COVID-19 Resources


 

Grants, Loans, & Other Support

Coronavirus Aid, Relief and Economic Security Act (CARES ACT)

CARES ACT includes TAX CREDITS to ease the burden of keeping staff on payroll

  • Employee retention benefit: 50% refundable payroll tax credit during COVID-19 crisis for businesses that either fully or partially shut down OR have a 50% decrease in receipts versus the same quarter in the previous year and continue to pay employees
  • Based on qualified wages paid to employees during crisis, tied to number of employees (100+ full time employees = wages paid when they are not providing services due to COVID-19 and less than 100 full time employees = wages paid regardless of business closure status)
  • Covers up to $10,000 paid per employee, including benefits, for the period 3/13/20-12/31/20
  • Payroll tax deferred, payments to be spread over 2 years
  • Net operating losses (NOLs) modification: NOLs arising in FY’s ‘18, ‘19, and ‘20 can be carried back 5 years
  • AMT credits available as refundable credits through 2021 can be claimed as a refund now
  • Allowable deductible interest expenses are increased from 30% to 50% for 2019 and 2020

Analysis: What Does The CARES Act Cover? 

Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. Many people have questions about how the new law impacts their families and businesses.

What You Need To Know About the CARES Act: Emergency Loan Guide

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible organizations. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward

Employee Retention Tax Credit

The CARES Act provides an “employee retention tax credit” to employers that suspend operations due to a government order or that suffer a financial downturn. The credit is a dollar-for-dollar refundable tax credit for any wages paid to eligible employees from March 12, 2020, through December 31, 2020.

Tax Provisions Relating to the CARES ACT

Description Of The Tax Provisions Of Public Law 116-136, The Coronavirus Aid, Relief, And Economic Security ("CARES") Act

Paycheck Protection Program

Department of the Treasury

The SOURCE on the Paycheck Protection Program

Small Business Paycheck Protection Program [now closed]

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

For affiliation rules applicable for the Paycheck Protection Program, click here.

For Paycheck Protection Program Application 

Small Business Administration Loans and Grants

Small Business Administration: Small Business Guidance & Loan Resources

Learn more about available SBA loan and debt relief options.

Find a Counselor

Find local assistance

Small Business Disaster Relief

As part of SBA's debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Small Business Administration Economic Injury Disaster Loan

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid. Apply for the Loan Advance here.

Small Business Administration Bridge Loan

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

Express Bridge Loan Pilot Program

This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Other Programs

USDA

USDA Rural Initiatives Grants

  • Business and Industry Guaranteed Loans (B&I Guar.)
  • Rural Business Enterprise Grants (RBEG)
  • Rural Business Opportunity Grants (RBOG)
  • Rural Energy for America Program (REAP)
  • Rural Microentrepreneur Assistance Program (RMAP)
  • Biorefinery Assistance Program (BAP)
  • Intermediary Relending Program (IRP)
  • Rural Community Development Initiative (RCDI)
  • Rural Economic Development Loans (REDL)
  • Rural Economic Development Grants (REDG)

Array of Grants from Variety of Sources

https://www.fundera.com/blog/small-business-grants

Small business owners across the country are feeling the impacts of the coronavirus outbreak and the economic ripples it’s caused. Businesses are struggling with cash flow and while some states have resources for small business owners and you can also apply for coronavirus business loans, you might be wondering what your other options are. That’s where grants for businesses affected by the coronavirus outbreak come into the picture.

Texas Workforce Commission: Minority Business Development Agency

Grants and Loans

MBDA receives $10 million in grant funding to support technical assistance to minority business development centers and minority chambers of commerce for counseling for minority business on available COVID-19 related resources.  MBDA is the only federal agency tasked with promoting competitiveness of minority businesses. Sign up for the newsletter http://bit.ly/1mwt4P6

Articles

Smart Steps for Investing in Small Business Technology by Gloria Martines

Shelter in Place

In response to the COVID-19 crisis, A number of Texas counties and cities are issuing shelter-in-place (or “remain at home”) orders, and we expect more to be issued in the coming hours and days.

State and Federal Tax Updates

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15. 

Resources

Texas Governor Greg Abbot: Texans Helping Texans Guide: Strike Force to Open Texas, dated April 27, 2020

JOBS NOW - Rural Capital Area employers contact the TWC with immediate job openings throughout our region.  Jobs are posted by county

Texas Shared Work Program – Prevent and manage layoffs through scheduling workers with ½ paid wages and ½ time unemployment insurance

Texas Workforce Commission – Covid-19 Resources for Employers

Texas Workforce Commission – Mass Claims for Unemployment Benefits

Resources for Remote Work

NFIB: Small Business Resources

Grow with Google

https://grow.google/remotework/

Internet Access

Local Provider: Zochnet

Resources from Texas Workforce Commission

National Federation of Independent Business (NFIB)

Small Business Resources - Corona Virus

US Chamber of Commerce Foundation

Small Business Preparedness Expanded Guide

Steps for Developing a Disaster Recovery Plan

Texas Comptroller’s Office

Enforcement Hotline at 800-252-8880 to learn about your options for remaining in compliance and avoiding interest and late fees on taxes due for businesses.

Using Webfile

Other Resources for Tax Services

Department of Labor: Know Your Rights

Department of Labor

The U.S. Department of Labor’s Wage and Hour Division (WHD) is responsible for enforcing some of the nation’s most comprehensive federal labor laws on topics including the minimum wage, overtime pay, recordkeeping, child labor, family and medical leave, migrant and seasonal worker protections, lie detector tests, worker protections in certain temporary guest worker programs, and the prevailing wages for government-funded service and construction contracts.

Business Scams & Fishing Emails

Texas Attorney General Statements
Consumer Protection Against Price Gouging and Reporting Scams

Centers for Disease Control

Workplace Safety and the Coronavirus