Small Business Financing during COVID-19

Coronavirus Financing Resources

• If you don't qualify for business disaster assistance . . .

  If your company wasn’t profitable last year, social service assistance might be an option. There are regional COVID-19 funds set up throughout the state.

  If you need resources now, please contact your local United Way to reach trained, caring professionals seven days a week, 24 hours a day.

   

• If you're self-employed or an independent contractor . . .

  Filing for unemployment may be an option. The CARES Act includes a temporary Pandemic Unemployment Assistance (PUA) program through Dec. 31, 2020, to provide payment to workers who are not traditionally eligible for unemployment such as the self-employed or independent contractors (including so-called gig economy workers), who are unable to work as a direct result of the coronavirus public health emergency.

  Apply through your state unemployment office:

  • in Kansas
  • in Missouri

  The Department of Labor, working collaboratively with the states, offers three specific programs:

  Pandemic Unemployment Assistance (PUA) for those not typically eligible for UI, such as gig workers, and expanded UI benefits. PUA provides benefits for eligible individuals who are self-employed, seeking part-time employment, or who otherwise would not qualify for UI benefits under state or federal law. To be eligible, among other requirements, individuals must demonstrate that they are otherwise able to work and available for work within the meaning of applicable state law, except that they are unemployed, partially unemployed, or unable or unavailable to work because of COVID-19 related reasons.

  Federal Pandemic Unemployment Compensation (FPUC) program, eligible individuals who are collecting certain UI benefits, including regular unemployment compensation, will receive an additional $600 in federal benefits per week for weeks of unemployment ending on or before July 31, 2020.

  Pandemic Emergency Unemployment Compensation (PEUC) program allows those who have exhausted benefits under regular unemployment compensation or other programs to receive up to 13 weeks of additional benefits. States must offer flexibility in meeting PEUC eligibility requirements related to “actively seeking work” if an applicant’s ability to do so is impacted by COVID-19.

   

   

• Cash Flow: Manage your finances

  The quickest way to help your finances is to manage your cash flow by monitoring what revenue comes in and what expenses go out.

  Here are some quick tips from Rebecca Gubbels of the Missouri SBDC at UMKC. (Read her full blog post and further ideas on “Things You Can Do for Your Business Now.”)
  

  Watch the video
  (click on the image to play the video, press your browser's back button to return to this page)
  

  

  Evaluate new distribution methods – Look for ways to boost your newly limited in-person traffic. Could you still be solving problems for customers but in different ways? Does creating a subscription service, setting up e-commerce, adding delivery, or implementing curbside service benefit your customers? We at the Missouri SBDC have a pet store client now offering same day local delivery to help customers and their pets get what they need while safely in their homes. Now is definitely the time to creatively adapt, if you’re able.

  Bill sooner and collect faster – If you offer credit to customers, be sure to bill them promptly. Right now we recommend ensuring that you’re billing just as soon as work is completed. Then consider your collection practices. The time might be right to consider offering your customers a small incentive if they then pay what they owe you super quickly. At a minimum, you need to be following up on receivables a few days before they’re due to ensure your customers remember the invoice and plan to pay on time.

  Hold off on major purchases – While things are so uncertain, big capital expenditures should be postponed if at all possible.

  Manage inventory – Inventory is essentially your business’s cash sitting on a shelf. Now is a great time to consider cancelling or delaying planned inventory purchases. Get creative with current inventory on-hand. Can it be returned or exchanged with your vendor? Are there ways to incent customers to buy current inventory using discounting or other incentives? More ideas for managing inventory can be found here.

  Reach out to your business insurance agent – Some business insurance policies may cover situations like COVID-19, especially if you carry a business continuity policy. You may have Force Majeure coverage providing assistance for financial losses arising out of the inability to bring a project to completion. Reach out to your agent to see what, if any, coverage is applicable to you.

  Consider reducing your payroll expenses – We entrepreneurs are only as strong as our teams. That is what makes managing payroll so hard in light of the likely impact on your co-workers who are often also friends. However, unprecedented times possibly call for unprecedented measures. At this point you should at least begin postponing new hires and considering reducing hours and laying off nonessential employees.

  Pay your bills slowly – While things are in flux, do not pay your bills any faster than you have to. Take advantage of the full agreed payment terms to hold onto your cash longer. The goal should be to pay your creditors as slowly as possible without incurring a negative consequence. You should also reach out to all suppliers, creditors, landlords and banks for possible modified payment terms. Many banks are already offering to modify their existing loans down to interest only or no payments for the coming 3-6 months.

  Break even – Know your break even point to cover fixed expenses and evaluate all expenses. Break-even is your fixed expenses divided by your gross margin %. Great advice is to keep a rolling 13 week cash flow to help make decisions. Jack Harwell explains break even in this video.

  There is a temporary ban in both Kansas and Missouri on evictions, foreclosures, utilities and internet disconnects. Be aware these are temporary and full payment will likely be required at a later date.

• Cash Runway: Calculate how long your cash will last

  Now that you’ve assessed what cash conservation actions you’re planning to take, you’ll need to figure out how long your current cash reserves can last or your “cash runway.” Start with this quick calculation:

  Cash Runway

  • Current cash balances / Monthly cost still happening in virus response months = Your cash runway measured in months

  You might also want to do this calculation a second time including sources of cash that you technically have access to but may be presently hesitant to tap.

  Cash Runway (using all current cash options)

  • Current cash balances + amount of cash that could be tapped (existing credit cards and/or lines of credit) / Monthly costs still happening in virus response months = Your longest currently available cash runway measured in months

  Accessing these lines may or may not be prudent as circumstances continue to develop, but you should have awareness of both timelines. Additional cash runway calculation information can be found here.

   

  Know Your Break Even Number

  Breaking even is not a goal for businesses that want to thrive, but understanding what amount of sales you need to break even is important to survive. Jack Harwell of the Kansas SBDC breaks down the math in this video.

   

• Current Loans: Are you worried about your current SBA loan or another bank loan?

  Talk to your lender now about your existing loans. Loan modifications may be available due to the Coronavirus. Many banks are making no-cost modifications available, but typically you must specifically ask, e.g. interest-only payments for a few months, months of payments pushed off to the end of the loan, etc. Your lender does not want to see you go out of business, talk to them now.

  SBA Loans

  SBA Administrator Jovita Carranza announced an automatic deferment of SBA Disaster Loans through the end of 2020 to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.

  In addition, the Small Business Debt Relief Program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504 and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest and fees, for six months. This relief will also be available to new borrowers who take out loans within the next six months.

  If you have a non-SBA loan from a bank, reach out to your current bank to see what options they may have available. There are some other regularly accessible sources of funds like your bank’s conventional financing or factoring accounts receivable that may now warrant reconsideration, but there are also some forthcoming emergency loan options.

   

• Paycheck Protection Program: Get help to cover the cost of retaining employees

  Notice: Paycheck Protection Program has reopened

   

  The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program's extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 

  The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
  
  You will apply through a bank, credit union, or other government guaranteed lender. 
  
  If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender.

  Find an eligible lender

  • Download the PPP calculator (courtesy of the Kansas SBDC at Johnson County Community College) 

  Businesses, even without a personal guarantee or collateral, can apply one of these loans as long as they were operational on February 15, 2020, and had paid employees at that time (even if the owner is the only employee). On a final note, the SBA’s 500-employee threshold includes all types of employees: full-time, part-time and any other status.

  What businesses are eligible for these loans?

  The Paycheck Protection Program offers loans for the following types of businesses experiencing revenue disruption as a result of COVID-19:

  • Small businesses with fewer than 500 employees.

  • Select types of businesses with fewer than 1,500 employees.

  • 501(c)(3) non-profits with fewer than 500 workers.

  • Some 501(c)(19) veteran organizations.

  • Self-employed workers, sole proprietors and freelance or gig economy workers.

  • NEW (June 5, 2020) businesses with owners who have past felony convictions.
    

  Eligible expenses include:

  • Payroll costs (excluding the prorated portion of any compensation above $100,000 per year for any person. Payroll costs include salary, commissions, tips; certain employee benefits including sick leave and health care premiums, and state and local taxes;

  • Mortgage interest (not prepayment or principal payments) and rent payments on mortgages and leases in existence after February 15, 2020;

  • Utilities such as electricity, gas, water, transportation, phone and internet access for services that began before February 15, 2020; and

  • Additional wages paid to tipped employees.

  Will my PPP loan forgiveness be affected if my employee(s) refuse to come back to work?
  (Source: Kansas SBDC at JCCC and the Department of Treasury)

  No. As an exercise of the Administrator’s and the Secretary’s authority under Section 1106(d)(6) of the CARES Act to prescribe regulations granting de minimis exemptions from the Act’s limits on loan forgiveness, SBA and Treasury intend to issue an interim final rule excluding laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) from the CARES Act’s loan forgiveness reduction calculation. 

  The interim final rule will specify that, to qualify for this exception, the borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation. 

  See the full answer to this and more frequently asked questions about PPP loans.

  Shortcuts to more information on PPP Loans, from the U.S. Small Business Administration: 

  • PPP Overview

  • Who Can Apply

  • How to Apply

  • Loan Details and Forgiveness and application form

  UPDATE: PPP Flexibility Act, June 5, 2020
  (Source: AICPA)

  Following is a summary of the legislation’s main points compiled by the organization of accountants, the AICPA:

  • Current PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period.

  • New PPP borrowers will have a 24-week covered period, but the covered period can’t extend beyond Dec. 31, 2020.

  • Borrowers can use the 24-week period to restore their workforce levels and wages to the pre-pandemic levels required for full forgiveness. This must be done by Dec. 31, a change from the previous deadline of June 30.

  • Payroll expenditure requirement drops to 60% from 75% but is now a cliff—rather than a sliding scale—meaning that borrowers must spend at least 60% on payroll or none of the loan will be forgiven. Currently, a borrower is required to reduce the amount eligible for forgiveness if less than 75% of eligible funds are used for payroll costs, but you can still get partial forgiveness (on a sliding scale) if the 75% threshold isn’t met. (Congresspeople and Senators have said the intention was to continue a sliding scale. If Treasury Secretary Mnuchin doesn’t allow the sliding scale, there may be legislation to force that provision.)

  • New borrowers now have five years to repay the loan instead of two. Existing PPP loans can be extended up to five years if the lender and borrower agree. The interest rate remains at 1%.

  • The legislation includes two new exceptions allowing borrowers to achieve full PPP loan forgiveness even if they don’t fully restore their workforce. Previous guidance already allowed borrowers to exclude from those calculations employees who turned down good faith offers to be rehired at the same hours and wages as before the pandemic. The new bill allows borrowers to adjust because they could not find qualified employees or were unable to restore business operations to Feb. 15, 2020 levels due to COVID-19 related operating restrictions.

  The bill allows businesses that took a PPP loan to also delay payment of their payroll taxes, which was prohibited under the CARES Act.
  

  NEW EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
  (Source: SBA)
  The US Treasury posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application on June 17, 2020. The EZ application requires fewer calculations and less documentation for eligible borrowers.
  
  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR

  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR

  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

    PPP EZ Forgiveness Application.

    PPP EZ Loan Forgiveness Application Instructions

    PPP Full Forgiveness Application

    PPP Loan Forgiveness Application Instructions (06-16-2020)

  PPP Loan Forgiveness Tools:

  PPP loan forgiveness calculator: spreadsheet/template (Source: BerganKDV)
  PPP loan forgiveness calculator: online estimator (Source: CoastApp.com)

  
  SBA Economic Injury Disaster Loans and PPP
  Can a business get an EIDL and a PPP loan? Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.

  Work with your accountant and run the numbers. While you can do the EIDL and PPP (as long as they’re for different expenses), you can’t do the Employee Retention Tax Credit and the PPP, so find out which one is best for your business. 

  EIDL / PPP and Faith-Based Organizations

  All faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act. 

  Know Your Options: Financial Assistance Programs for COVID-19

  Rebecca Gubbels of Missouri SBDC at UMKC and Lee’s Summit EDC
  
  

  More resources on PPP for deeper dives:

  • Paycheck Protection Program Fact Sheet, U.S. Department of Treasury

  • FAQs on the Paycheck Protection Program, Greater KC Chamber of Commerce

  • FAQs on the Payment Protection Program, U.S. Senate Committee on Small Business and Entrepreneurship 

  • “What's in the just-passed small-business Paycheck Protection Program,” Kansas City Business Journal

  • Stimulus Bill Update: Additional SBA Relief Available to Coronavirus-Impacted Small Businesses, Husch Blackwell

• Disaster Relief Loans and Grants: What funding is available now?

  Talk to your lender now about your existing loans. Loan modifications may be available due to the Coronavirus. Many banks are making no-cost modifications available, but typically you must specifically ask, e.g. interest-only payments for a few months, months of payments pushed off to the end of the loan, etc. Your lender does not want to see you go out of business, talk to them now.

  Local Disaster Assistance

  Area microlenders and community development financial institutions are hustling to offer interim financing. Their available loan amounts are comparatively small,often capping out at $20,000 or $50,000, but they’re comparatively FAST. 

  These amazing community resources can be quick because they are typically much smaller operations than banks, and they aren’t responsible for taking and protecting depositors’ funds.  
  

  Evergy Hometown Economic Recovery Program
  Evergy is now accepting applications from registered 501(c)3 and 501(c)6 nonprofits for programs and projects focused on aiding the short and long term recovery efforts in our service territory. Grants can be requested in amounts between $5,000.00 and $25,000.00 will be awarded in two phases.
  
  For small business customers that are looking for support, as part of our community support package, Evergy has made significant contributions to two nonprofit small business loan funds. Small businesses can apply for loans from these funds:

  • GKC COVID Small Business Loans: www.alt-cap.org/covid-relief-fund

  • Network KS/Restart Kansas County Loan Fund (Restart Kansas): Call 877-521-8600 or email info@networkkansas.com

  🛑 KCMO Small Business Relief Fun
  (Source: Economic Development Corporation of Kansas City)
  The Kansas City Missouri Small Business Relief Loan Fund will provide loans up to $25,000 to help small businesses within the city limits of Kansas City Missouri continue to finance operational expenses during this unprecedented period of economic stress due to the Covid-19 Pandemic. The Fund allows for low interest rate loans, deferred payments for the first 6-12 months, and extended amortization periods of up to five years. There are no minimum credit score and flexible collateral requirements.

  Kansas City AltCap COVID-19 Small Business Relief Fund
  This new community-backed $5 million small business relief loan fund is intended to provide immediate relief to local, small businesses experiencing extreme economic disruption and financial strain as a result of the necessary public health measures to “flatten the curve” and combat the virus.

  St. Louis Small Business Grant Fund
  The City of St. Louis has established a Small Business Grant Fund to assist small businesses that have been severely impacted by COVID-19 and Stay at Home Orders. Through the CARES Act, the total amount of the funding available for disbursement is $4,000,000.00. These grant amounts will be $5,000.00.
  

  Applications for the Small Business Grant Fund will be accepted beginning Wednesday, June 3 at 9:00 AM.

  St. Louis Small Business Resource Fund
  The St. Louis Economic Development Partnership and the St. Louis Development Corporation are offering a 0% percent interest loan program for small businesses in the City of St. Louis and St. Louis County that have sustained economic damage due to the COVID-19 crisis. For questions about the program, please email bizhelp@stlpartnership.com

  🛑St. Louis Gateway Resilience Fund
  As a resource for individuals who are employees or owners of independent businesses affected by this crisis, the Gateway Resilience Fund has been established to provide short-term assistance. The fund is providing $1,000 in direct payment of bills to vendors or $500 directly to applicants. In addition, the St. Louis Downtown Community Improvement District (CID) is offering $5,000 grants to affected small, locally owned businesses in its 180-block area. This will be updated as more resources are identified and become available.

  For more funding options, complete the COVID-19 Financial Assistance Request form. 
  

  Help my business
  find funding

  
  

  Know Your Options: Financial Assistance Programs for COVID-19

  Rebecca Gubbels of Missouri SBDC at UMKC and Lee’s Summit EDC

• SBA Disaster Loans

  The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) expands existing eligibility requirements and provides greater funding opportunities for businesses seeking relief from the federal government. 
  

  SBA Coronavirus Pandemic Disaster Loans
  (Source: America’s SBDC) This chart from the Kansas SBDC provides a comparison of the following SBA coronavirus pandemic disaster loans:

  • EIDL Forgiveness/Advance (grant of up to $10K)
  • PPP (Paycheck Protection Program) SBA 7(a)
  • SBA Express Bridge Loan
  • SBA Small Business Debt Relief Program

  Under the disaster assistance program, businesses are eligible to borrow up to $2 million. 

  Under the SBA 7(a) program, businesses are eligible to borrow up to $10 million with significant loan forgiveness if the funds are used for payroll, lease payments and other general expenses. 

  Under SBA Express Bridge Loan, businesses are eligible to borrow up to $25,000, which may be repaid in full or part by proceeds from an EIDL.

  Under SBA Small Business Debt Relief, the SBA will cover all loan payments on SBA loans for six months.
  

  [Chart] Which SBA loan(s) is right for your business during COVID-19?

• EIDL: SBA Economic Injury Disaster Advances

  🛑EIDL: SBA Economic Injury Disaster Advances
  

  July 11, 2020: Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated. 

  EIDL loan applications will still be processed even though the Advance is no longer available. As a reminder, the loan portion of the EIDL program continues to have funds available at very affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin.  Every eligible small business and non-profit is encouraged to apply to get the resources they need.
  

  1. Get the FAQs about EIDL from KCSourceLink

  2. See “SBA Disaster Assistance Loans” in this blog post by the Missouri SBDC at UMKC to prepare the right documents before you apply, Missouri SBDC at UMKC.

  3. And then, once you have your paperwork in order, apply for disaster assistance via the SBA website

  Another important aspect of the CARES Act for small businesses is that it expands eligibility for the SBA’s Economic Injury Disaster Loans (EIDLs). In early March, the SBA’s disaster loan program was extended to all small businesses affected by COVID-19, but the CARES Act opens this program up further and makes it easier to apply.

  These changes include:

  • EIDLs are now also available to Tribal businesses, cooperatives, and ESOPs with fewer than 500 employees. They are also available to all non-profit organizations, including 501(c)(6)s, and to individuals operating as sole proprietors or independent contractors.

  • EIDLs can be approved by the SBA based solely on an applicant’s credit score.

  • EIDLs that are smaller than $200,000 can be approved without a personal guarantee.

  • Borrowers can receive a $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.

  EIDL and Paycheck Protection Program

  Can a business get an EIDL and a Paycheck Protection Program loan? Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.
  
  

  EIDL vs PPP: Chart the Key Differences Between These Major SBA Loans

  Economic Injury Disaster Loans vs. Paycheck Protection Program loans: What are the key differences, and which is best for your business? Download this handy chart that covers the most important facets and loan terms for each so you can plan the best path forward for your business.
  
  

  EIDL Application Checklist for Sole Proprietors and Contractors

  Here's a handy checklist from business experts that highlights the parts of the application that these two types of businesses will complete a little differently. Filling out the form property is key to moving an application along as quickly as possible. Counselors at your local SBDC also can help guide you through these forms.
  

  EIDL / PPP and Faith-Based Organizations

  All faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act. 
  
  

  How to Apply for SBA EIDL Program, Missouri SBDC

   

  Due to the overwhelming number of applicants, the SBA website may go offline from time to time. 

  • When the website is up and running, businesses are encouraged to visit covid19relief.sba.gov/ to apply.

  • When the website is offline, you can still apply via disasterloan.sba.gov/ela/Home/OfflineApply by uploading filled out forms through a link  and emailing filled out forms to disasterloans@sba.gov or mailing physical copies to:
    U.S. Small Business Administration
    Processing and Disbursement Center
    14925 Kingsport Rd.
    Ft. Worth, TX 76155-2243

   

  Forgivable $10,000 Advance

  The CARES Act provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

  If you wish to apply for the advance on your EIDL, please visit covid19relief.sba.gov/#/ as soon as possible to fill out a new, streamlined application. In order to qualify for the advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

  
  Tips

  • Print out the required forms and collect required info before you start filling out the application on-line (put your answers on the paper form first and then start filling out on-line, also save as you go as this is a large volume of traffic and the site may glitch) 

  • For those seeking the forgivable "$10,000 Advance" that submitted an application prior to March 30, you will need to go back in and submit again to ensure you receive it.

  • Apply during off-peak hours from 7 p.m. to 7 a.m. is highly recommended. As you can well imagine, the site is busy! 

  • Save often and gather all of your information before you begin to maximize your odds of getting through the process quickly and completely.

  • The SBA website has experienced high demand and outages. When the website is offline, you can still apply via disasterloan.sba.gov/ela/Home/OfflineApply. Apply by uploading your filled out forms through a link on that page or by scanning and emailing your filled out forms to disasterloans@sba.gov. The SBA recommends checking the main application page for availability one final time before submitting via these alternate methods as their online application portal is still the fastest, best way to get your information into the hands of their underwriters.

  • Beware of scams that offer to help you complete a loan application for a percentage of your loan. Your local Small Business Development Center (SBDC) will help you navigate this process for free. Find your office: Missouri SBDC and Kansas SBDC.

  
  More resources on the CARES Act for deeper dives:

  • What Small Businesses Need to Know, U.S. Chamber of Commerce

   

• CARES vs. EIDL vs. PPP vs. ERTC

  Let’s put it all together, with help from our friends at the Kansas SBDC. 

  How To Get Up To $10,000 or More From Uncle Sam for Your Business

    

  The webinar walks through three scenarios. Jump to these timestamps to learn more:

  • 23:15 – Gig-worker, independent contractors, self-employed individuals

  • 32:25 – Growing business before COVID-19

  • 52 – Businesses with over 50% drop in revenue

  • 54:30 – Q&A starts. Read the Q&As right here.

  The webinar outlines three business scenarios and their options and opportunities under the 

  • CARES Act, including SBA Economic Injury Disaster Loans (EIDL)

  • Paycheck Protection Program (PPP) - currently SUSPENDED

  • Employee Retention Tax Credit

  Can a business get an EIDL and a PPP loan? Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.

  Can you do the ERTC and the PPP? Nope. Work with your accountant and run the numbers. While you can do the EIDL and PPP (as long as they’re for different expenses), you can’t do the Employee Retention Tax Credit and the Payment Protection Program, so find out which one is best for your business. 

   

• Other Local, Regional and National Grants and Loans

  BY CITY/REGION

  
  Adair County, MO
  

  ADAIR County CARES Act Funding Opportunity
  The State of Missouri received about $2.3 billion of the Coronavirus Aid, Relief, and Economic Security ACT (CARES Act). Adair County’s share is $2,973,240. Adair County will use the guidelines provided by the U.S. Department of Treasury and the State of Missouri in making awards of the funds received under the CARES Act. 
  

  Audrain County, MO

  🛑 CARES Act Phase Two Information
  Applications will be available at city hall in Mexico and Vandalia and are available at www.audraincounty.org. Applications will be accepted until Aug. 30 or until funds are exhausted.
  

  Buchanan County, MO
  

  CARES Act Information
  Buchanan County received $10,249,541 for use local entities to cover costs incurred due to the public’s health emergency. The County has worked closely with the State Treasurer’s Office and other counties to put together a process to distribute these funds. There are two applications. The County will review Reimbursement Grants (application 1)to cover expenses that fall into the definitions. Small Business Relief Grant Applications will also be reviewed (application 2).

  Caldwell County, MO
  

  Caldwell County Announces Round Two CARES Act Application Process
  Caldwell County is making an application available to request CARES Act funds for a second round of funding. Nonprofits and small businesses should apply by Sept. 14.
  

  Callaway County, MO

  Callaway County through the FADF is offering a utility grant for small businesses.
  

  Purpose: To assist small businesses in our community with utility assistance that were adversely impacted by COVID-19.
  Qualifications: Business closed for some portion of April/May 2020 during the state-wide mandatory shutdown.
  

  • Business revenue was adversely impacted due to COVID-19 and/or business closed during state shutdown
  • Must have a Brick and Mortar establishment within Callaway County. Submitted utility bills must include the business name to qualify for reimbursement.
  • Business did not use Payroll Protection Program (PPP) or FADF COVID-19 Small Business Recovery Grant funds to cover utility expenses

  What qualifies as utilities? Utilities defined as Electric, Water, Gas, and Broadband Internet services in the business’ name and delivered at the business’ location from April 1st through May 31st.
  
  To Apply:
  

  • Complete Application
  • Include utility bills for months of April and May 2020. Submitted utility bills must include the business name to qualify for reimbursement.
  • Provide a current 2020 business license; Non-Profits should provide a current 2020 Certificate of Good Standing with the state of Missouri
  • Have the application notarized

  
  

  COVID-19 Resources
  Small Business Recovery Grant will reopen on Tuesday, September 8th, deadline is TBD
  

  Camden County, MO

  CARES ACT Funding: Business Assistance Grant Application**
  Application period is September 1 to September 30, 2020
  **Please note: Payroll and Loss of Revenue are not eligible expenses in the grant program.
  

  The Camden County Commission is providing a small business assistance program to provide economic support to small businesses in connection with COVID-19 and as provided through the Federal CARES Act. Camden County has received Coronavirus Relief Funds that it is making available, on an application basis, to eligible entities for necessary expenditures incurred due to the public health emergency.

  Cape County, MO

  Local CARES Act Business Grant Application Open
  

  The application for businesses to apply for grants from Cape Girardeau County’s CARES Act funding is now available. 

  Christian County, MO
  

  Cares Act Small Business Relief Program

  Christian County has received Coronavirus Relief Funds and is making available a portion of those funds, on application basis, to eligible entities for necessary expenditures incurred due to the public health emergency. The maximum funds available is $10,000 per request. The minimum application threshold is $150. Funds may only be used to cover costs that:
  

  • are necessary expenditures incurred due to the public health emergency with respect the Corona virus Disease 2019 (COVID–19);
    
  • were incurred during the period that begins on March 1,2020,and ends on December 30,2020.

  The requirement that expenditure be incurred “due to” the public health emergency means that expenditures must be used for actions taken respond to the public health emergency such as the purchase of PPE, sanitizing supplies and equipment or social distancing modifications undertaken.
  

  If your business is within city limits, please obtain the city's signed approval of your application before submittal.

  
  Clay County, MO

  CARES Act Clay County Grant Program Phase 2 Starts 9/14/2020
  We are excited to announce Phase 2 of the CARES Act Clay County Grant Program:
  The Clay County Kansas CityMissouri CARES Act Grant Fund will provide funding to help small businesses in Clay County located within the city limits of Kansas CIty Missouri, to provide operational expenses during this unprecedented period of economic stress due to the Covid-19 Pandemic. See details here>> edckc.com/cares-clay-county-grant-program
  

  Clinton County, MO

  CARES Act Relief Fund Application
  Phase Two (2) will cover any expenses accrued from July 16, 2020, until October 01, 2020, for the following entities: School Districts and small businesses. The applications for phase two (2) need to be submitted no later than Oct. 30, 2020.
  

  Cole County, MO

  Cole County CARES Act Phase 2
  The Phase 2 Application is open September 8, 2020 through September 30, 2020 for these categories:

  • Educational Institutions (K- 12) can apply; funding will not exceed their initial phase 1 allocation
  • Hospitals, Medical Centers, Nursing Homes (category allocation - $.5M)
  • Cities (category allocation - $1M;  funding limits based on census population)
  • Non-profits, including non-profit higher education (category allocation - $.3M)
    1. Non-profit funding is limited to $25,000 per entity
  • For-profit, including small businesses and for-profit higher education (category allocation - $.2M)
    1. Limited to $5,000 per entity and only for those that have not received other COVID-19 funding 
  • Applications related to loss of revenue or unemployment are not being accepted at this time
  • Funds will only be distributed through reimbursements.

  As of 9/8/2020, only Online Applications will be accepted.  The process is as follows:

  • Applicants should follow this link to apply: https://colecountycares.force.com/s/2020crfapp.

  • Questions about the application process should be addressed by email to CARESAct@colecounty.org

  Columbia, MO
  

  City of Columbia Dept. of Community Development

  🛑 1. Small Business Recovery Loan

  🛑 2. Microenterprise Recovery Loan

  • Applications will be open for ONE DAY ONLY on Tuesday, September 15 from 8am-5pm
  • Different days for each program
  • APPLICATIONS OPEN FOR ONE DAY (8hrs) ONLY! Or until 1.5 times the number of applications that can be funded are received. (follow CoMo HPD on Facebook for updates)
  • Portal will be located on Housing Programs Division website.
  • PREPARE APPLICATION NOW!
  • Assistance in applying is from the Missouri Women’s Business Center (MOWBC) is available for both women AND men at 573-818-2980 or info@mowbc.org.
  • View application tutorial during via Loan Program info session recording (application portal demo begins at 23:00:00 in the video)
  •  

  Excelsior Springs, MO

  #OneTownOneTeamGrant
  (Source: Excelsior Springs Area Chamber of Commerce)
  The funding from this program is meant to serve as a “bridge” while you wait for business to go back to usual or for when more substantial federal funding becomes available. The money available for this grant is from local businesses and community members who have donated specifically to help our Excelsior Springs businesses.
  

  Gladstone, MO
  

  CARES Small Business Grant Program Information Sheet
  This progream issues $130K in grant funds to small businesses in Gladstone. Small businesses can apply for a grant up to $7,500 to reimburse expenses related to COVID-19. Applications accepted Sept. 1-30.
  

  Greene County, MO
  

  Greene County CARES Act Relief Fund
  As part of this fund, Greene County has received $34 million to help support local corona virus response efforts. These funds will be distributed back into our community for area expenses related to the virus and to help mitigate the impact of COVID-19.

  As a means to streamline the fund distribution process and to meet the immediate needs of residents, business owners, nonprofit organizations and our municipal and community partners, the Greene County Commission has developed an organizational structure for payments that centers on six priority areas:

  • Medical
  • Public health
  • Payroll
  • Compliance with COVID-19 expenses
  • Provisional support expenses
  • Other COVID-19 related expenses.

  Grant guidelines and application processes are being developed and will be made available on this section of the Greene County website. A community advisory council will then review those applications and make recommendations to the Greene County Commission for final decisions.

  Please check back to this page, as related information will be posted and updated here.

  Application Information Sheet
  Application Instruction Guide

  Holt County, MO

  CARES Act Funding Opportunity
  Deadline for small business and nonprofit relief funds is Dec. 11.
  

  Howell County,MO

  Howell County Commission launches CARES Act Grant Relief Program for Small Businesses

   

  The Ozarks Small Business Incubator and the The Howell County Commission are pleased to announce the establishment of the Howell County CARES Small Business Relief program. The grant program for small businesses in Howell County is funded by the CARES Act with a goal of helping businesses navigate the impacts of COVID-19. The Howell County CARES Small Business Relief Program is designed to provide businesses impacted by the COVID-19 public health emergency with financial relief through an application-based reimbursement program.
  
  The Ozarks Small Business Incubator (OzSBI) is serving as the grant program administrator for the Howell County CARES Small Business Relief Program. Grants will be awarded to Howell County businesses based on a criteria defined by federal CARES Act guidelines and the U.S. Treasury.
  

  Funds may be used to cover costs that:
  

  • Are necessary expenditures incurred due to the public health emergency with respect to COVID-19.
    
  • Were unbudgeted costs as of March 27, 2020 (the date of enactment of the CARES Act).
    
  • Were incurred during the period that begins on March 1, 2020, and ends on December 30, 2020.
    

  To apply, applicants should access the Howell County CARES Small Business eligibility requirements and Relief Program Application here. Detailed application instructions, a FAQ, and a list of required supporting documentation are posted with the application.
  

   

  Program funds will be allocated to eligible businesses based on availability. All applications will be processed on a first-come, first-review basis. All applications must be received by OzSBI by December 11, 2020 for consideration.
  

   

  Questions regarding the Howell County CARES Small Business Relief Program application process may be directed to Autumn Shirley, Grant Administrator or by email at hocomocares@ozsbi.com or by phone at 417-256-9724.
  

  Apply now
  
  

  Jasper County, MO

  Jasper CARES 2020
  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established the Coronavirus Relief Fund (the “Fund”).  A portion of the Fund was allocated to Jasper County Missouri.  The CARES Act requires that payments from the Fund may only be used to cover costs that are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019 (COVID-19).
  

  Johnson County, MO

  🛑 Johnson County, Missouri Round 2 of CARES Funding Aug. 31-Sept. 15, 2020
  

  Johnson County, MO is making a second round of applications available to request CARES Act funds. In this second round of funding, local governments, non-profits, and small businesses will be eligible to submit an application. Two types of applications, related to necessary expenditures in response to the COVID-19 health emergency, will be accepted:
  

  Reimbursement only, for the period of March 1, 2020 through August 31, 2020; and
  Preapproval of planned projects, with a completion date no later than December 30, 2020

  Applications will be available on the County website, www.jococourthouse.com, on August 31, 2020. There will also be additional informational resources made available at that time, including Frequently Asked Questions and an educational video to provide guidance on the application process.

  Kansas City, MO

  🛑 Ignite COVID-19 Response Accelerator
  (Source: Black & Veatch, LaunchKC)
  Do you have a solution that can reduce the severity of the coronavirus outbreak, but need help commercializing and rapidly deploying? The Black & Veatch COVID-19 Response Accelerator is designed for growing companies looking to scale emerging solutions to save lives, help communities cope, and protect the economy.
  

  🛑 KC Minority Business Resiliency Grant
  (Source: UMKC Innovation Center)
  The Resiliency Grant program will award up to $5,000 to at least 20 racial/ethnic minority-owned businesses. The grants are funded by the Ewing Marion Kauffman Foundation and administered by the UMKC Innovation Center in partnership with local bankers.

  • The total grant pool is $100,000

  • Fund requests have a minimum of $500 and maximum of $5,000

  • There will be a minimum of 20 grant awards

  • Only the first 100 applications will be considered for a microgrant

  🛑 KCMO Small Business Relief Fund
  (Source: Economic Development Corporation of Kansas City)
  The Kansas City Missouri Small Business Relief Loan Fund will provide loans up to $25,000 to help small businesses within the city limits of Kansas City Missouri continue to finance operational expenses during this unprecedented period of economic stress due to the Covid-19 Pandemic. The Fund allows for low interest rate loans, deferred payments for the first 6-12 months, and extended amortization periods of up to five years. There are no minimum credit score and flexible collateral requirements.
  

  Midwest Music Foundation Relief Fund COVID-19 Emergency Grant
  (Source: Midwest Music Foundation)
  Midwest Music Foundation's Emergency Relief Fund COVID-19 will provide grants to musicians faced with emergency financial loss due to employment suspension because of COVID-19. Funds are based on community donations and will be granted as the money is available. They will be in the form of one-time emergency grants of up to $250 on a first-come, first-served basis.

  Rocket Relief Fund
  (Source: Charlotte Street Foundation, Spencer Museum of Art, ArtsKC – Regional Arts Council, with underwriting from the Andy Warhol Foundation for Visual Arts and Theater League Kansas City)
  In this second cycle, Rocket Relief utilizes a lottery method that is weighted to prioritize applications based on financial need. In recognition of the disproportionate impact on Black, Indigenous and/or People of Color (BIPOC) from COVID-19 as reported by the CDC, cycle 2 will see the addition of using demographic information to also prioritize artists who self-identify as BIPOC. Applicants who have already received a Rocket Relief grant are no longer eligible.
  
  Applications are only accepted online through the Call for Entry (CAfE) system. Emailed or hard copy submissions will not be accepted. Applications are open now as of August 18, 2020.
  

  🛑 Startup Assets for Economic (SAFE) Opportunity
  Administered by the Community Capital Fund (CCF), in partnership with the City of Kansas City, Mo. Health Department, the Startup Assets for Economic (SAFE) Opportunity entrepreneurship grant program will award micro-grants ranging from $500 to $2,000 to residents of Kansas City’s 64128 zip code area. SAFE Opportunity is the first initiative of the KC Blueprint for violence prevention and a safe and healthy community. SAFE Opportunity is supporting the development of small business startups, while increasing household income and financial stability More information and application here.
  

  Lafayette County, MO
  

  CARES Small Business Relief Program
  Lafayette County has received Coronavirus Relief Funds to distribute to eligible entities for necessary expenditures incurred due to the public health emergency. 

  
  North Kansas City, MO
  

  🛑 NKC CARES Small Business Grant Application

  The City Council established the CARES Small Business Grant Program on June 2, 2020, to be administered by the Clay County EDC. This program will issue $150,000 in grant funds to small businesses in North Kansas City. Small businesses can apply for a grant up to $5,000 to reimburse business expenses related to COVID-19. Applications accepted from June 3 to 11:59 p.m. on June 14, 2020.

  Platte County, MO
  

  🛑 Platte County CARES “Survive & Thrive” Small Business Grant Program

  (Source: Platte County EDC)
  The Platte County Commission established the CARES “Survive & Thrive” Small Business Grant Program on June 8, 2020 to be administered by the Platte County EDC. This program utilizes their CARES Act funds to assist small businesses in Platte County, Missouri.
  

  Pleasant Valley, MO

  CARES Small Business Grant Program Information Sheet
  This program will issue $100,000 in grant funds to small business in Pleasant Valley. Small businesses can apply for a grant up to $5,000 to reimburse business expenses related to COVID-19. CARES Small Business Grant Applications accepted starting at 8:00 am on August 15, 2020 and ending at 5:00 pm on September 15, 2020.
  

  Pulaski County, MO

  CARES Small Business Relief Program
  
  

  Randolph County, MO

  Small Business CARES Act
  Sept. 10 first round of applications due and Dec. 15 second round of applications due.
  

  Scott County, MO

  Cares Act Funds Application
  
  

  Sedalia, MO

  🛑 Small Business Marketing Grant
  (Source: Sedalia Democrat)
  The Phillips Media Group has announced the launch of a community marketing grant program to help local businesses continue advertising during the challenging times created by the COVID-19 crisis. All 10 Phillips Media Group publications are participating in this program, jointly allocating up to $250,000 in matching advertising credits to assist local businesses. Local businesses are an important part of a community’s identity.
  

  Smithville, MO

  CARES Small Business Grant Applications
  The Board of Aldermen established the CARES Small Business Grant Program on June 23, 2020 to be administered by the Clay County EDC. This program issued $105,000 in total grant funds to small businesses in Smithville. On August 4, the Board authorized a second round of grants for up to $100,000. Small businesses can apply for a $5,000 grant to reimburse business expenses related to COVID-19 from August 19 through September 4, 2020.
  Small Business Grant Program Application Form
  

  Springfield, MO

  (Source: efactory)
  The City of Springfield has allocated over $400,000 of CARES Act funding for forgivable business loans. Loans of up to $10,000 will be issued through the program.
  

  St. Francois County, MO
  

  The St. Francois County CARES Act Funding
  The St. Francois County CARES Act Funding Application is now available on the County’s website: sfcgov.org for eligible uses and entities as outlined by guidance by the U.S. Department of Treasury which can be found at treasurer.mo.gov/COVID.

   

  The application process will be handled in 3 different phases as described below. All applications shall be submitted to the Southeast Missouri Regional Planning Commission as described in the application.
  

  🛑 Phase 1: Applications will be accepted starting 6/15/2020 and will be awarded on 8/4/2020. This phase is open to local governments and public entities only, to include:

  •Municipalities

  •Health Departments

  •County Hospitals

  •Hospital Districts

  •School Districts

  •Fire Protection Districts

  •Ambulance Districts

  •Other Political Subdivision of the County
  
  

  🛑 Phase 2: Applications will be accepted starting 8/5/2020 and will be awarded 9/29/2020. This phase opens to non-profit organizations as well as all entities eligible in phase 1.
  

