COVID-19 Small Business Resources

New SBA Programs to help stabilize small business during COVID 19

PCRG continues to work to provide you the most recent information on the resources from the COVID-19 stimulus. The Senate stimulus bill created a new SBA loan program called the Paycheck Protection Program (PPP) to help employers maintain payrolls during the coronavirus epidemic. As of March 31st, 2020 the Treasury Department issued much-anticipated guidance for the Paycheck Protection Program, which will provide up to $350 billion in fully forgivable loans. The loans are fully guaranteed by the Small Business Administration, but the SBA will waive all SBA guaranty fees. PPP loans are made for two years at a fixed rate with payments deferred for six months. Treasury delivered the current aide for Small Business and Non-Profits.

Communities are host to many small businesses that are the engines of their local economies and play a key role in helping them thrive. During this unprecedented time of disruption and uncertainty, we’re reaching out to make sure you are aware of new resources provided by the CARES At. We are here to support the recovery and sustainability of your communities.

The Paycheck Protection Program applications opened to small businesses/nonprofits Friday April 3rd, 2020 and to independent contractors on Friday, April 10th, 2020.

The program provides eligible applicants (including non-profits, sole proprietors, self-employed individuals, and independent contractors) with loans to cover costs related to payroll expenses, group health care benefits, lease payments, mortgage interest payments, utility payments and interest on other pre-existing debt. It excludes funds for working capital/renovations/equipment or inventory purchases.

+ ELIGIBILITY

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • In addition, some special rules may make you eligible:
  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.

You can apply to the PPP through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution that is participating.

PCRG will continue to accumulate and publish materials as they become available, we are also providing you information for our partner banks that are taking and processing these application. When available we are providing contact information, too.

+ Resources & Education Materials

+ Applications

+ Bank Partner Resources – Where to apply?