Grants and Loans due to COVID-19
SAVE YOUR BUSINESS WITH ECONOMIC DISASTER GRANTS & LOANS DUE TO LOSSES CAUSED BY COVID-19.
The coronavirus may have strapped us all with unprecedented economic hardship, but that doesn’t mean our businesses need to wither under the pandemic. We want to help you continue to be a part of the economic engine that allows your communities to survive, thrive, and spend smarter.
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Find out if you’re eligible for one of the many small business grants and loans at the local, state and federal levels.
SBA disaster loans may be used to cover:
- Fixed debts (rental payments, car payments, etc.)
- Employee payroll
- Monthly bills
- Outstanding invoices (accounts payable)
- Business adaptations (delivery, online/mobile options, etc.)
If you’re approved for an SBA disaster loan due to economic losses caused by coronavirus, you will begin receiving your funds quickly.
Our team of professionals can help you navigate and complete the forms and appropriate documentation to ensure timely submission.
What documents do I need for my Paycheck Protection Program loan application?
All applicants should be prepared with the following:
- Business start date
- Government issued ID (front and back)
- Monthly Payroll Report (Note: Payroll providers like ADP, Paychex and Gusto already have a report setting available for PPP loans. Please check with your provider.)
- Bank account and routing number
- (If applicable) Medical Insurance payment verification
- (If applicable) Documentation confirming retirement benefits
- (If applicable) Economic Injury Disaster Loan (EIDL) statement
Sole Proprietors and Self Employed
Suggested documents for sole proprietors, self-employed and individual contractors:
- 2019 IRS Form 1099-MISC if you are an independent contractor
- 2019 IRS Form 1040 Schedule C if your business is a sole proprietorship
If you have employees or if you are a nonprofit
Applicants with employees and nonprofit organizations will need the following:
- If your business is seasonal, 2019 IRS Form 941 for Q1 & Q2*
- If your business is not seasonal, 2019 IRS Form 940
- 2019 IRS Form W-3
- Articles of organization
- Monthly payroll statements that outline these costs by month:**
- Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
- If you have employees making over $100,000, provide their W-2s
- If you have employees outside the US, provide W-2s for those living abroad.
- Costs for vacation, parental, family, medical or sick leave
- Costs for separation or dismissal of employees
- State & local taxes assessed on employee compensation
*If you’re a seasonal business but were not operating in Q1 or Q2 of 2019, provide IRS for 941 since your business start date.
**Many payroll providers like ADP, Paychex and Gusto already have a report setting available for PPP loans. Please check with your provider.