The Westlake Chamber of Commerce will be diligent to continuously update this page as information is received and provide easy-to-understand explanations of how the resources found here impact individuals and different-sized businesses. Scroll all the way to the bottom to view a full list of assistance options. Please let us know if we missed an important resource or if you need further explanation!
Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Who is eligible?
• 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
More information about PPP: Visit the Department of Treasury website.
Economic Injury Disaster Loans
Who is eligible?
In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020.
•Businesses with fewer than 500 employees
•Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
(3/31/2020) SMD Consulting & Accounting has put together a high-level guide to EIDL. Click here.
Employee Retention Tax Credit
Who is eligible?
Private employers, including non-profits, carrying on a trade or business in 2020 that:
• Have operations partially or fully suspended as a result of orders from a governmental authority due to COVID-19, or
• Experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019 (eligibility ends when gross receipts in a quarter exceed 80% compared to the same 2019 quarter)
With respect to tax-exempt organizations under 501(c) of the tax code, the requirement to be partially or fully suspended applies to all operations of the organization.
Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for a tax credit.
Small Business Association
APPLY HERE (the site may be down from time to time due to volume) Peak volume is 7:00 AM to 7:00 PM
The SBA has created a comprehensive Coronavirus page with all of its resources in one place HERE.
The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay. However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%.
Grant information for non-profits and 501(c)(6) All non-profits are now eligible for $10,000 Grants and SBA Disaster Loans. Find information here from the U.S. Chamber of Commerce.
The CollinSBDC can advise you for free by filling out this form.
COVID-19 Stimulus Bill - Tax Rebate Checks
Under the Phase Three coronavirus package, Americans with a valid Social Security Number who meet certain income thresholds will receive a one-time rebate check of $1,200 per adult, or $2,400 per married couple, and $500 for each child. The Secretary of the United States Treasury announced payments should begin going out the week of April 6, 2020. Learn more about eligibility here.
IRS Filing and Payment Deadlines
Questions and Answers are HERE to address the federal filing and payment extensions to July 15th due to the COVID-19 (coronavirus) outbreak. They also include information on the additional extension to Oct. 15th, first quarter estimated tax payments, IRAs and HSAs.
Franchise Tax Deadlines
The Comptroller's office has extended the franchise due date for 2020 to July 15 to be consistent with the Internal Revenue Service (IRS). Learn about it HERE.
Department of Labor
The DOL has a very easy-to-read Q & A that small business owners will find helpful.
COVID-19 Bridge Loan up to $60K: Apply for a Loan
- Loan amount is based on credit score. A borrower can qualify for up to $25K with a 600 credit score and clean credit report. A borrower can qualify for up to $60K with a 650 credit score and clean credit report.
- This is a bridge loan intended for the immediate need of working capital to businesses directly impacted by COVID-19. As such, we are requiring proof that a borrower has applied for EIDL or PPP.
- No past due accounts or late payments on credit report within past 3 months prior to 1/31/20
- No material derogatory items on credit reports (bankruptcy, collection (non-medical), charge-offs, accounts settled less than full, foreclosures, repossessions, liens and judgements) within last 3 years
- No instances of insufficient funds (NSF, overdrafts, negative balances) on 3 months of bank statements prior to 1/31/20
- SBA Form 2202 – Schedule of liabilities HERE
- SBA Form 1368 – Personal statement of impact/narrative of impact HERE
- SBA Form 413D – Personal financial statement for all guarantors HERE
- Fiscal Year 2019 and Year-to-date 2020 Profit and Loss Statements
- Business payroll documentation for Fiscal Year 2019 and Year-to-date 2020
- 3 most recent bank statements for both business and personal accounts (for all guarantors, and all checking and savings accounts)
- Confirmation of SBA EIDL and/or PPP application submission
- Company Operating Agreement outlining ownership percentages if any owners of the business own a share under 20% and are opting out of guaranteeing a loan
Eligible Use of Funds: Loan proceeds may be used to pay rent, payroll, utilities, accounts payable, and other business operating expenses that cannot be paid because of the disaster’s impact.
Ineligible uses include: Owner salary, Refinancing existing business debts, Paying monthly payments on debts owed to other creditors (credit cards, lines of credit, etc.)
- Zero interest rate no payments for the first 6 months; fully amortized over 60 months. Loans may carry annual interest rate based upon PeopleFund rate at the end of the 6 month period.
- COVID 19
- Area Info