COVID-19: here’s how you can GET HELP as a local business or startup

Apply for relief funding:

U.S. Small Business Administration’s Economic Injury Disaster Loan

  • WHAT IS IT? 
    • EIDLs are available right now to cover economic injury resulting from the disaster (e.g., loss of revenue). EIDLs are processed directly through the Small Business Administration
    • Applicants can request a $10,000 advance (forgivable loan) that can be applied toward payroll, rent, and other allowable expenses. 
  • WHERE DO I APPLY? 
    • The new online application is the only way to access the $10k advance at this time; funds are directly deposited into your account within three days. 
    • If you have previously submitted an application, and need the immediate cash injection, SBA recommends that you submit an application through the new disaster loan website.

Paycheck Protection Program

  • WHAT IS IT?
    • These loans help businesses keep their workforce employed during the COVID-19 crisis.
    • Loan proceeds must be used for payroll (including employee salaries, hourly wages, cash tips, paid sick or medical leave, and group health insurance premiums), existing interest payments on mortgages, rent payments, leases, and utility service agreements.
  • WHERE DO I APPLY?
    • Your bank, lenders can begin processing loan applications for small businesses and sole proprietors on Friday, April 3.
  • WHERE DO I FIND MORE INFORMATION? Here.

 

$1 million HERO Small Business Relief Fund for Birmingham

  • WHAT IS IT?
    • It will provide grants to small businesses in the Birmingham area. No return on loan.
  • WHERE DO I APPLY?
  • Applications will be accepted here, starting April 20th.

 

Payroll and tax credit information:

IRS Coronavirus Tax Relief: The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.

Startups and small businesses are eligible to apply to up to $1.25 million or $250,000 per year for 5 years in credits to offset the FICA portion of their payroll tax. You don’t have to be a high tech or life sciences company to apply for the credit if you meet the criteria below you can apply for the tax credit. (details found here).

Upcoming events and additional resources:

Contact REV Birmingham who is offering information and online coaching sessions for small businesses. REV and partners are also hosting online workshops to support small businesses, which you can register for and are listed here. 

TechBirmingham hosted a webinar series on issues on HR, remote work and how to maintain company culture through distance. The recordings can be found here. They temporarily expanded their events calendar to include a wide variety of community programming, which can be found here. 

#BHAMSTRONG is the center for requesting help for both individuals and businesses, fueled by private, public, and civic leadership to facilitate a flow of accurate information. BhamStrong is actively working to ensure an agile, resilient, and collaborative response to easing the burden of COVID-19 on our community. Learn more here.

Stay connected and join the Magic City Tech Slack channel!

We want to extend a huge thank you to the City of Birmingham, Mayor Woodfin, the Mayor’s Office of Economic Development team, the Overton Project, REV Birmingham, Innovate Birmingham, TechBirmingham, and others who are working so hard on projects like BhamStrong to support our business community during this difficult time.

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