Payroll Tax Deferral:
Employers are able to postpone the amount of payroll tax they pay on employees’ salaries attributable for 2020. If elected, half of these taxes will be due 12/31/2021 and the remaining half by 12/31/2022.
Economic Injury Disaster Loans (EDIL):
For any business (under 500 employees), sole proprietor or independent contractor, non-profit and veterans’ organization who has suffered a temporary loss of revenue from a Coronavirus diagnosis or the effects of a quarantine, The amount granted is up to $10,000 and it does not have to be repaid.
Paycheck Protection Program:
This program is an incentive for businesses to keep employees on their payroll and it is forgiven if they are kept on the payroll for the next 8 weeks. This plan is retroactive to February 15th.
Small Business Administration (SBA) Express Bridge Loans:
For those companies with current business relationships with SBA express lenders to be able to access up to $25,000 quickly while applying for other loans. This loan is to be repaid with proceeds from the EDIL loan. https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide
SBA Debt Relief Programs:
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. They will do the same for new loans issued prior to September 27,2020.
For more information on all of these programs, go to: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options