- Small Business Assistance
Small Business Assistance Resources
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
- Paycheck Protection Program- The Paycheck Protection Program, one of the largest sections of the CARES Act, is the most important provision in the new stimulus bill for most small businesses. This new program sets aside $350 billion in government-backed loans, and it is modeled after the existing SBA 7(a) loan program many businesses already know.
- How does the program work? Currently, the SBA guarantees small business loans that are given out by a network of more than 800 lenders across the U.S. The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June and expands the network beyond SBA so that more banks, credit unions and lenders can issue those loans. The basic purpose is to incentivize small businesses to not lay off workers and to rehire laid-off workers that lost jobs due to COVID-19 disruptions.
- Can these loans be forgiven? Yes, small businesses that take out these loans can get some or all their loans forgiven. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven.
Click here to view the CARES Act Small Business Guide. For more information, visit the Chamber of Commerce website.
Families First Coronavirus Response Act
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.
- Paid Sick Leave for Workers- For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid childcare leave when employees’ children’s schools are closed or child care providers are unavailable.
- Complete Coverage- Employers receive 100% reimbursement for paid leave pursuant to the Act.
- Health insurance costs are also included in the credit.
- Employers face no payroll tax liability.
- Self-employed individuals receive an equivalent credit.
- Fast Funds- Reimbursement will be quick and easy to obtain.
- An immediate dollar-for-dollar tax offset against payroll taxes will be provided
- Where a refund is owed, the IRS will send the refund as quickly as possible.
- Small Business Protection- Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or childcare is unavailable in cases where the viability of the business is threatened.
- Easing Compliance- Requirements subject to 30-day non-enforcement period for good faith compliance efforts.
To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released next week.
For more information, visit the IRS Coronavirus page.
Small Business Association Economic Injury Disaster Loans
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
For more information, visit SBA Disaster Assistance Customer Service Center.
Please note that applicants are applying for the Economic Injury Disaster Loan (EIDL) Program, so they MUST select the Economic Injury (EIDL) Loan Option. If they select the wrong option, they do not have to re-register but they will need to start the application again.
UGA Small Business Development Center
SBDC can offer guidance with preparing necessary paperwork for the SBA loan package. For more information visit the SBDC website.
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. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Georgia Income Tax Filing and Payment Deadline Extension
The Georgia Department of Revenue is automatically extending the 2019 income tax filing and payment deadline to July 15, 2020. For more information, visit the Georgia Department of Revenue website.
State of Georgia Business Registration
Secretary of State Brad Raffensperger announced that businesses are facing hardships and will have more time to complete their registrations. Raffensperger extended the annual registration deadline from April 1 to May 1. No penalties or late filing fees will be levied until after May 1.
The Governor and Commissioner of Labor, Mark Butler, created a mandate for employers to electrically file partial claims on behalf of their employees whenever it is necessary to temporarily lay workers off. Filing partial claims results in employees receiving unemployment insurance benefit payments faster, usually within forty-eight hours for claims filed electronically. Employees for whom a partial claim is filed are not required to report to a GDOL career center, register for employment services, or seek other work. All Georgia employers will share in the cost of unemployment benefits paid to employees temporarily displaced due to COVID-19. More information on the waiver process may be found at the Georgia Department of Labor’s website.
Facebook Small Business Grants
Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. Visit Facebook for more information.
Should you have any questions, please contact Becky Armbrister via email at or by phone at 912-756-6496.