COVID-19 Small Business Assistance Resources
We recognize the challenging business environment we all find ourselves in at this time. Below are a variety of links to helpful COVID-19 small business assistance resources. Information is developing rapidly and we will update the information on this page as it becomes available or to our attention. The business intermediaries and advisers at Murphy Business want you to know that we are available for support and consultation only a phone call away. Please don’t hesitate to reach out if you would like any assistance.
Idaho Rebound Cash Grants for Small Businesses Use this link to learn about this small business grant program for Idaho small businesses. Applications will be accepted online beginning at 12:00 Noon MT on May 11, 2020 for businesses with 1-19 employees (on Feb. 15, 2020) and noon MT on May 18 for businesses with 1-50 employees (subject to available funding. There is some advance setup needed prior to application so start ASAP!
SBA Express Bridge Loans: Enables small businesses who currently have a relationship with an SBA Express Lender to access up to $25,000 quickly.
EIDL Loan Advance: The Economic Injury Disaster Loan Emergency Advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Disaster Loan Applications: In response to the Coronavirus (COVID-19) pandemic, small business owners are eligble to apply for an EIDL Advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can help to overcome the temporary loss of revenue.
SBA Paycheck Protection Program (PPP): Loan Program providing loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
Paycheck Protection Program Loans Frequently Asked Questions: This is a regularly updated list of FAQ’s regarding the PPP Loan Program published by the SBA and Department of the Treasury.
SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Here you will find details of the 6 month subsidy and 3 month deferments
NOTE: Businesses may apply for more than one program but may not be able to use different programs for the same benefit as it may be considered a “duplication of benefit”. Businesses may not be forgiven for amounts paid for employee leave if they are eligible for a tax credit to offset the cost. Consult with your adviser for current specifics as this is a new and dynamic landscape.
Other Information Available
Guidance For Employers to Plan and Respond to COVID-19 (U.S. Chamber of Commerce)
Business Continuity Plan (Ready.gov) Ready.gov is a National public service campaign to educate and empower the American people to prepare for, respond to, and mitigate emergencies and disasters.
SBA Disaster Assistance in Response to COVID-19 (Handout)
Idaho Small Business Development Center COVID-19 Resources Site: The Idaho SBDC is available to help small businesses in the Gem State by providing consulting support to small businesses through 1:1 consulting and training. Shortly, the SBDC will offer a statewide training focused on the EIDL program (described above), which will be offered to small business owners throughout the state. The best way for businesses to obtain person-to-person help is to call the Office of Disaster Assistance customer service center at 800-659-2955.