Coronavirus has undoubtedly hit small businesses pretty hard. Many employers have reached out to us asking if we know of any helpful resources during this time. The good news is, we do, so we decided to compile all of the small business aids for COVID-19 we know about in one place for your convenience! If we hear of any new programs, we will add it to this blog.
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CARES- The government passed CARES on Friday, March 27th. This $2 trillion economic stimulus plans to help decrease the economic burden of COVID-19. One of the provisions is $350 billion in small business support through the Paycheck Protection Program. Read more about it and the application process here.
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Google Ads- To increase economic development through advertising, Google recently announced a plan including $340 million in Google Ads credits available to all small to medium-sized businesses with “active accounts over the past year.” Click here for the press release.
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Maryland Small Business COVID-19 Emergency Relief Grant Fund- “This COVID-19 Emergency Relief $50 million Grant Fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19.” The formal application process takes one to two hours, but if your business is impacted, it is worth the time. Learn more here.
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SBA Economic Disaster Loan Program- The SBA provides low-interest loans to small businesses and non-profits after disasters. COVID-19 is considered a declared disaster, click here to apply.
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Facebook Small Business Grants Program- The social media giant committed $100 million in cash grants and Facebook advertising credits to up to 30,000 small businesses. More information is on the way, so sign up to be the first to learn.
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Here is a great video breaking down the difference between the Paycheck Protection Program & Economic Injury Disaster Loan.
- The Families First Coronavirus Response Act- The DOL and IRS released new guidance for this act and included something many have had questions about- paid sick leave for COVID-19 illness. Covered employers with 500 employees or less are required to provide employees unable to work due to reasons related to the pandemic with two weeks of paid sick leave. Read more details here.
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Employee Retention Tax Credit- Part of the CARES act, in lieu of the Paycheck Protection Program (PPP) loan, is a tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. There are rules for who is eligible, click here to see if you should apply.
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Clarity Care Account- With this account, you can now provide financial support during the COVID-19 pandemic to your employees under Section 139 of the IRS code. Employers decide what the money can be spent on and can track the spending. This tax-free benefit is a great option to ease the financial burden of COVID-19. Learn more about it here!
We hope at least one of these small business aids for COVID-19 helps you in one way or another. Now more than ever, small businesses need to look out for one another. If you have any resources you know about you think we should add, reach out!
