COVID-19 Business Resources

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The Small Business Owner’s Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. 

Review Full Guide to the CARES Act

Emergency Loans Small Business Guide and Checklist, U.S. Chamber of Commerce

Guide to Economic Industry Disaster Loans, U.S. Chamber of Commerce

Guide to the Employee Retention Tax Credit, U.S Chamber of Commerce

Paycheck Protection Program Loan Summary

Paycheck Protection Program Application

CARES Act Flow Chart for Small Businesses

CARES Act family & individual rebates FAQ | Spanish version

Paycheck Protection Program (PPP) – CARES Act

The Paycheck Protection Program, which was enacted under the Coronavirus Aid, Relief and Economic Security (CARES) Act (P.L.116-136), allocates nearly $350 billion for companies to cover payroll expenses so they can retain workers during the coronavirus pandemic.

Lenders will start accepting Paycheck Protection Loan (PPP) applications April 3rd, for small businesses and sole proprietors. Independent contractors and self-employers can begin submitting applications on April 10th. This program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less).

• Review the summary of the program and the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments
• Get in contact with your accountant and/or bank that pays out your business’s payroll.
• Contact your bank to confirm whether if it is authorized to process your Paycheck Protection Program loan. Review their loan processing requirements.
• If you are not connected to an authorized lender, you can search for an eligible lender here. Please note: only headquarter locations are shown currently. Many local banks are participating in the program, which is why we recommend contacting your current bank as a first step.

Local Lender Information

• Wells Fargo – Now accepting applications
• U.S Bank – Must complete Paycheck Protection Program online inquiry form and a representative will reach out to you with assitance

Economic Injury Disaster Loan (EIDL) – CARES Act

The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

• Loan amounts: Up to $2 million
• Rates: 3.75% for small businesses, 2.75% for nonprofits
• Terms: Up to 30 years, based on your ability to repay
• EIDL Application
• View & download EIDL Guide here

Guide to the Employee Retention Tax Credit – CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.

Who is eligible?

Private employers, including non-profits, carrying on a trade or business in 2020 that:

• Have operations partially or fully suspended as a result of orders from a governmental authority due to COVID-19, or
• Experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019 (eligibility ends when gross receipts in a quarter exceed 80% compared to the same 2019 quarter)

With respect to tax-exempt organizations under 501(c) of the tax code, the requirement to be partially or fully suspended applies to all operations of the organization.

Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for a tax credit. 

• View and download Tax Credit Guide here

Save Small Business Grant Fund – U.S. Chamber of Commerce

The U.S. Chamber of Commerce Foundation has launched the Save Small Business Grant Fund. Funded by contributions from corporate and philanthropic partners, the program provides $5,000 supplemental grants to small employers in economically vulnerable communities.

Application opens April 20th at 12 PM. Notify me when I can apply

Eligibility:

Financial Resources:

• SBA Funding Programs – Capital Access
  • Incidents can strain a small business’s financial capacity to make payroll, maintain inventory and respond to market fluctuations (both sudden drops and surges in demand). Businesses should prepare by exploring and testing their capital access options so they have what they need when they need it.

• IBANK Jump Start Loan Program
  • IBank is offering loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas through its Jump Start Loan Program.
• Ad Credits for Google Ads Small and Medium-sized Businesses

Local Resources:

• Level UP Webinar Series for Businesses Navigating COVID-19
• Free Business Coaching, Sierra Small Business Development Center,
  • The Sierra SBDC offers free business coaching that can assist businesses in cash flow management, other sources of capital, and applications for disaster funding. Businesses can sign up for their services on their website to be connected with an advisor.
• Financial Action Plan from MacLean Financial Group. Have it emailed to you for free. 
  • To set up a video conference call with one of their advisors, call 775-329-3041
• COVID-19 Recreation Printable Sign – Flatten the Curve at Lake Tahoe

State Resources:

California

• The Latest News and Resources for Your Business, California SBDC
• COVID-19 Top Resources for Employers (CalChamber)
• CA Division of Labor Standards Enforcement (DLSE) FAQ on COVID-19 for Employers
• CA Labor & Workforce Development Agency – Resources for Employers and Workers
• CA Employment Development Dept. Work Sharing Program.
  • Information about how employers can apply Unemployment Insurance Work Sharing Program if reducing hours/production
  • An alternative to Layoffs
• Rapid Response Services Fact Sheet for Businesses facing mass layoffs or closures

Nevada

• COVID-19 Disaster Response Online Business Resources, Nevada Governor’s Office of Economic Development
• Nevada Health Response COVID-19 Page

National Resources:

• Families First Coronavirus Response Act Notice
  • Each covered employer must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on its premises. An employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website.
• CDC, Interim Guidance for Businesses and Employers
• OSHA Guidance on Preparing Workplaces for COVID-19
• National Restaurant Association, Coronavirus Information and Resouces
• Resilience in a Box
  • If your business needs help putting a plan in place, use the U.S. Chamber Foundation’s toolkit created in partnership with the UPS foundation.
• Coronavirus Small Business Guide. U.S. Chamber of Commerce
• Combating the Coronavirus, U.S. Chamber of Commerce Resource and Guideline for Business
• Better Business Bureau COVID-19 Resource Page
• Coronavirus Management System™, Prepare your Organization for COVID-19

Health & Safety Resources

• Barton Health, Coronavirus Update
  • If you develop symptoms, and have been in close contact with a person known to have COVID-19 or if you have recently traveled from an area with widespread or ongoing community spread of COVID-19, please call your health provider’s office or Barton’s COVID-19 Clinical Health Line at 530.600.1999.
• Center for Disease Control and Prevention
• FDA Response to COVID-19
• Coronavirus in the U.S.: Latest Map and Case Count
  • Find the most current coronavirus case count for the counties in the U.S.

Please contact us directly regarding any questions, needs, or concerns as they pertain to the COVID-19 response in our region.