We need you out there, FIGHTING to survive and thrive! We are all working remotely, online, and can offer you the services you need right now for you, your families and your businesses.
If you are filing because of the CARES Act (Federal Stimulus Bill) - e.g. self-employed, independent contractors, workers with limited work history, and others we are asking you to wait to file* because our system is not yet set up to accept your application. We are waiting on additional guidance from USDOL. We expect those changes to be complete by mid-to late-April.
The IRS has launched "Get My Payment" portal for tracking your stimulus check payment.
Use the "Get My Payment" application to:
-Check your payment status
-Confirm your payment type: direct deposit or check
-Whether more information is needed from you, including bank account information.
Pandemic Unemployment Assistance (PUA)
PUA is a new temporary federal program that provides up to 39 weeks of unemployment benefits to individuals who are not eligible for regular Unemployment Insurance (UI) such as:
- Individuals who are self-employed.
- Certain independent contractors.
- Individuals with limited recent work history.
- Other workers not covered by Regular UI.
This loan advance will not have to be repaid. This program is for small businesses with less than 500 employees (this includes sole proprietorships, independent contractors and self employed persons), private non-profit organization or 501(c)(19) veteran organizations affected by Covid-19.
To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
Terms: Up to $2 million, 3.75% for businesses, 2.75% for non-profits
Forgivable: NO – EIDL Loan YES – EIDL AdvanceMaturity:30 Years
First Payment Due: Deferred 1 Year
To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Purpose: Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)
Terms: Up to $10 million, 1% interest rate
Maturity: 2 Years
First Payment Due: Deferred 6 Months
The Main Street Lending Program was established by the Federal Reserve to provide additional support for small and midsized businesses. The program establishes new loans or expand existing loans for small to midsized businesses with up to 10,000 employees or with revenues less than $2.5 billion, with terms up to 4 years and with interest and principal payments deferred for 1 year. Businesses that have taken advantage of the Paycheck Protection Program may also take out Main Street Loans.
Main Street New Loan Facility (MSNLF): The Federal Reserve will purchase 95% in Eligible loans from Eligible Lenders. Eligible Lenders would retain 5% of each Eligible Loan.
Main Street Expanded Loan Facility (MSELF): The Federal Reserve will purchase 95% in upsized tranche of Eligible loans from Eligible Lenders. Eligible Lenders would retain 5% of the upsized tranche of each Eligible Loan.
How to Apply: Please check your local banks for eligibility and for the application.
Intuit also created Intuit Aid Assist, a free website with an interactive tool to help you evaluate whether you or your clients may be eligible for federal relief loans.
Businesses that are not currently CDFI clients are not eligible to access these funds, but WEDC will work to expand access to funding through other programs as more resources become available.