COVID-19 Resources

Things are ever-changing right now, but we are working to give you as up-to-date information as possible on the impacts of COVID-19 and options for you as business owners.

Check out our Facebook Page for more up-to-date links and other resources as well as our Podcasts Page for interviews on pertinent topics.

Grant options: 

  • COVID-19 Lycoming County Relief Block Grant: Lycoming County has designated a portion of its $10.2 million CARES Act funding for small businesses.
    • Application Deadline: 11.59 p.m. on Sept. 18, 2020
    • The grant is available to businesses with 100 employees or fewer and a total annual revenue of $3 million or less. Find more about eligibility and grant uses here.

Loan Options:

  • SBA Coronavirus Relief Options 
    This is an overview page of the various options provided by the SBA, including the EIDL & PPP, below.
  • Economic Injury Disaster Loan (EIDL) Emergency Advance
    Small businesses are eligible for an Emergency Advance of up to $10,000 as part of an EIDL.  This “emergency advance” is considered part of a future loan, but repayment on this portion of the loan will not be required.  Also, businesses do not have to take out the future loan, if approved.  The SBA is funding this program directly and the application can be found here.

    • There is a backlog of applications and the turn around time on this is unknown, but disbursements are supposed to be starting the week of April 7th.
    • The Massachussettes SBA sent out a bulletin stating that the advance would be limited to $1,000 per employee, up to the $10,000 max.
    • Applications will be accepted through December, 2020.
  • Payroll Protection Program
    *You must apply through a lending partner*
    This loan can provide relief for up to 8 weeks of payroll and overhead (overhead cannot exceed 25%). There is currently a backlog on this, however you can apply for this and the EIDL with no conflict.  If you apply for and receive the PPP you are ineligible for the “Employee Retention Credit,” described below under Tax Benefits.

    • PPP for self-employed: You CAN apply for this if you are self employed; you will need your Schedule C information to show your businesses profits for 2019, as that will dictate how much you can apply for.
    • LendioLendio is one of the approved PPP processors and lenders.
    • PayPal – PayPal is also an approved PPP processor and lender through their “LoanBuilder” program.
    • BENCH Webinar on PPP & Self Employment
      This is a link to a recording of a Webinar hosted on Thursday, April 9th.  They talk in-depth about the $350 billion small business relief program, and how you can take advantage of it if you are a sole proprietor, an independent contractor, or a gig worker.
  • Honeycomb Relief Loan To help the community of small businesses affected by this uncertain time, starting immediately, Honeycomb Credit is offering the Honeycomb Relief Loan program. These loans up to $50,000 will offer a 45-day payment free period and a six-month interest-only period. If you’re a small business, visit: honeycombcredit.com/relief
  • KIVA CrowdLending  Kiva is a crowdfunded lender. You can get a loan of up to %15,000 at 0% interest, with a 6 month grace period for repayment. This link will take you to the Covation Center’s Trustee gateway, where we can help you through the application and set-up process. If you have a loyal customer base, this is an affordable option.

Tax Benefits

  • Employee Retention Credit
    The CARES Act provides tax benefits for businesses that have fully or partially suspended operations or have experienced a “significant decline in gross receipts in the calendar quarter.”  See the IRS FAQ linked above for more information.  The maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000 per employee.

    • Additionally, certain businesses can defer payment of portions of their payroll taxes with 50% due December 2021, and the balance due December 2020.   Consult a tax professional for further information on these provisions.
    • A business is eligible for this tax credit/deferment if they do NOT receive loan forgiveness under the PPP described above.

Employee Resources

Other Potential Funding:

  • PA Hazard Pay Grant funds may be used for hazard pay for direct, full-time and part-time employees in industries including
    • Healthcare and Social Assistance
    • Food Manufacturing
    • Food Retail Facilities
    • Transit and Ground Passenger Transportation
    • Security Services for eligible industries
    • Janitorial Services to Buildings and Dwellings
    • Applications will be received between July 16, 2020 and July 31, 2020. To apply for funding, applications must be submitted through the Electronic Single Application (ESA). For any questions, contact DCED Customer Service by calling 1.866.466.3972 or by email at ra-dcedcs@pa.gov.
  • Quickbooks and GoFundMe have teamed up to create a Small Business Relief initiative, essentially crowdfunding “grants” to the businesses that have been shut down unexpectedly.
  • Facebook Small Business Grants Program
    Facebook is offering $100M in cash grants and ad credits to help small businesses experiencing disruptions resulting from the global outbreak of COVID-19.
  • The Red Backpack Fund
    GlobalGiving will be making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.   They began accepting applications at noon ET on April 6. They will receive additional applications starting May 4, June 1, July 6, and August 3.

Informational and Educational Resources: