Helpful sources to keep your business going in a slowdown or stoppage of new contracts

Helpful sources to keep your business going in a slowdown or stoppage of new contracts

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. 

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate at www.sba.gov . 

Struggling to get started? The following questions might help point you in the right direction. 

Do you need…    

  • Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you. 

  • A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. 

  • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. 

  • Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet. 


If you already know what resources you’re looking for, the table of contents on the sba website can direct you to more information about the program or assistance product you need.

One example of assistance are 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.


What types of businesses and entities are eligible for a PPP loan?

  • Businesses and entities must have been in operation on February 15, 2020.
  • Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
  • Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals.
  • Any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72, for which the affiliation rules are waived.


For more information contact your local SBA office.