  
  Phase 3: Applications will be accepted starting 9/30/2020 and will be awarded 10/27/2020. This Phase opens to small businesses as well as all entities eligible in phases 1 and 2. Applications must be submitted no later than one week prior to the award date for each phase to the Southeast Missouri Regional Planning Commission by mail, email, or fax.
  

   

  Contact information is included in the application instructions. The guidelines provided by the U.S. Department of Treasury and State of Missouri will be utilized in reviewing eligibility of all applications

  
  St. Joseph, MO

  City of St. Joseph Strong Small Business Retention Program

  Through federal funds received, the City of St. Joseph is making available to small businesses (1-20 full-time employees) loans to address local business impact for COVID-19.

  St. Louis, MO

  🛑 STL CARES: Federal Funding for St. Louis Child Care Providers
  ENDS SOON: Saint Louis MHB is collaborating with the City of St. Louis for a one-time grant opportunity to help get CARES Act funding into the community for early childhood care.

  All applications must be submitted no later than 4:30pm on Thursday, August 20, 2020 and applicants can expect to be notified of final funding decisions during the first week of September 2020. Please email Kristin Cowart at kcowart@stlmhb.com if you have any questions regarding the webinar or application or call  (314) 535-6964 x21.
  Online Application link:  https://bit.ly/STLCARESApp
  Instructions only: https://bit.ly/STLCARES
  Application PDF (for written submissions): https://bit.ly/STLCARESApp_PDF
  CARES Act Webinar 8-11-2020
  CARES Act Webinar Slides 8-11-2020
  CARES Act Provider Webinar Q&A 8-11-2020
  
  🛑 St. Louis Small Business Grant Fund Applications will be accepted until 5:00 pm Tuesday, July 14.
  The City of St. Louis has established a Small Business Grant Fund to assist small businesses that have been severely impacted by COVID-19 and Stay at Home Orders. Through the CARES Act, the total amount of the funding available for disbursement is $4,000,000.00. These grant amounts will be $5,000.00.
  

  Applications for the Small Business Grant Fund will be accepted beginning Wednesday, June 3 at 9:00 AM.
  
  🛑 Arch Grants Relief Fund SUSPENDED
  Reallocated Arch Grants help support previous Arch Grants Founders. 

  🛑 Arch Grants Global Startup Competition 2020
  Arch Grants will still hold their annual competition and award $50K in equity free funding to 20 startups, and 5 specifically to geospatial startups. Applications open on May 15.
  
  🛑 Gateway Resilience Fund  TEMPORARILY SUSPENDED
  (Source: St. Louis Community Foundation)
  As a resource for individuals who are employees or owners of independent businesses affected by this crisis, the Gateway Resilience Fund has been established to provide short-term assistance. 
  
  🛑 Neighborhood Small Business Lift Grant (Deadline May 1) 
  (Source: St. Louis Community Foundation)
  The Neighborhood Small Business Lift grant is available for neighborhood-serving small businesses to maintain staff, facilities and other essential costs. Grantees may also use funds to adapt to remote operations where possible.
  
  🛑 RAC Artist Relief Fund
  (Source: Regional Arts Commission)
  The Regional Arts Commission of St. Louis Artist Relief Fund will award grants of $500 or $1,000 to working artists who live in St. Louis City or St. Louis County whose immediate creative practices and incomes are being adversely impacted by the COVID-19 crisis.
  

  🛑 Small Business Relief Program Closes May 17
  (Source: Saint Louis County Cares)
  The Small Business Relief Program offers a one-time grant of up to $15,000 to companies that had 50 or fewer full-time workers as of March 1. Grants will be capped at $2.5 million per county council district. Closes May 17.

  The Small Business Resource Discretionary Grant Program
  (Source: St. Louis Port Authority, St. Louis Economic Development Partnership)
  This new St. Louis County program will give $500 discretionary grants to help sole proprietors, contract workers, gig workers, 1099 workers and other businesses who do not qualify for our Small Business Resource Program.
  
  Small Business Resource Fund
  (Source: St. Louis Partnership)
  The St. Louis Economic Development Partnership and the St. Louis Development Corporation are offering a 0% percent interest loan program for small businesses in the City of St. Louis and St. Louis County that have sustained economic damage due to the COVID-19 crisis. For questions about the program, please email bizhelp@stlpartnership.com

  St. Louis Art & Music Fund
  (Source: GoFundMe)
  This helps musicians and bands offset by canceled gigs.
  

  University City Forgivable Loan Program
  (Source: University City, Missouri)
  The program sets aside $1 million of funds, that can only be used to promote economic development activity, for an eligible small business to access for addressing operational needs such as payroll, payment to service providers, utilities, and suppliers.  Funds cannot be used for rent or capital purchases.
  

  Stone County, MO

  Stone County CARES Act Funding
  Phase I CLOSED Phase II CLOSED
  Phase III: Businesses Located in Stone County

  Phase III application cycle is September 14-30, 2020. Applications must be submitted prior to September 30, 2020 to be considered.

  The Stone County Commission has authorized Phase III of the distribution of funds from the CARES Act to be reserved for businesses that meet the following criteria:

  • Must be located within Stone County
  • Corporately-owned chains are excluded
  • Franchisees are eligible but only for a location in Stone County

  In addition to receipts for expenditures, you will need to furnish a copy of a 2020 city or county business license, a copy of a 2019 paid business property tax receipt (or 2019 business personal property tax receipt if you don’t own your business location). No payroll will be reimbursed. Receipts must accompany the application to be considered.

  Eligible expenses are items purchased to keep the public and/or employees safe, such as: PPE (masks, gloves), hand sanitizer, special cleaning supplies, and modifications like installation of plexiglass.

  The Commission has set a minimum $250 grant award for Phase II. If you do not have $250 in eligible expenses you will not receive funds.

  Webster County, MO

  CARES Phase Two Extended
  The current round of funding under the “Webster County CARES Program” has been extended – and provides up to $7,500 in reimbursement for direct expenses related to fighting the spread of COVID-19 (during the period March 1 through September 30, 2020) to eligible organizations of any size. Deadline is Oct. 16.   
  
  

  Worth County, MO

  CARES Act Funding Opportunity
  Deadline for small business and nonprofit relief program is Sept. 25.

  Wright County, MO

  Wright County CARES Program
  Wright County has received $2,145,655 in Coronavirus Relief Funds from the federal government. Eligible parties may apply for these funds for reimbursement of necessary expenditures incurred due to the COVID-19 public health emergency. 
  
  

  Wyandotte County, KS
  

  The Unified Government's WYCO Loves Local Small Business Grant is created with CARES Act Funding to help reduce the financial strain on local businesses as a result of the COVID-19 pandemic. Grants are only available to for-profit businesses located in Wyandotte County.  Interested businesses can apply HERE.

  Grant amounts:
  $10,000 -  Businesses with 1-25 employees
  $20,000  - Businesses with 26-500 employees
  The Unified Government will provide grant payments for revenue replacement or other COVID related expenses. To qualify for revenue replacement, documentation will be required comparing revenue from 2019 to 2020. To qualify for COVID related expenses, business must provide invoices and/or receipts for eligible expenses.
  Interested businesses can apply at the following link:
  WYCO Loves Local Small Business Grant Application
  

  BY STATE

  Kansas Funds

  🛑 Kansas HIRE Fund - SUSPENDED
  (Source: Kansas Department of Commerce)
  UPDATE: Due to the overwhelming initial response, all initial funds through the HIRE Fund have been allocateD. However, the department is keeping its form open and will continue to collect information from Kansas hospitality businesses on the losses they are facing due to the COVID-19 pandemic.
  

  🛑 SPARK Grant for KS Small Businesses & Food Providers

  (Source: Kansas Dept. of Commerce)

  Kansas SPARK business grant program for businesses that have seen at least a 25% reduction in revenues due to COVID-19. If your Kansas business received less than $350K in other CARES Act (PPP, EIDL, CDBG, Phase I county grants, etc.) funds, you can apply for SPARK grants.

  Applications will begin to be ACCEPTED on Wednesday, Aug 19 at noon. There are many programs available, including:

  • Small Business Working Capital Grants
  • Securing Local Food Systems Grants (Grocery stores/farmer market vendors/restaurants)
    
  • PPE Procurement Grants
    
  • PPE Manufacturing Grants
    
  • COVID-19 Bioscience Development Acceleration

  Review applications here.
  

  Missouri Funds 

  🛑 Ameren Covid-19 Small Business Relief Program
  Starting July 6, the program will provide $500,000 in energy assistance to support eligible small business customers. To qualify, you must be:

  • Registered with the Missouri Secretary of State.

  • A small business or nonprofit 501(c)(3) customer with 50 or fewer employees.

  • Locally owned and non-franchised in Missouri.

  • An active Ameren Missouri gas or electric customer for the past 6 months.

  • Experiencing financial hardships due to COVID-19

  🛑 Ameren Energy Assistance for Employees - SUSPENDED
  

  If any of your employees have been affected by reduced hours or closings, let them know that Ameren is providing $1,000,000 in energy assistance to residential Missouri customers affected by COVID-19.
  

  Coworking and Incubator Grant Program
  (Source: Missouri Technology Corporation)
  The State of Missouri will make available $1 million in grant funds provided under the CARES Act for eligible Missouri-based non-profit corporation- and University-sponsored coworking and incubator facilities.
  
  Due to COVID-19 related closures, many of the State’s non-profit corporation- or University-sponsored coworking and incubator facilities do not have access to the capital required to update physical spaces in accordance with current public health guidelines. The grants made pursuant to this Program are restricted to reimbursing for costs directly associated with updates to comply with applicable public health emergency guidelines, including updating the facilities to adhere to social distancing guidelines, the adoption of enhanced sanitation protocols, and acquiring necessary personal protective equity ("PPE") to protect employees, tenants, and visitors.
  
