Financial Relief

Financial Relief Resources

  • SBA Financial Relief At-a-Glance >

    The SBA offers several financial relief options for small business owners. Below is your at-a-glance reference with links to read further any any program.

    EIDL (Emergency Injury Disaster Loan) Program-->Learn more

    • Through SBA, up to $2M, 3.75%, 30 yrs, <$200k, no guarantee, $25k bridge loan, P&I deferment up to 4 years

    EIDL Emergency Grant-->Learn more

    • Through SBA, up to $10,000 paid within 3 days, no required to repay

    PPP (Paycheck Protection Program)-->Learn more

    • Through approved SBA lender, up to $10M, 1.00%, 2 yrs, no personal guarantee, no collateral, no prepayment fee, caps on lender fees, potentially forgiven

    SBA Debt Relief-->Learn more

    • 6 months P&I and expenses paid by SBA (may be taxable, unclear), current 7(a), 504 and microloans not made under this Act

    SBA Bridge Loans-->Learn more

    • Small businesses with current relationship with SBA lender, up to $25k, fast turnaround, repaid in full or part with EIDL proceeds

    adapted in part from Blazio LLC and ROI Business Services, LLC

    Additional SBA Resources

    CARES Act Information

    Coronavirus Emergency Loans - Small Business Guide and Checklist -->View PDF

    CARES Act, What Small Businesses Need to Know -->WEBSITE

    Fact Sheets

  • Paycheck Protection Program - UPDATED Apr. 2nd >

    The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are underwritten and funded by local banks and guaranteed by the SBA. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020. April 2nd updates are highlighted.

    Fully Forgiven
    Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
    Must Keep Employees on the Payroll—or Rehire Quickly
    Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 
    All Small Businesses Eligible
    Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorship, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. 
    Loan Terms
    All loans under this program will have the following identical features:
    • Interest rate of 1.0% (Treasury changed from 0.50% on 4/2/20)
    • Maturity of 2 years (Treasury changed from 10 years on 3/31/20)
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA
    • Loan forgiveness is available

      • Note: The loan forgiveness amount can be reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees

      • Note: To have loan amounts fully forgiven, at least 75% of forgiveness amount calculated must be for payroll costs. (This is a NEW requirement from the Treasury as of 03/31/2020.)

    When to Apply
    Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. 
    How to Apply
    You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
     
    A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.
     
    Paycheck Protection Program Additional Resources: 
     
    VIEW RECORDING of live informational session on PPP with Julie Needs (Executive Director, SOD Center) and WIlliam Dawes (President, Downtown Salem Partnership)
     
     

  • New EIDL Information - April 10th Update >

    March 30th UPDATE:
    The U.S. Small Business Administration (SBA) has provided additional guidance regarding the $10,000 forgivable loan advance in accordance with the CARES Act.
    To be eligible for the $10,000 Economic Injury Disaster Loan (EIDL) forgivable loan advance, businesses will need to complete the new application that launched March 30th even if they have already competed one of the prior versions of the application or if the business has already been declined for a loan. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
    If you wish to apply for the Advance on your EIDL, please visit  www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. Applying for the Advance will not impact the status or slow your existing application.
     
    April 10th UPDATE: 
    We learned from the Small Business Development Center (SBDC) that the $10,000 Emergency Fund Advance has CHANGED. The understanding is that it will be based on $1000 per employee, up to a maximum of $10,000 per company.
     
    At this point it is unclear whether you will receive the advance based on the number of employees you indicated in your submission OR whether you will receive the full $10,000 with the expectation that the portion not covered by your employee count will need to be repaid under the terms of the loan.
     
    Of equal importance, it is the recommendation of the SBDC that if you applied and your entered zero to the question of the number of employees because you have no one on payroll and you as a self-employed owner did not consider yourself as an employee, YOU MAY WISH TO CONSIDER REAPPLYING IMMEDIATELY
     
    It is recommended that you deal with the challenge of duplicate submissions when contacted. For clarification of who qualifies "as an employee" please contact customer service.
     
    SBA Disaster Customer Service
    1-800-659-2955
     
    SBA Loan Resources:
     
     

  • SCORE Small Business Resource Hub >

    SCORE Coronavirus Small Business Hub offers FREE trusted business guidance and resources, remote mentoring, and much more.

    Visit here: SCORE Coronavirus Small Business Resource Hub

    Read: What to Do NOW to Save Your Small Business from COVID-19

    Upcoming Live Webinars for Small Business on your coronavirus-related concerns:

    • APRIL 9 - Coronavirus and your Small Business - Live Q&A with SCORE Mentors Read more or Register -->HERE
    • APRIL 16 - National Resources and Policy Updates for Small Businesses Impacted by COVID-19 Read more or Register -->HERE
    • APRIL 28 - Marketing Advice to Combat an Economic Downturn Read more or Register -->HERE

  • Resources from Main Street USA >

    Main Street America has a COVID-19 Main Street Resources page with several helpful funding resources. Follow the link below to view a few that maybe you have not yet seen.

    -->View Funding Programs & Business Support at Main Street America

    Main Street America also offers these tips for Main Street Businesses, which many of our downtown businesses have already implemented!

    ✓ If your business is staying open, publish commitment to public health and outline actions for ensuring a clean facility and healthy staff; have hand sanitizer available for customers and latex gloves available for employees

    ✓ Offer digital gift cards that customers and patrons can buy now and use later

    ✓ Start, maintain, and enhance business web pages, online shopping opportunities, and social media presence

    ✓ Keep customers updated on new experiences or products you'll offer when conditions improve

    ✓ Develop customer membership programs, such as “subscribe and save” on delivery or pickup of coffee beans, fresh produce, etc.

    ✓ Develop online shopping list services. For example, many grocery stores offer grocery pickup or delivery to customers who submit shopping lists online.

    ✓ Offer digital services and support to virtually sell, answer questions, and provide customer service

    ✓ Keep it lively! Offer trivia nights via livestream and provide virtual tours of your shop

  • Other Small Business Resources >

    Small Business Action Plans

    Constant Contact has downloadable action plans for different industry types (small business, retail, non-profit, real estate, home and building, etc.) -->Go To Action Plans

     

    Hello Alice

    Hello Alice helps small business owners and entrepreneurs launch and grow. They have quickly pivoted to build the Resource Center during this crisis. -->COVID-19 Business Resource Center 

     

    CoStarters

    Business Recovery Program - Refocus. Stabilize. Recover.

    -->CoStarters Recovery Guide

    Recurring Webinar - Refocus: Go Back to the Basics to Save your Business - April 3, 2020, 3-5pm -->See all dates

    Join a 2–hour free virtual workshop that will help you find the focus and clarity you need to shift your mindset and find a new way forward. If you feel stuck, join us to identify your best next steps together. In this workshop you will:

    • Determine immediate next steps needed to stabilize
    • Re-examine your venture using the CO.STARTERS Canvas
    • Strategize how to better solve your customers’ changing needs
    • Learn how to adapt or refine your business model

     

    $1 Million advertising fund for local businesses

    Ogden Newspapers, Salem News, has established a $1,000,000 grant fund to assist #SalemOhio locally owned businesses during this challenging time. Learn more...

     

    Miscellaneous Resources

     

    Helpful Articles

    A guide to helping small businesses navigate and recover from the COVID-19 crisis -->Read More 

    How COVID-19 is Impacting Small Business, and What You Can Do About It -->Read More

    Keep Your Small Business Going During a Crisis -->Read More

 

Upcoming Courses & Workshops Schedule

Wed, Jul 28, 2021 : NEW* Excel: Functions & Formulas with Cheryl Welch, Ph.D

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