COVID-19 Small Business Resources
HELP FOR YOUR EXISTING LOANS (LOCAL, BANK, SBA)
Everyone: Talk to your lender now about loan modifications available due to the Coronavirus. Many banks are making no-cost modifications available if you ask (Ex: Interest-only payments for a few months, months of payments pushed off to end of the loan, etc.). Your Lender does not want to see you go out of business, talk to them now!
SBA Debt Relief Program: If you have SBA 7(a), 504 or Microloans, the SBA will make the next 6 months of payments for you and you do not have to pay those 6 months back. If you have not spoken to your SBA Lender about this, please do so now to ensure you get this benefit. [see the SBA Loan Comparison Guide for additional details]
SBA CORONAVIRUS LOANS (EIDL, PPP, EXPRESS BRIDGE LOANS)
SBA Economic Injury Disaster Loan (EIDL)
SBA Economic Injury Disaster Loan (EIDL) with up to $10k forgivable Advance: SBA Disaster Loan via the SBA (not through a Bank) with a 30-year fixed-term and opportunity to get up to a $10k forgivable Advance ($1k per employee for the Advance). You do not have to pay back the Advance, even if you are denied the EIDL loan or decide not to take the loan. [see the SBA Loan Comparison Guide for additional details]
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. 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.
The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. For more information, visit:
LOCAL FINANCIAL ASSISTANCE
Don’t forget to check with your local officials/groups about programs that they may be offering at this time
Up to $5k per employee. This Retention Credit cannot be used by PPP loan borrowers. Request advance credit from IRS: https://www.irs.gov/forms-pubs/about-form-7200
FOR KANSAS HOSPITALITY INDUSTRY (LODGING, RESTAURANTS, EVENT CENTERS, ETC)
Kansas Hospitality Industry Relief Emergency (HIRE) Fund
Due to the overwhelming initial response, we regret to announce that all initial funds available through the HIRE Fund have been allocated at this time. However, the form remains open and it is recommended that hospitality businesses still complete the form so Kansas can collect information from hospitality businesses on the losses they are facing due to the COVID-19 pandemic and in case more money becomes available for this program.