Here’s a collection of assorted resources regarding immediate subsidies for small business owners. Right now I’m focusing on federal level assistance, if you’re in Portland there are local resources.
None of the following constitutes legal, bookkeeping or accounting advice.
General Info
Lost Work Because Of Coronavirus? How To Get Unemployment, Skip Loan Payments And More (17 mins)
SBA Grant & Loans
So far what I’ve distilled is there are two components of support from SBA:
- $10k you do not need to repay via the Economic Injury Disaster Loans (you can borrow from this program as well but the 10k is free)
- Forgivable payroll loan via Paycheck Protection Program loans
SBA UPDATE April 6, 2020:
Things have changed a bit on both programs, particularly the EIDL. Here’s a quick rundown of latest updates:
SBA Economic Injury Disaster Loans
Some helpful rundowns on the SBA process
Navigating COVID-19 Relief & SBA Loans
Walk throughs of SBA EIDL application process.
SBA Payroll Protection Program Loans
PPP Loan Application [pdf]
PPP Loan Info Sheet [pdf]
SBA Q & A
Cost of Goods? What’s that, business expenses?
No, it’s the cost of expenses occurred in production, mostly relevant for product based services or services that depend on commodity/parts to produce their services. This is a helpful breakdown: What’s included in COGS?
Do I need to take out a loan to get this grant?
You have to apply for a loan in order to access the $10k grant, as I understand it you will have to deal with a commercial bank for that process and are free to turn down the loan if you don’t want it. As part of the process you can elect to apply for the $10k advance, which is in the form of a grant. Banks are overrun with these requests so the idea is to get in line ASAP, especially if you’re concerned with near term expenses.
Forgivable loan? Really? How do I qualify?
This is the Payroll Protection Program portion. There is the grant available through the EIDL application process which does not have to be repaid if used for approved expenses including rent, payroll, and more. Loans taken out in addition to the 10k will need to be repaid.
Can I apply for this AND collect unemployment?
I think so but don’t have enough information yet from anyone who has pulled off both already. You CAN get unemployment even as a 1099 independent contractor now for the first time ever! Self-proprietors are going to be in this boat so definitely consider this option for balancing your checkbook over the coming months! Plus, you’ll get +$600 per week if you’re on unemployment through July 2020 so this is also at the moment a limited opportunity for increased subsidy for your freelancing / small business / independent contracting operation.
Unemployment
This Frequently Asked Questions from the Future of Music Coalition has a nice in-depth run down of claiming Unemployment, particularly well suited for self-employed / 1099 workers.
Portland / Oregon specific help
Get Help COVID Oregon (SEIU Resource Guide)
Prosper Portland Biz Resources
Business for a Better Portland Switchboard / Info Center
Additional Resources
- List of COVID-19 Lists (Comprehensive!)