Resources for companies impacted by COVID-19
SBA Disaster Loans
As part of the disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus in presidential and SBA-declared disaster areas.
Idaho Rebounds Grants
Idaho small businesses are the lifeblood of our communities and the backbone of our state’s economy. In response to the required business closures of the COVID-19 outbreak, the State of Idaho will facilitate Idaho Rebound Cash Grants for Small Businesses from Coronavirus Relief Fund (CRF) dollars. Funds will reimburse small businesses the costs of business interruption caused by required closures.
https://rebound.idaho.gov/idaho-rebound-cash-grants-for-small-businesses/
Applications are expected to open May 11th
Federal Income Tax Filing and Payment Deadline Extension
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.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, 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.
Paycheck Protection Program
Part of the CARES act, The PPP is a guaranteed loan program administered by the Small Business Administration (SBA). The purpose of the program is to support small businesses and help support their payroll during the coronavirus situation. Find more information at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
USDA Approves $1.2 Billion in Contracts for Farmers to Families Food Box Program
The U.S. Department of Agriculture (USDA) today approved $1.2 billion in contracts to support American producers and communities in need through the USDA Farmers to Families Food Box Program.
A full list of approved suppliers will be posted on the Farmers to Families Food Box Program website. Approved suppliers may increase the number of non-profit organizations or Government entities (e.g., school food authority, Indian tribe) they will provide boxes to within their service area but must ensure the non-profit has 501(c)(3) tax exempt status.
https://www.ams.usda.gov/selling-food-to-usda/farmers-to-families-food-box
Facebook Small Business Grants Program
Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. Information is limited, but you can sign up to get more details when they’re available.
https://www.facebook.com/business/boost/grant