Assistance Available to Small Businesses Shut Down By Coronavirus Outbreak

People who received government aid through COVID-19 assistance programs should be mindful that even if the loan amount was small, the government may prosecute you for fraud and other related federal crimes. Any borrower who is concerned about compliance with the CARES Act or is concerned about potential fraud exposure should consult counsel and not wait to be contacted by law enforcement. Those who have already received a subpoena or inquiry from any law enforcement agency should immediately consult with counsel who can assess the full potential for civil and criminal exposure prior to responding. The Michigan Stages Survival grant program will provide grants to eligible live music and entertainment venues that have realized a significant financial hardship as a result of the COVID-19 emergency. Authorizes emergency relief to businesses and community projects that have previously received grants, loans, or other forms of economic assistance from the Michigan Strategic Fund.

He also spent thousands on luxury hotels, jewelry, clothing and dating sites, say prosecutors, who seized the car and recovered much of the money. “I have a hard time imagining when so much money has gone so quickly into the hands of people who don’t deserve it,” he added. The basic scheme, Talcove said, was “really simple.” People went on state websites and took the names of existing businesses or registered new, fake ones. CA Labor and Workforce Development Agencyhas released a summary of benefits for workers impacted by COVID-19. Unemployment Insurance BenefitsThe Governor’s Executive Order waives the one-week unpaid waiting period, so you can collect benefits for the first week of work. Rapid Response Services for BusinessesA proactive, business-focused program designed to assist companies facing potential layoffs or closures.

Lenders will be required to defer payment of that loan for 6-months to 1-year, with the ultimate deferral period set by SBA. Employers with questions about PPP and unemployment benefits can find more information here. The deadline to apply for an EIDL loan is currently December 31, 2021. If someone asks you for personal information or money to get a national vaccine certificate or passport, that’s a scam. There are currently no official plans to create a national vaccine verification app, certificate or passport.

PPP Relief Loans: A Lifeline During a Pandemic

And while prosecutors have 10 years to go after the fraud, given the enormous scope of the criminality, the Justice Department simply doesn’t have the resources to go after it all. In 40 minutes, she had $100,000 in taxpayer money, court documents say. She soon booked a private jet from Florida to California, where she spent $5,500 at a luxury hotel in West Hollywood, court papers allege. Prosecutors say Danielle Miller used stolen identities to get more than $100,000 in Economic Injury Disaster Loans through the Small Business Administration and alleged that she spent taxpayer https://www.bookstime.com/ money at luxury hotels throughout California. Prosecutors said Mustafa Qadiri, 38, of Irvine, Calif., used money from the Paycheck Protection Program to buy three cars that cost six figures apiece, including this 2011 Ferrari 458 Italia. The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its disturbing implications are only now becoming clear. The program, which won unanimous approval of City Council, is being administered by The San Diego Foundation, which contributed $2 million to increase the total program funding to $12 million.

If you have a mortgage, you should be able to hit pause on your payments by putting it into forbearance. And of course, you will eventually have to make up the missed payments. If you’ve lost your job, check out our guide to getting a loan while unemployed for information on how to qualify for a personal loan with alternative forms of income . Many or all of the products here are from our partners that pay us a commission. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. To learn more about small business recovery updates and programs, sign up hereto receive a monthly email update from the Indiana SBDC.

Washington’s financial institutions have access to ample amounts of cash to accommodate residents’ continued daily needs. For branch services that require access to the banking facility, like safety deposit box retrieval, many financial institutions are providing these services on an appointment basis. Credit card companies and lenders may be able to offer you a number of options to help you. This could include waiving certain fees like ATM, overpayments, and late fees, as well as allowing you to delay, adjust, or skip some payments. If you have private student loans you should call your loan servicer to ask what relief options are available for you.

The Adolph & Esther Gottlieb Emergency Grant

The Comeback Kit is designed for Michigan small business owners who are working to come back from the impacts and effects of the pandemic. This learning module will help small businesses to evaluate their financials, understand where they are today, and recognize what they need to do to get healthier tomorrow. In today’s WatchBlog post, we look at how these 2 loan programs worked, their benefits, and challenges SBA faced in administering them. Canada – Canada AFC COVID-19 Fund – Short-term emergency financial assistance for entertainment industry professionals working in TV and film, music, theatre, and dance. WISCONSIN – Langlade County COVID-19 Microenterprise & Small Business Programs – Up to $10,000 grants to microenterprises and loans to small businesses. WASHINGTON -Mason County Small Business COVID Relief Grant 4 – The purpose of these grants is to support businesses with a physical location in Mason County who have been negatively impacted by the COVID-19 pandemic and mandates. VIRGINIA – COVID-19 Small Business Grant – Grants to assist eligible businesses in York County, Williamsburg, and Poquoson that have 20 or fewer full-time employees.

