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Published: April 3, 2020

Resources for Financially Struggling Practices

Several State and Federal resources are available to help small and medium sized practices (less than 500 employees) cope with the negative financial effect of the COVID pandemic.

Paycheck Protection Program

Under the Paycheck Protection Program:

Awardees can receive up to $10 million on a first-come-first-served basis.
Loan payments will be deferred for six months.
The loan will be forgiven if you maintain your workforce (and quickly rehire employees cut after Feb. 15) and the borrowed funds are used within first eight weeks exclusively for payroll expenses, existing interest, rent, lease, and/or utility payments.
You can call your bank or credit union or find SBA-approved lenders in your area through SBA’s online Lender Match tool, and complete and download the application.

Economic Injury Disaster Loans

Small business owners are eligible to apply for an Economic Injury Disaster Loan and an advance of up to $10,000. Funds will be made available within three days of a successful application, and the loan advance will not have to be repaid. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

State Resources

Apply for the Unemployment Insurance (UI) Work Sharing Program to avoid laying off employees.
All state taxpayers (individuals and businesses) can file and pay by July 15, 2020, matching the extended federal tax deadline.
The state has compiled a list of assistance programs and regularly updated resource database.
CAFP
Author: CAFP

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