  Application Tips
  

  1. In order to apply, you will need to have a Google account. Anyone with a Gmail email address has a Google account. However, you do not need a Gmail email address to have a Google account. If you do not have a Google account you can create one with your existing non-Gmail email address.
  2. To simplify the application process, download the sample application under supplemental materials, then copy and paste responses into the Google form here.
  3. We recommend you use a browser other than Internet Explorer.

  
  Medicaid Providers CARES Act Funding (Source: State of Missouri Dept. of Mental Health, Division of Developmental Disabilities) There is $20M in funding available to Medicaid providers in the Division of Developmental Disabilities for increased costs and service interruption due to COVID-19. Of the $20M, $17.6M is allocated for providers of group home and supported living (ISL) services who have incurred additional unreimbursed expenses, and $2.4M is allocated for day habilitation and employment providers for losses due to the interruption of services. These funds cover losses for the period March 1 to December 30, 2020. Providers will need to apply for these funds and have until December 30, 2020, to do so. Eligible providers will be contacted directly by the Division’s provider relations staff in each regional office with instructions and necessary forms.

  Links:
  Attestation for residential services
  Attestation for day habilitation and employment
  Invoice for residential reimbursement

  Missouri Department of Economic Development Small Business Grant Program
  Dates to apply: July 14 – Aug 31

  Missouri Department of Economic Development announces up to $30 million in grant funds for small businesses & family owned farms.

  • $7.5 mill of the total $30M is set aside for family-owned farms and family farm corporations
  • 22.5 Mill for “small business” general
  • Individual grant max is $50,000
  • For profit with 50 or fewer employees

  Applications must be requested via email
  
  🛑 Small business - smallbusinessgrant@ded.mo.gov Family-owned farm - familyfarmgrant@ded.mo.gov
  
  The Missouri Meat and Poultry Processing Grant Program Aug. 31, 2020: Last day to submit an application
  Created to support Missouri meat and poultry processing facilities to address supply chain disruptions as a result of the COVID-19 public health emergency. The grant is based on a three tiered system intended to incentivize facilities to increase livestock or poultry slaughter and processing, and to become an inspected or exempted facility in the near term. Increased Missouri meat and poultry slaughter and processing facility capacity will add resilience to food supply chain disruptions and will benefit both farmers and consumers. Apply here.

  
  🛑 Nonprofit Relief and Recovery Program Grant
  (Source: Missouri Dept. of Economic Development)
  The Nonprofit Relief and Recovery Program was created to support Missouri nonprofit organizations in meeting critical and emergent needs resulting from the COVID-19 public health emergency and in building organizational capacity for recovery.

  The State of Missouri will make available $22 million in grant funds through the CARES Act* for eligible Missouri nonprofits directly impacted by the pandemic, with priority given to those serving at-risk populations in the areas of: homelessness prevention, job training, food insecurity and basic needs, at-risk youth services, childcare, and academic/educational support.  The grants will allow nonprofits to continue providing community safety nets that improve quality of life and lead to economic and community stability
  
  Applications will be accepted in two waves, via electronic submission. To request an application, please email nonprofitrelief@ded.mo.gov.
  

  🛑 Show Me Strong Personal Protective Equipment (PPE) Retooling Program The purpose of the Show Me Strong Personal Protective Equipment (PPE) Retooling Program is to provide grant funding to manufacturers, nonprofit organizations, and other entities to reimburse certain costs for retooling existing facilities by purchasing necessary equipment and services to manufacture critically needed PPE for use in Missouri. This grant funding will assist entities with creating new business while contributing to the fight against the current COVID-19 public health emergency.

  
  Spire Small Business Customers
  If you are an active, small business/commercial customer in Missouri, and you’ve been impacted by the corona virus, we’re here to help. Spire is providing funds to help you if you’ve experienced a loss in revenue and are struggling to pay your natural gas bill due to the pandemic. The maximum assistance available is $200 per small business.

  BY INDUSTRY

  Innovation and Tech

  🛑 KC Ignite COVID-19 Response Accelerator
  (Source: Black & Veatch, LaunchKC)
  Do you have a solution that can reduce the severity of the coronavirus outbreak, but need help commercializing and rapidly deploying? The Black & Veatch COVID-19 Response Accelerator is designed for growing companies looking to scale emerging solutions to save lives, help communities cope, and protect the economy.
  

  🛑 StL Arch Grants Relief Fund
  Reallocated Arch Grants help support previous Arch Grants Founders. 

  🛑 StL Arch Grants Global Startup Competition 2020
  Arch Grants will still hold their annual competition and award $50K in equity free funding to 20 startups, and 5 specifically to geospatial startups. Applications open May 15.
  
  🛑 MOSS launches COVID-19 Solutions Fund
  Mozilla launched a COVID-19 Solutions Fund as part of the Mozilla Open Source Support Program. The fund will provide awards of up to $50K each to open source technology projects which are responding to the COVID-19 pandemic in some way.
  

  🛑 Newton Award for Transformative Ideas during the COVID-19 Pandemic - DEADLINE May 15
  (Source: Department of Defense)
  For researchers at institutions of higher education, these grants of $10K to $100K are aimed at supporting a “transformative idea” to resolve challenges, advance frontiers and set new paradigms in areas of immense potential benefit to DoD and the nation at large.
  

  National - SBIR Grants

  2019 Novel Coronavirus Medical Countermeasure Partnership Opportunities
  (Source: Biomedical Advanced Research and Development Agency)
  BARDA, part of the U.S. Department of Health and Human Services is continuing to work on identifying promising medical countermeasures and technologies to combat the 2019 novel coronavirus.

  Request for SBIR/STTR Phase I Proposals Addressing COVID-19
  (Source: National Science Foundation)
  Small businesses who are interested in submitting NSF SBIR or STTR Phase I proposals can apply through the FastLane process.

  • COVID-19 Proposal Instructions
  • FastLane Guide

  
  Agriculture + Farming

  🛑 Farmer Relief Fund - DEADLINE April 23
  (Source: American Farmland Trust)
  AFT’s Farmer Relief Fund will award farmers with cash grants of up to $1,000 each to help them weather the current storm of market disruptions caused by the coronavirus crisis. Initially, eligible applicants include any small and mid-size direct-market producers. These are defined as producers with annual gross revenue of between $10,000 and $1 million from sales at farmers markets and/or direct sales to restaurants, caterers, schools, stores, or makers who use farm products as inputs. 
  

  🛑 Farmers Market Promotion Program Deadline: May 26, 2020.
  (Source: USDA)
  The purpose of the Farmers Market Promotion Program (FMPP) is to increase domestic consumption of, and access to, locally and regionally produced agricultural products, and to develop new market opportunities for farm and ranch operations serving local markets by developing, improving, expanding, and providing outreach, training, and technical assistance to, or assisting in the development, improvement, and expansion of, domestic farmers markets, roadside stands, community-supported agriculture programs, agritourism activities, and other direct producer-to-consumer market opportunities. 
  

  🛑 Local Food Promotion Program Deadline: May 26, 2020.
  (Source: USDA) 
  The Local Food Promotion Program (LFPP) offers grant funds with a 25% match to support the development and expansion of local and regional food business enterprises to increase domestic consumption of, and access to, locally and regionally produced agricultural products, and to develop new market opportunities for farm and ranch operations serving local markets. There are two types of project applications are accepted under LFPP—planning grants and implementation grants. Applicants can apply for either but will receive only one type of grant in the same grant cycle. Eligible entities may apply if they support local and regional food business enterprises that process, distribute, aggregate, or store locally or regionally produced food products. 
  

  🛑 Missouri Department of Economic Development Small Business Grant Program
  Dates to apply: July 14 – Aug 31

  Missouri Department of Economic Development announces up to $30 million in grant funds for small businesses & family owned farms.
  

  • $7.5 mill of the total $30M is set aside for family-owned farms and family farm corporations
  • 🛑 22.5 Mill for “small business” general
  • Individual grant max is $50,000
  • For profit with 50 or fewer employees

  Applications must be requested via email
  🛑 Small business - smallbusinessgrant@ded.mo.gov
  Family-owned farm - familyfarmgrant@ded.mo.gov

  USDA Microloan Programs
  (Source: USDA)
  The focus of Microloans is on the financing needs of small, beginning farmer, niche and non-traditional farm operations, such as truck farms, farms participating in direct marketing and sales such as farmers’ markets, CSA’s (Community Supported Agriculture), restaurants and grocery stores, or those using hydroponic, aquaponic, organic and vertical growing methods.

  USDA Implements Measures to Help Rural Businesses Affected by COVID-19 
  (Source: USDA)
  USDA Rural Development has taken a number of immediate actions to help rural residents, businesses and communities affected by the COVID-19 outbreak. Rural Development will keep our customers, partners, and stakeholders continuously updated as more actions are taken to better serve rural America. 
  
  

  Arts

  KC Rocket Relief Fund
  (Source: Charlotte Street Foundation, Spencer Museum of Art, ArtsKC – Regional Arts Council, with underwriting from the Andy Warhol Foundation for Visual Arts and Theater League Kansas City)
  An emergency relief fund of $120,000 is now available for Kansas City artists who have been adversely affected by the coronavirus pandemic. Artists within in 80-mile radius of Kansas City can apply for Rocket Relief funds. Beginning May 1, 10 eligible artists will be randomly selected each week to receive benefits until the funds are distributed.

  St. Louis Art & Music Fund
  (Source: GoFundMe)
  This helps musicians and bands offset by canceled gigs.
  

  🛑 STL RAC Artist Relief Fund
  (Source: Regional Arts Commission)
  The Regional Arts Commission of St. Louis Artist Relief Fund will award grants of $500 or $1,000 to working artists who live in St. Louis City or St. Louis County whose immediate creative practices and incomes are being adversely impacted by the COVID-19 crisis.
  
  The Actors Fund
  To help the community during this public health crisis The Actors Fund has partnered with other entertainment industry organizations to provide emergency financial assistance to those who have immediate financial needs. Support is provided through a number of funds to actors, dancers, film and television workers, musicians, theater workers, and Hollywood support staff.
  

