SBMA – COVID-19 Resources

The Coronavirus outbreak has affected all of us in one way or another.  At SBMA we are dedicated to providing our community with the resources we know are available.

Resource links for businesses:

Guide to Main Street New Loan Facility (“MSNLF”)

The Main Street Loan Facility allows banks to originate 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion, among other qualifying criteria. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

Guide to Small Business Emergency Loans (PPP)

The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans that can be forgiven if borrowers maintain or restore payrolls. Check eligibility, calculate borrowing limits, and apply using this guide

Guide to Small Business Economic Injury Disaster Loans (EIDL)

The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants. Check eligibility, calculate borrowing limits, and apply using this guide.

Guide to Employee Retention Tax Credit (ERTC)

The CARES Act created a new employee retention tax credit for employers of all sizes that are closed, partially closed, or experiencing major revenue losses as a result of COVID-19. Check eligibility and calculate your tax credit using this guide.

Guide to Temporary Paid Leave and Family Medical Leave

Congress has created new temporary paid sick leave and paid Family and Medical Leave Act (FMLA) programs that are 100% reimbursable by the federal government. Check requirements, eligibility and exemptions using this guide.

State-by-State Essential Workforce Tracker

Tracks each state’s “stay at home” guidance and DHS guidance by the Cybersecurity and Infrastructure Security Agency (CISA), providing insight on the various orders that have been issued and updates on critical infrastructure and critical functions.

Coronavirus CDC UPDATES

Latest updates, testing guidelines, what to do if you are sick. The CDC website has resources to address major questions around the COVID-19 outbreak.