COVID-19 Small Business Resource Center

The Paycheck Protection Program (PPP) was created as part of the CARES Act. It provides forgivable loans to small businesses to cover payroll and other expenses during COVID-19.

• Small businesses with fewer than 500 employees are eligible to apply. These include firms that are nonprofits, sole proprietorships, self-employed individuals, independent contractors (e.g., gig economy workers), and veteran organizations.
• Eligible recipients may qualify for a loan that can be up to 2.5 times their average monthly payroll costs. The maximum loan amount is $10 million.
• Borrowed money must be used for expenses relating to payroll, mortgage interest, rent, or utilities in the eight weeks following the date of origination can be forgiven.
• Loan payments will be deferred for six months. Please note that interest will continue to accrue over this period.
• The program is retroactive to February 15, 2020, and is available through June 30, 2020.

Our parent company, Enova International, Inc., has partnered with a trusted company to assist you in the Paycheck Protection Program Loan application process.⁺

The Emergency Injury Disaster Loan program was created as part of the CARES Act. It provides loans and grants to small businesses in response to the COVID-19 pandemic.

• The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million.
• In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. If approved, this loan advance will not have to be repaid.
• These loans can be used for essentially any business purpose, such as paid sick leave, payroll, buying materials, making rent and repaying obligations. The funds are not supposed to be used for physical repairs, expansions, bonuses or refinancing long-term debt.

For more information on the program or to apply, please visit SBA.gov.

Individuals and businesses now have until July 15th, 2020 to file their 2019 federal income tax return, instead of April 15th, 2020. Employers can also delay the payment of their portion of 2020 payroll taxes until 2021 or later. For information on other tax benefits your small business may be eligible for, please contact your tax professional.

Visit the CDC website for further guidance and resources on COVID-19 for small businesses.

Go to CDC.gov.