  Artist Relief closes at 11:59pm ET on August 26
  (Source: Artist Relief)
  To support artists during the COVID-19 crisis, a coalition of national arts grantmakers have come together to create an emergency initiative to offer financial and informational resources to artists across the United States.

  Arts Administrators of Color: Arts Leaders of Color Emergency Fund
  Arts Administrators of Color has created the Arts Leaders of Color Emergency Fund, which supports BIPOC (Black, Indigenous, and People of Color) artists and arts administrators impacted by COVID-19 through $200 microgrants.

  Midwest Music Foundation Relief Fund COVID-19 Emergency Grant
  (Source: Midwest Music Foundation)
  Midwest Music Foundation's Emergency Relief Fund COVID-19 will provide grants to musicians faced with emergency financial loss due to employment suspension because of COVID-19. Funds are based on community donations and will be granted as the money is available. They will be in the form of one-time emergency grants of up to $250 on a first-come, first-served basis.

  Motion Picture & Television Fund: COVID-19 Relief Fund
  The COVID-19 Relief Fund aims to help those workers in the entertainment industry who are suffering COVID-19 related hardships. Applicants must be industry members that demonstrate financial need and meet minimum earnings or hours thresholds.

  Twenty Summers: Emergency Arts Fund
  The Emergency Arts Fund provides grants to artists (up to $500) and arts organizations (up to $1,000) suffering from unexpected and unmanageable financial loss as a result of the coronavirus. Arts organizations and artists must be nominated by a board member, staff member, supporter, or other person.

  Will Rogers Motion Picture Pioneers Foundation: COVID-19 Emergency Grant
  The COVID-19 Emergency Grant aims to assist individuals who work in theatrical exhibition. In order to be eligible, individuals must have worked in theatrical exhibition for a minimum of five years, derive their primary source of income from the movie theater circuit, and have been furloughed or laid off due to COVID-19.
  

  
  Fitness Industry

  Fit Pro Relief Fund
  (Source: Inspire360)

  A $500,000 relief fund for fitness professionals that have been most impacted by COVID-19, brought to you by Peter and Kathie Davis and Inspire360. Because there are limited funds, selections will be made at random for those who meet the prescribed criteria. Approximately 500 applicants who meet the criteria will receive on average $1,000 each to help meet their immediate needs. Awards will be limited to one grant per person. Apply online here.
  

  1. Five years as a personal trainer or group-exercise instructor, either part-time or full-time

  2. Up-to-date certification as a personal trainer or group-exercise instructor

  3. Your income has been severely affected by COVID-19

  4. You have not received any form of government or employer-based financial help (i.e. unemployment, severance, etc)

  Restaurants and Bars

  🛑 Bartender Emergency Assistance Program
  (Source: USBG National Charity Foundation)
  Grant assistance is available for through this program if you meet the requirements. You do NOT need to be a USBG member to apply for a philanthropic grant.

  🛑 Food and Beverage Industry Relief Fund - SUSPENDED
  (Source: James Beard Foundation)
  To help bring swift economic relief to these essential businesses, the James Beard Foundation is launching a fund that will be gathering support from corporate, foundation and individual donors to provide micro-grants to independent food and beverage businesses in need.

  Southern Smoke: Emergency Relief Program
  (Source: Southern Smoke)
  The Emergency Relief Program provides emergency funding to restaurant and bar owners and employees, as well as restaurant supplier employees, who are facing unforeseen expenses that cannot or will not be covered by insurance.
  

   

  CROWDFUNDING

  How to Use Crowdfunding to Support Your Small Business through Coronavirus
  (Source: U.S. Chamber)
  As the coronavirus pandemic continues to financially impact small businesses, a crowdfunding campaign could help you stay afloat.

  Small Business Relief Initiative
  (Source: GoFundMe)
  The Small Business Relief Initiative was started by GoFundMe to help small businesses that have been affected by the COVID-19 pandemic and empower their communities to rally behind them. GoFundMe has partnered with Yelp, Intuit QuickBooks, GoDaddy, and Bill.com to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.

  
  OTHER LOANS

  EnrichHER Business Financing
  EnrichHER provides direct loans and lines of credit up to $250K for business with at least $100K in revenue or credit scores above 680.

  Main Street New Loan Facility
  (Federal Reserve)
  The Federal Reserve released details on the Main Street New Loan Facility today. The facility is intended to facilitate lending to small and medium-sized businesses that are not eligible for the SBA Paycheck Protection Program.  Here’s some additional context from Polsinelli law firm on the Federal Reserve’s Main Street Business Lending Program.

  Mainvest and Zero-Interest Loans
  (Source: Mainvest)
  If you have an existing brick & mortar business that has been negatively effected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately*. Then through your capital raise, you can receive over $100,000 of investment from your community.

  Latino credit unions and minority grant options
  (Source: Bankrate)
  In an effort to help Latino businesses rebound, Bankrate compiled the best ways for Latinos to grow their business and overcome the funding gap. Near the end of the article is a list of Latino credit unions and minority grant options.

  OTHER GRANTS

  Best Small Business Grants for 2020, Including Coronavirus Grants
  (Fundera)
  Small business owners across the country are feeling the impacts of the coronavirus outbreak and the economic ripples it’s caused. Check out these coronavirus small business grants that your business might be eligible for.
  

  And we’ve pulled out a few relevant grant opportunities below.   
  

  Hello Alice Offers "Business for All" Emergency Grant
  Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus.
  

  Beauty Industry $1,000 Relief Grants
  (Source: Beauty Changes Lives)
  These $1,000 grants will provide financial assistance to beauty professionals or students of beauty programs, whose lives have been drastically changed by the mandated closures in response to COVID-19.
  

  The Doonie Fund
  The Doonie Fund makes micro investments of $100 in Black women entrepreneurs.

  GoFundMe: Small Business Relief Fund
  (Source: GoFundMe)
  Small businesses that have been negatively impacted by the coronavirus crisis can sign up on GoFundMe to start a fundraiser to benefit their small business. If the business raises $500 on their GoFundMe and meets certain eligibility criteria, they may be considered to receive a $500 matching grant from the Small Business Relief Fund.
  

  Visa • IFundWomen Grant Program for Black women-owned businesses
  Applications are being accepted from June 30, 2020 through July 31, 2020.
  Visa has extended its partnership with IFundWomen to support Black women-owned small businesses in the United States through a new grant program and educational resources. These grants provide an opportunity for recipients to grow their businesses and continue to offer much needed services to their local (and global) communities. Within this application, you will be asked to provide imagery and a 60-sec video that tells us more about your business. Your video must be provided in the form of a link (Vimeo, YouTube, Dropbox, Google Drive, etc.). Please have these assets and video link at the ready before starting your application.

  IFundWomen COVID-19 Relief Fund
  The IFW COVID-19 Relief Fund provides microgrants to women-owned businesses that are being impacted by this crisis.
  
  🛑 Ladies Who Launch Grant and Mentorship Program for Women Entrepreneurs
  Applications due September 1, 2020
  
  Rooted in equity and inclusion, the year-long launch program provides an immediate cash grant of $5,000 - $25,000 USD, mentorship, advisory support, and amplification for women (female identifying and non-binary) entrepreneurs.
  
  With this program we aim to bring all three of our pillars to the forefront: Inspiration, Education, and Community to support US women business owners impacted by COVID-19 with what they need most — access to capital and a community to help them navigate through these challenging times.
  Check out the next steps below and then apply!

  • Program Criteria

  • Application Questions (so you can work on them and then apply)

  • FAQ

  • If after you have reviewed the above, email us if any additional questions at launchprogram@ladieswholaunch.org

  •  

  Nav: Small Business Grant Contest The next round of Nav’s Small Business Grant opens Oct. 19, 2020
  (Source: Nav)
  Nav is giving grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge.
  

  Professional Beauty Association COVID-19 Relief Fund
  (Source: Professional Beauty Association)
  The PBA COVID-19 Relief Fund will provide $500 to licensed beauty professionals who are unable to work due to COVID-19. The funding is intended to be emergency aid for short-term immediate needs such as food and bills. 
  

  Red Backpack Fund application portal will next open from August 3-10
  (Source: Global Giving)
  The Spanx by Sara Blakely Foundation has donated $5 million to support female entrepreneurs in the wake of COVID-19. GlobalGiving will oversee the Red Backpack Fund, making 1,000 grants of $5,000 each to female entrepreneurs in the United States to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.
  

  Salesforce Care Small Business Grants 
  Salesforce is partnering with Ureeka to offer eligible small businesses the opportunity to receive a $10,000 grant to help them through the COVID-19 outbreak.  Grant Applications open for Missouri and Kansas on April 27.  

  🛑 Sam’s Club Small Business Grants
  (Source: LISC)
  Thanks to a $1 million grant from Sam’s Club, LISC will deploy $10,000 grants to small businesses, especially those enterprises owned or led by women, minorities and veterans, who often lack access to affordable capital. Para leer esta información en español, haga click aquí.

  🛑 Save Small Business SUSPENDED
  (Source: U.S. Chamber of Commerce Foundation)
  The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as they can. 
  

  SheaMoisture Community Commerce Fund
  (Source: SheaMoisture)
  With SheaMoisture's $1Million Fund, small minority and women of color-owned businesses can apply for funding under different initiatives:
  

  • 🛑$100,000 Unsung Businesses

  • 🛑Black Business Relief Fund in partnership with 'We Buy Black'

  • Women of Color Entrepreneur E-Lab 

   

  Verizon Small Business Recover Fund -The Round 4 application period is now closed. Please register here to sign up for updates on future rounds. 
  (Source: LISC)
  These grants help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available. 
  

  OTHER OPPORTUNITIES

  COVID-19: Ad credits for Google Ads Small and Medium-sized Businesses
  Google is giving SMBs worldwide $340 million in ad credits, which can be used at any point until the end of 2020 across Google Ads platforms. SMBs who have been active advertisers since the beginning of 2019 will see a credit notification appear in their Google Ads account in the coming months. 
  

