Resources for small businesses affected by coronavirus

POCATELLO, Idaho (KIFI/KIDK) - Small businesses are experiencing the collateral damage of the coronavirus shut downs.

As a result, there are more loan options for small businesses than ever.

The Idaho Small Business Development Center (SBDC) and the Idaho Innovation Center is hosting weekly teleconferences to help small businesses access loans and develop strategies to overcome the economic crisis.

Every Thursday for the next three weeks, April 2, 9 and 16, the SBDC will host two sessions—from 10:30 a.m. to 12:00 p.m. and again from 1:30-3:00 p.m.

The SBDC is asking people who are interested to pre-register here: https://idahosbdc.org/regional-training/ (Select REGION VI).

Paycheck Protection Program

The federal government passed a $2 trillion stimulus package, officially known as the CARES Act, in part to give financial assistance to small businesses.

Nearly $350 billion was set aside for a small business loan program called the Paycheck Protection Program. This makes it quicker and easier to get money to small businesses, to incentives businesses owners to keep employees on payroll.

The emergency loans provide business with up to $10 million for payroll and other expenses.

If all employees are kept on payroll for eight weeks, the SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable, according to the SBA.

Businesses apply for these loans through their banks.

SBA Express Bridge Loans

The Express Bridge Loan Pilot Program allows small businesses who already have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

These are especially helpful for businesses in urgent need for cash. Businesses apply for these loans through their banks. Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

Economic Injury Disaster Loans and Loan Advances

Disaster loans are not new. But now, businesses can get a $10,000 advance they don't have to pay back.

Businesses that are experiencing a temporary loss of revenue are eligible for this economic relief.

The SBA mandates that these funds are made available within three days of a successful application.

Businesses can apply online directly through the SBA, by clicking here.

Helpful links:

• Guide and Checklist - U.S. Chamber of Commerce
• Loan Resources - Small Business Administration
• Paycheck Protection Program - Small Business Administration
• Emergency Loan Fact Sheet - Economic Innovation Group
• Recovery Rebate FAQ - Senator James Risch
• Local Help - Idaho Small Business Development Center (they're asking you to make an appointment, which you can do here.)