COVID-19 Resources for Phillips County Businesses

With so many different programs and support networks out there, we have tried to shortlist those of greatest importance to our Phillips County business owners. 

SBA: (for an FAQ sheet on the programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress Click Here)

Disaster Assistance Loans / Economic Injury Disaster Loans and Loan Advance: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan; this program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Small businesses can also apply for a loan advance; these grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments. Before applying, please review this PDF of FAQs. Remmeber, EIDL is primarily a loan program and funds should not be requested if the applicant does not have the means or the intention to repay the note. Learn More
*** Funds have been expended for this initial round. However, the House of Representatives is expected to pass the Paycheck and Healthcare Enactment Act  which would authorize an additional $60 bn. for the EIDL program***

Paycheck Protection Program (PPP) Loans: The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.) Before applying, please review this PDF of FAQs.  Learn More
*** Funds have been expended for this initial round. However, the House of Representatives is expected to pass the Paycheck and Healthcare Enactment Act  which would authorize an additional $310 bn. for the PPP program***

Small Business Debt Relief Program: This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Contact your local SBA lender for details.
 
Small Business Tax Provisions:

• Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship:
  This provision would provide a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis. Wages of employees who are furloughed or face reduced hours as a result of their employer’s closure or economic hardship are eligible for the credit. For employers with 100 or fewer fulltime employees, all employee wages are eligible, regardless of whether an employee is furloughed. The credit is provided for wages and compensation, including health benefits, and is provided for the first $10,000 in wages and compensation paid by the employer to an eligible employee. Wages do not include those taken into account for purposes of the payroll credits for required paid sick leave or required paid family leave, nor for wages taken into account for the employer credit for paid family and medical leave (IRC sec. 45S). The credit is not available to employers receiving assistance through the Paycheck Protection Program. The credit is provided through December 31, 2020.
   
• Delay of Payment of Employer Payroll Taxes:
  This provision would allow taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability. Deferral is not provided to employers receiving assistance through the Paycheck Protection Program.

Small Business Counseling & Training: If you, like many small business owners, need a business counselor to help guide you through this uncertain time, you can turn to your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter. These resource partners, and the associations that represent them, will receive additional funds to expand their reach and better support small business owners with counseling and up-to-date information regarding COVID-19. There will soon be a joint platform that consolidates information and resources related to COVID-19 in order to provide consistent, timely information to small businesses. To find a local resource partner, visit https://www.sba.gov/local-assistance/find/. 

Phillips County Economic Development:
Disaster Relief Funding Program: An unsecured working capital loan program for Phillips County businesses. Applicants are eligible to receive up to $5,000, carrying 0.00% interest, over an 18 month term. No repayments are required or due for repayment during the first 6 months of the term. Funds are to be used for working capital expenses including payroll, utility costs, rent/mortgage or business obligations.  Learn More

Kansas Department of Commerce:
Hospitality Industry Relief Emergency (HIRE) Funds: Loans for hospitality sector - 0%, 36 months >$20,000. Learn More
*** Funds have been expended for this initial round. We encourage you to still apply in the case that more funding becomes available and allocated to this program ***

Back to Business SPARK Task Force Funds: The Kansas Department of Commerce has released information on 10 new grant programs to strategically deploy federal CARES Act dollars and promote economic development and connectivity in the state. Learn More

Kansas Department of Labor:
Shared Work Program: An employer/business owner may use Shared Work in lieu of a temporary, total layoff of employees. It allows for a partial workweek and partial unemployment benefits for employees. Learn More 

Kansas Department of Children & Families:
HERO Relief Program: Program provides child care subsidies to eligible health care workers, first responders and other essential workers. Learn More 

Kansas Department of Health & Environment:
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19) Learn More

Facebook:
Small Business Grants: $100m in grant funds for businesses impacted by COVID-19. Learn More

U.S. Department of Labor:
Preparing workplaces/Employment Resources: Information for public health emergencies Learn More

Google:
COVID-19 Resources: Guidelines for Businesses. Learn More

U.S. Chamber of Commerce:
Combating the Coronavirus: Guidelines & Resources  Learn More

Disaster Resistant Business Toolkit:
DRB toolkit: Helps businesses of any size with disaster evaluation and preparedness.Learn More

Main Street America:
COVID-19 Resource Guide: Extensive list of Small Business resources for those impacted by Coronavirus. Learn More

Center for Disease Control (CDC):
Interim Guidance for Businesses and Employers: Plan, Prepare and Respond to Coronavirus Disease 2019. Learn More

Kansas State University Technology Development Institute:
Innovation Stimulus Program: Offers existing businesses or entrepreneurs who have been adversely impacted by COVID-19 the ability to apply for no-cost engineering and business development assistance. Learn More