• Venturize is partnering with Kiva to bring affordable capital to small business owners during these challenging times.
• On March 25, 2020 the City of San Diego established a Small Business Relief Fund to help businesses impacted by COVID-19 retain employees and sustain continuity of operations.
• Goldman Sachs has specifically committed to providing $20 million for loans to small businesses in Ohio.
• CARES Act Revolving Loan Fund provides economic assistance to City of San Diego or City of Chula Vista businesses impacted by the COVID-19 pandemic.
• Credit card companies and lenders may be able to offer you a number of options to help you.

This loan program is designed to stimulate the growth of new and existing businesses by providing micro-loans at 0% interest. Loans will be repaid within five years for permanent working capital and seven years for equipment. The COVID-19 public health crisis has impacted every Pennsylvanian in every community. The recently enacted state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act . Suspended payments through September 30, 2021, will count towards any student loan forgiveness programs, as long as all other requirements are met. Federal funds carry program-specific restrictions and it’s important to know and protect your options.

Early Childhood Training and Technical Assistance System

This shouldn’t be your first choice — you may get stuck with a higher interest rate and a less flexible repayment term than you would find with a hardship loan. Still, generally speaking, you’ll pay a lower interest rate than you would on a credit card.

The Indiana SBDC, which has 10 regional offices throughout the state, offers no-cost business advising for entrepreneurs and small businesses. Advisors are available to provide free advising and disaster relief loan application assistance for those impacted by the COVID-19 pandemic. When the State of Emergency was declared, MEDC moved swiftly to provide vital economic support to businesses, entrepreneurs, workers and communities throughout Michigan. See the impact MEDC’s COVID-19 response programs are having on the state’s economic recovery. NEW MEXICO – New Mexico Finance Authority Business Recovery Grant Program – Grant funding for eligible businesses that will help cover rent, lease, or mortgage payments. CALIFORNIA – San Diego Small Business Relief Grant – Provides grants to eligible small businesses located within the City of San Diego.

Small Business Relief Payment PlanEffective Dec. 15, 2020, small business taxpayers with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability only. All payment plans must be paid in full by April 30, 2022, to qualify for zero interest. These programs are no longer accepting applications and/or offering resources.

The credit is restricted to employers who see a full or partial suspension of operations due to a shutdown order or who see gross receipts decline by more than 20% relative to the same quarter the previous year. For employers with more than 500 full-time employees, the credit is restricted to wages paid to employees not providing service due to COVID-19. For employers with fewer than 500 full-time employees, it is applicable to all wages. Loans made under the program may be forgiven for the total amount that the borrower spent on payroll (excluding annualized compensation over $100,000) mortgage interest, rent, and utilities in the 24 weeks following their loan’s origination.

How the Small Business Administration Partners with Historically Black Colleges and Universities

The Washington State Department of Financial Institutions has developed a list of financial resources for Washington consumers impacted by the Coronavirus. 1-800Accountant can prepare and file your application for the SBA disaster loan. Your business insurance may be able to help out as well, assuming you had the policy in place before the outbreak. If you have commercial property insurance, it may compensate for losses incurred due to COVID-19. Reach out to your insurance adjuster to determine what your policy covers and what information you need to provide. A PLUS loan is a federal loan for higher education, available to parents of undergraduates and also to graduate and professional students. Fee waivers may not extend to regular monthly maintenance fees that apply to checking, savings, or money market accounts.

• The ARP extended the Employee Retention Credit and Paid Leave Credit to small businesses through 2021.
• Small Business Administration through the CARES Act to support increased resources for Hoosier entrepreneurs and small businesses over the next 18 months.
• Getting help from your bank isn’t necessarily automatic, which means you may need to apply for any assistance.
• If your mortgage is backed by FHA, USDA, or VA, you may request up to two additional three-month extensions, up to a maximum of 18 months of total forbearance.
• Both the Export Express program and the International Trade Loan program provide loans for capital.
• Before you head to your financial institution, visit their website or call to find information about hours, customer/member assistance, and current operations.

Businesses can take dollar-for-dollar tax credits equal to wages of up to $5,000, if they offer paid leave to employees who are sick or quarantining. Employee Retention Creditshave been available to employers affected by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of changes to the credits previously authorized under the CARES Act, including modifying and extending the Employee Retention Credit. Several of the changes apply only to 2021, while others apply to both 2020 and 2021. The American Rescue Plan extended the availability of the Employee Retention Credit for small businesses through December 2021 and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee per quarter.

