COVID-19:
UPDATES, INFORMATION, AND RESOURCES FOR SMALL BUSINESSES

A description of the small business provisions in the stimulus:

Paycheck Protection Program

  • $350 billion in funding to create a Paycheck Protection Program (PPP) that will provide small businesses and other entities with zero-fee loans of up to $10 million.
  • Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels.
  • Principal and interest is deferred for up to a year and all borrower fees are waived.

This temporary emergency assistance through the U.S. Small Business Administration (SBA) and the Department of Treasury can be used in coordination with other COVID-financing assistance established in the bill or any other existing SBA loan program.

The bill requires the SBA Administrator to set a cap on how much a bank can earn to process loan applications and prioritize underserved borrowers, including those in rural communities, minorities, women and veterans.

 

Emergency Economic Injury Grants

  • $10 billion in funding for a provision to provide an advance of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan (EIDL) within three days of applying for the loan. EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies and up to 2.75 percent for nonprofits, as well as principal and interest deferment for up to 4 years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
  • The EIDL grant does not need to be repaid, even if the grantee is subsequently denied an EIDL, and may be used to provide paid sick leave to employees, maintaining payroll, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
  • Eligible grant recipients must have been in operation on January 31, 2020.
  • The grant is available to small businesses, private nonprofits, sole proprietors and independent contractors, tribal businesses, as well as cooperatives and employee-owned businesses.

The bill provides $562 million to ensure that SBA has the resources to provide Economic Injury Disaster Loans (EIDL) to businesses that need financial support.

 

Debt Relief for Existing and New SBA Borrowers

$17 billion in funding for a provision to provide immediate relief to small businesses with standard SBA 7(a), 504, or microloans.

  • SBA will cover all loan payments for existing SBA borrowers, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out an SBA loan within six months after the President signs the bill.
  • Encourages banks to provide further relief to small business borrowers by allowing them to extend the duration of existing loans beyond existing limits; and enables small business lenders to assist more new and existing borrowers by providing a temporary extension on certain reporting requirements.
  • Borrowers may apply for a PPP loan that provides capital to keep their employees on the job. The six months of SBA payment relief may not be applied to payments on PPP loans.

The stimulus also includes a permanent fix that allows SBA to waive fees for veterans and their spouses in the 7(a) Express Loan Program, regardless of the President’s budget. Under current law, SBA may only waive fees on 7(a) Express loans to veterans when the President’s budget does not project a cost above zero for the overall 7(a) loan program.

 

Paid Leave for Government Contractors

  • Paid leave for employees working on small business contracts with the federal government.

The measure allows agencies to modify the terms of a contract to reimburse small business contractors for the cost of providing paid leave, including sick leave, to employees or subcontractors unable to perform work on-site due to a facility closure and cannot telework.

 

Below is a list of resources we will continue to update and send out:

Washington, DC Resources

DC Small Business Recovery Microgrants

Minnesota Avenue Main Street Small Business Resilience Fund Grants

Business Licensing & Permitting Extension

 

Maryland Resources

COVID-19 Layoff Aversion Fund Grant

Montgomery County Public Health Emergency Grant

Maryland Small Business COVID-19 Emergency Relief Loan Fund

Maryland COVID-19 Emergency Relief Fund Programs for Businesses

Business Tax Payments Extension

Business Licensing & Permitting Extension

 

Virginia Resources

Emergency Layoff Aversion Assistance Program

Business Tax Payments Extension

Sales Tax Payment Extension

 

National Business Resources

SBA Disaster Assistance Loans for Small Businesses

SBA Express Bridge Loans

Kiva COVID-19

Accion Small Business Loans

Facebook Business Grants

Office of Tax and Revenue (OTR)

Information about business interruption insurance

National Center for Veteran Institute for Procurement resources

Women’s Business Development Center Direct Lending Program

 

 We will continue to update you as more resources come available.

 

Welcome to the Washington, DC
Women's Business Center

The Washington, DC Women's Business Center (DC WBC) is a business development organization that serves women entrepreneurs in the Washington, DC Capitol Region. The DC WBC provides training and consultation to assist in the growth of women-owned businesses. We also provide technical assistance to women-owned businesses interested in federal and local government procurement opportunities. Schedule an appointment today! We look forward to helping you grow your business.

The DC WBC is operated by the National Community Reinvestment Coalition (NCRC) and funded in part by the U.S. Small Business Administration (SBA).

Click on the image to take a look at our virtual scrapbook!

The DC WBC is here to guide you in the planning and start up of your business. We offer classes and one-on-one consultation to help women become budding entrepreneurs.

Are you an existing woman-owned business that wants to grow? The DC WBC can help you reach new markets in federal and local governments and assist you in managing the growth of your business.

The DC WBC provides training and consulting to assist in the start-up and growth of women-owned businesses.

• Seminars and Workshop

• Business Opportunities

• Networking Events

• Request One-on-One Consultation

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202-393-8307

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Welcome to the Washington, DC
Women's Business Center

202-393-8307

Welcome to the Washington, DC Women's Business Center

Operated

by:

202-393-8307

Welcome to the Washington, DC Women's Business Center