Source: Michelle F. Kantor, McDonald Hopkins.
Coronavirus Business Resources
The Small Business Administration (SBA) has posted information regarding loan programs and guidance for businesses:
The Centers for Disease Control & Prevention (CDC) has issued COVID-19 guidance for businesses:
Funded by the U.S. Department of Commerce's Minority Business Development Agency.
Locally operated by the Arizona Hispanic Chamber of Commerce. 602-294-6087
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
If you have already received an Economic Injury Disaster Loan (EIDL), you may still qualify for the Paycheck Protection Program as long as the EIDL was not used for the same purpose.
Loan Terms & Conditions
Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
Maximum loan amount up to $10 million
Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
All loans under this program will have the following identical features:
ARIZONA ECONOMIC INJURY DISASTER LOAN (EIDL) DECLARED
Is your business facing economic injury caused by the COVID-19 outbreak? If you are not eligible to receive loans from any other sources, you may qaulify for SBA's Economic Injury Disaster Loan.
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED.
All of these forms will be available in the Disaster Loan Application Portal.
The Disaster Loan Application Portal will be electronic and your applications will be screened by the processing center as fast as they are received. Please be prepared to provide, tax information, personal financial statement and all schedules to your business and affiliates. These are the things that will be asked for and forms will be provided once the portal is active for Arizona