: Guidance for Businesses and Employers
Covers the latest coronavirus-related health and safety recommendations for businesses, directly from the Centers for Disease Control and Prevention.

World Health Organization: Getting Your Workplace Ready for COVID-19
This document gives advice on simple ways to prevent the spread of COVID-19 in your workplace, how to manage COVID-19 risks when organizing meetings & events, things to consider when you and your employees travel, and getting your workplace ready in case COVID-19 arrives in your community.

Other Suggested Reading

NFIB: Latest Small Business Resources in Response to Coronavirus
NFIB advocates exclusively on behalf of America’s small and independent business owners. This link provides up-to-date resources from NFIB and outside organizations, as well as NFIB webinars, legislative monitoring, and additional resources.

Harvard Business School: How Small Businesses Can Survive the Coronavirus Outbreak
COVID-19 will put many small businesses on life support. Karen G. Mills, who has been advising policymakers on aid options, offers advice to owners on the brink of financial ruin.

U.S. News: How to Get an SBA Coronavirus Disaster Loan
Small businesses hit by the coronavirus can access up to $2 million through SBA disaster loans. Learn more about how to qualify for an SBA economic injury disaster loan, how you can use one and how to apply.

We wish every business and their employees, families, and friends the very best during these challenging times. Please continue to check this page for further updates and additional resources as they become available.

Fundbox and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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