   

  🛑 Microsoft Office 365 Trial
  New in March 2020, a free 6-month Office 365 E1 Trial, including Microsoft Teams, is now available. Microsoft is making this special E1 Trial license available in response to the increased need for employees to work from home (WFH) in response to the COVID-19 (coronavirus) outbreak.
  

  🛑 Yelp Relief Fund
  Yelp announced $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services.

• Loan Documents: Prepare these documents before you apply for disaster assistance

  The financial assistance programs available for COVID-19 relief have a variety of business and personal documentation required. Check the online application forms or with your banker to understand what you will need to prepare. Use the following list developed by the Missouri SBDC at UMKC as your guide.

  And do be sure to get your paperwork in order before you begin the application process. 

  
  Required Documents

  These are the minimum required documents for your EIDL application. 

  A note about personal documentation: If no one in your company has a greater than 20% stake, at least one owner will have to step up to provide this information and personally guarantee the loan. You and any business partners should begin to think about how to make that decision or share that responsibility equitably now.

  SBA Form 5 
  This is the foundation document for the application. Be sure to select “Economic Injury” as the application type. Download the SBA Form 5 form can be downloaded in preparation for the online application process.

  Past 3 Years of Business Tax Returns 
  If you’ve been in business less than three years, provide as many returns as you have filed. Tax returns hold more sway and legitimacy than internally prepared financials. There are reasons to consider filing your 2019 return as soon as possible. Do also be aware that the IRS has extended the deadline to both file and pay your taxes until July 15th. Missouri has followed suit.

  Most states have not yet extended tax filing deadlines. While that is likely to eventually happen, if you’re going to owe state taxes, we recommend still paying the amount that you’re likely to owe in state taxes before April 15.

  Past 3 Years of Personal Tax Returns 
  Anyone who owns 20% or more of your company will need to provide the last three years of their personal tax returns.

  4506-T 
  While you’ll be asked to fill in recent tax information, the SBA will have you authorize them to check with the IRS to ensure accuracy using a 4506-T form. Be sure to get your entity(s) legal names listed accurately. Download the 4506-T form. 

  2019 Income Statement 
  Show your company’s performance for each month of 2019 as well as the year’s total. Required if your 2019 taxes have not yet been filed

  2019 Balance Sheet 
  This provides perspective on what your company owned at the end of a “normal year” and whether those assets were purchased by owners (equity) or other people’s money (debt). Required if your 2019 taxes have not yet been filed.

  Personal Financial Statement 
  All company owners and investors with greater than a 20% ownership stake must provide a current listing of their personal assets, debts and net worth. Download the Personal Financial Statement form.

  Business Debt Schedule 
  This gives required details about all current debts. This form should be prepared in advance of your application. Download the Business Debt Schedule form.

  
  

  You may also need:

  
  

  2020 Monthly Income Statements 
  Further evidence of how your company was doing prior to the beginning of the pandemic response.

  Current Balance Sheet 
  This gives the most recent statement of assets, equity, and debt.

  Business Narrative 
  The SBA or any new lender will need to have some background information about your business. Create a professional business summary of:

  • Who you are and why your company was performing well prior to COVID.

  • How you’ve retooled in these unexpected circumstances:

    • This should include measurement of your decreased customer traffic, reduced sales, and other recent (and anticipated!) business harm.

    • It should also include what actions you’ve taken to solve your cash flow needs outside of this loan request.

  • How much money you need and what you will use it for:

    • You should be ready to tell the SBA what amount represents 6-months of your typical expenses. However, your loan amount will be calculated by the SBA to be the equivalent of 6 months of business expenses. As such, make double, extra sure your financial information entered is correct!

    • Loan request may not exceed $2 million

  • How you plan to be able to pay any new loan back:

    • No payments will be required until 1 year later

    • Prepare a written description of how you’ll be able to repay the loan amount (automatically amortized over 30 years to keep payments low) and the other assumptions you’ve included. The SBA knows this is unprecedented and that we’re all trying to figure things out. However, you must demonstrate ability to synthesize all that you know so far about your company, your industry, and your customers and make some best educated guesses.

    • Should ideally include 3 years of projected income statements (spread monthly for year 1) and accompanying balance sheets

  
  

  Business Licenses

  • City

  • County

  • State

  
  

  Personal Credit Score 
  All lenders will review 20+% owners’ credit history and credit scores. Even in disaster, historical evidence of repaying creditors is still the best indicator of likelihood to pay new creditors. While not something you need to actually submit like the rest of these items as lenders will independently pull this information themselves, you should proactively check all three of your credit reports and scores either directly with Experian, Equifax, and TransUnion or with a reputable aggregator like Fair Isaac Corporation (FICO).

  
  

  Entrepreneurial service agency Justine PETERSEN has resources to assist with personal credit building and repair, if necessary.

   

• Helpful Definitions: Review these terms as you prepare your application(s)

  Some terms you’ll need to know to complete the paperwork to apply for small business disaster assistance:

  Balance sheet - a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time. Learn more here

  If you use an accounting system, you should be able to pull a balance sheet for the required time period. If you do not, there are templates available on line that you can fill in.

  Business debt schedule (also called schedule of liabilities) - gives required details about all current debts. The SBA has a preferred method of presenting that information. https://www.sba.gov/sites/default/files/tools_sbf_sba202.pdf

  Income statement (also known as profit and Loss statement or earnings statement) - a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both. Learn more here

  If you use an accounting system, you should be able to pull a profit and loss statement for the required time period. SCORE offers Financial Statements Templates: https://www.score.org/resource/business-planning-financial-statements-template-gallery

  Personal credit score - a statistical number that evaluates a consumer's creditworthiness and is based on credit history: number of open accounts, total levels of debt, and repayment history. Lenders use credit scores to evaluate the probability that an individual will repay loans in a timely manner. You should proactively check all three of your credit reports and scores either directly with Experian, Equifax, and TransUnion or with a reputable aggregator like Fair Isaac Corporation (FICO).

  Personal financial statement - a document or spreadsheet outlining an individual's financial position at a given point in time. A personal financial statement will typically include general information about the individual, such as name and address, along with a breakdown of total assets and liabilities. The SBA has a preferred method of presenting that information. https://www.sba.gov/document/sba-form-413-personal-financial-statement-7a504-loans-surety-bonds

   

• Tax Relief

  Coronavirus Tax Relief and Economic Impact Payments
  (Source: IRS)
  The IRS offers tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).

  Two refundable payroll tax credits help reimburse small and midsize businesses, dollar for dollar, for the cost of providing coronavirus-related leave. 

  • Deferral of Employer-side FICA Payroll Taxes - can defer the employer portion of FICA taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. 

  • Employee Retention Tax Credit - adds a tax credit for employers to encourage businesses to keep workers on payroll during the crisis. 

  • Filing and Payment Deadlines: Q&A 

  More on Employee Retention Tax Credit
  (Source: IRS and Kansas SBDC)
  Employee Retention Tax Credits could pay for 50% of your payroll for the rest of 2020 if:

  • you can afford to still pay at least 50% of your payroll for the near future

  • your business has suffered a significant loss due to COVID-19 (defined as a quarter being 50% less than the same quarter last year)

  • you think that the economic injury might continue (the tax credit only lasts until a subsequent quarter hits 80% of the same quarter last year, or Jan. 1, 2021)

  Compare that to the Paycheck Protection Program, which offers a forgivable loan equal to 8 weeks of payroll and a small portion of non-payroll expenses. 

  Work with your accountant and run the numbers. While you can do the EIDL and PPP (as long as they’re for different expenses), you can’t do the Employee Retention Tax Credit and the PPP, so find out which one is best for your business. 

  All You Wanted To Know about Maximizing Your Tax Credits through the CARES Act
  (Source: Markowitz Accounting)
  The ERTC is the gift that could potentially keep on giving, quarter after quarter for the rest of the year.

  All You Wanted to Know about the Employee Retention Tax Credit
  (Source: Markowitz Accounting)
  Assuming you have under 100 employees, the ERTC is a credit of 50% of all qualified wages in a given quarter.

  
  

  STATE

  Tracking State Legislate Responses to COVID-19
  (Source: Tax Foundation)
  The Tax Foundation provides information on state legislatures’ schedules, adjustments and status of the state’s budget, and the state’s rainy day fund (RDF) balance as a percentage of the prior year’s general fund budget.
  

  Kansas Tax Relief
  The filing and payment date for state income taxes and privilege tax is extended from April 15 to July 15, 2020. This does not apply to estimated tax payments due April 15, 2020. See Executive Order No. 20-13.

  Missouri Extends Tax Filing Deadline to July 15, 2020
  (Source: Missouri Department of Revenue)
  The filing deadline for tax returns has been extended from April 15 to July 15, 2020. Mirroring the federal guidance issued by the IRS, the Missouri Department of Revenue announced that it will provide special tax filing and payment relief to individuals and corporations in response to the COVID-19 outbreak. 

  
  FEDERAL

  Tax Credits through the Families First Coronavirus Response Act
  (Source: BKD CPAs and Advisors)
  BKD walks you through the details, but here’s the high level information: 

  • Payroll Credits for Required Paid Sick & Family Leave: The paid sick time payroll tax credit can be claimed on a quarterly basis, equal to 100% of the amount of sick leave wages paid. The credit is refundable if it exceeds the amount the employer owes in payroll tax.

  • Credits for Sick & Family Leave for Certain Self-Employed Individuals: Self-employed workers, including independent contractors and gig economy workers, also can claim a credit against their regular income taxes related to sick or family leave.

  Forgivable Paycheck Loan or Tax Credit: You Can’t Claim Both, Which Is Better?
  (Source: Forbes)
  You cannot get both a small business loan under the PPP and also claim a tax credit, so some comparison is needed.SBA lenders have details, though there has been controversy and hiccups in rolling out the program.

  IRS Coronavirus Tax Relief Center
  (Source: IRS)
  The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak.

  Filing and Payment Deadline Questions and Answers
  (Source: IRS) 
  These Q&As address the federal filing and payment extension to July 15 due to the COVID-19 (coronavirus) outbreak. These Q&As currently include information on the additional extension to Oct. 15, first quarter estimated tax payments, IRAs and HSAs.