Assistance for Providers Enrolled in Medicare

The New York Forward Loan Fund is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords. First-round funds are successfully deployed; please check back for updates.

Small Business Administration , has been a major response to provide economic relief during COVID-19. PPP loans are forgivable under specified conditions, and they provide a direct incentive for small businesses to keep employing their workers. The lender’s borrower assistance program, which was part of the loan before the pandemic hit, can help borrowers receive deferred or reduced monthly payments, according to a spokesperson. May allow customers affected by the pandemic or other natural disasters to defer loan payments. Email to receive a phone number that will connect you with someone who can discuss your hardship. You can’t defer a payment if you’re within two days of a scheduled automatic payment. While many personal loan lenders have tightened approval requirements, others have introduced low-rate, small-dollar loans to consumers dealing with financial hardships.

Those who want to prepare further can get an estimate of amount and due date through their loan servicer. The federal foreclosure moratorium that protected homeowners during COVID-19 is also over, ending July 31, 2021, and the eviction moratorium that protected renters ended in September 2021. A company spokeswoman says the tool will remain available to customers after the COVID-19 crisis dissipates. Fair- and bad-credit borrowers may have a better chance of getting approval from a credit union because the underwriting processes tend to involve more than credit information. Through the partnership, employers get a view of anonymized worker credit information, Macklin says. Companies can use the data for free to spot which groups are experiencing the most financial stress and address it.

State and Local Recovery Fund

The Colorado Outdoor Winter Dining Grant Program assists Colorado-based restaurants that are experiencing financial hardship because of the Covid-19 crisis and state and local regulations limiting the number of customers in indoor spaces. Recipients must use the grant funds to purchase items needed to maintain outdoor dining spaces for patrons during colder weather.

Through the program, you can qualify for up to $1,200 to be applied to burial or cremation services at a participating licensed funeral home. NATIONAL – RedRover Emergency Boarding Grants – Provides financial assistance for pet boarding while pet owners are ill and unable to care for their pets due to the COVID-19 virus. NATIONAL – Frontline Families Scholarship Fund – Scholarship America will facilitate the delivery of scholarship funds to the families of frontline healthcare workers who have lost their lives to COVID-19. The scholarships will be available starting in the 2021 – 2022 academic year. Government Funeral Assistance – FEMA will be providing financial assistance for COVID-19-related funeral expenses incurred after January 20, 2020. Grantmakers Concerned with Immigrants & Refugees COVID-19 Resources – An aggregated list of resources for nonprofits working with immigrants & refugees.

Be sure to check into the other COVID-related financial assistance programs available as well. Another challenge facing these 2 loan programs was that because they were implemented quickly to meet demand, the programs became vulnerable to potential fraud, and the risk of providing funding to ineligible applicants increased. For example in January, we reported that SBA had approved at least $156 million in EIDL loans to businesses that were potentially ineligible for the program. As a result, we recommended that SBA conduct data analytics across the EIDL portfolio to detect fraud and ineligible applications. The American Rescue Plan instituted a fully refundable child tax credit for 2021 and boosted its outlay to $3,600 (from $2,000) for children under age 6, $3,000 between 6 and not-yet 18. The credit was based on taxes filed for the 2019 and 2020 tax years, but those who didn’t make enough money to pay taxes were also eligible if they applied by Nov. 15, 2021.

JOIN OUR COMMUNITY

In 1990 John Highkin and Cindy Zimmerman dreamed of bringing performance art directly to neighborhoods. That dream is now known as Fern Street Circus, which produces shows in parks and communities in San Diego. Their offerings include a free after-school program for lower-income Pandemic Relief Loans families, where kids learn performance skills with dedicated teachers. In spite of these challenges, Fresno BHC and its partners are turning the tide on multiple fronts. Day by day, the balance of power is shifting to the people and the result is a healthier Fresno for all.

ARP added $350 billion to the CARES Act grant money sent to state, local, territorial and tribal governments. Much of the money has yet to be distributed as state and local governments decide best how to spend it. Maine, for example, in its 2022 supplemental budget, included $850 stimulus checks to anyone who makes $100,000 or less a year. Check there to see what benefits your state may have or contact your local representative or local government website. California Rebuilding Fundis a public-private loan program to support the smallest of California’s small businesses, especially those located in economically disadvantaged and historically underresourced areas of the state.