 Small Business Administration (SBA) Payroll Protection Program in the CARES Act SBA Express Loan Eligibility: Eligibility: any business concern, non-profit organization (501(c)3), veterans organization (501(c)19) or tribal businesses that employs less than 500 employees or meets size standard. Sole proprietors, independent contractors, and eligible self-employed individuals. Non-profits receiving Medicaid expenses are ineligible. Cap: $1 million Turnaround Time: 36 hours Loan Forgiveness: Any payment made for payroll (including paid sick, medical or family leave and group health benefits), rent, mortgage interest, utilities between February 15, 2020 and June 30, 2020 can be forgiven. Amount of loan forgiveness can be reduced by any change in staffing or payroll expenses. Amounts forgiven shall be excluded from taxable income. Interest: 4% max Deferment of Payment: Up to six months Covered Loan Period: February 15, 2020 – June 30, 2020 NOTE: No business may take more than one resource or it may be considered a, “duplication of benefit.” Businesses may not be forgiven for amounts paid for leave if they are eligible for a tax credit to off-set the cost. SBA 7(a) Loan Eligibility: Any business concern, non-profit organization (501(c)3), veterans organization (501(c)19) or tribal business which employs less than 500 employees or meets size standard. Sole proprietors, independent contractors, and eligible self-employed individuals. Non-profits receiving Medicaid expenses are ineligible. Cap: 250% of an employer’s average monthly payroll (wages, tips, FML, health benefits, retirement, state and local taxes), capped at $10 million. Turnaround Time: 2 weeks Loan Forgiveness: Any payment made for payroll (including paid sick, medical or family leave and group health benefits), rent, mortgage interest, utilities between February 15, 2020 and June 30, 2020 can be forgiven. The amount of forgiveness can be reduced by any change in staffing or payroll expenses. Amounts forgiven shall be excluded from taxable income. Interest: 4% max Deferment of Payment: Up to six months Covered Loan Period: February 15, 2020 – June 30, 2020 NOTE: No business may take more than one resource or it may be considered a, “duplication of benefit.” Businesses may not be forgiven for amounts paid for leave if they are eligible for a tax credit to off-set the cost. SBA Economic Injury Disaster Loan (EIDL) Apply here for an EIDL Eligibility: Any business concern, non-profit organization (501(c)3), veterans organization (501(c)19), or tribal business that employs less than 500 employees or meets size standard; sole proprietors, independent contractors, and eligible self-employed individuals; non-profits receiving Medicaid expenses are ineligible. Cap: $2 million Turnaround time: 3-6 months, however, advance cash grants of $10,000 are available within 3 days if requested. Deferment: Up to six months Forgiveness: $10,000 of any cash advance if used to maintain payroll and monthly expenses. Interest: 3.75% for small businesses; 2.75% for non-profits. NOTE: No business may take more than one resource or it may be considered a, “duplication of benefit.” Businesses may not be forgiven for amounts paid for leave if they are eligible for a tax credit to off-set the cost  Other Resources Idaho Small Business Development Center (SBDC) The Idaho SBDC business advisors are available to provide information and technical assistance on SBA Economic Injury Disaster Loans and to help you navigate the economic impacts caused by COVID-19. Find more information here. Idaho Women’s Business Center (WBC) The Idaho WBC is available to provide information and technical assistance on SBA Economic Injury Disaster Loans and to help you navigate the economic impacts caused by COVID-19. Find more information here. Small Business Administration Idaho Offices There are several SBA offices in Idaho which offer many small business loan and assistance programs and are currently helping small businesses understand how to access and apply for the capital they need. To find the SBA office near you, click here. Direct Financial Help for American Taxpayers The CARES Act provides rebates to most U.S. taxpayers, putting cash in the hands of individuals and families to help ease the economic impact of COVID-19. Eligibility: Any individual who meets the following criteria is eligible for a full $1,200 rebate:
In addition, individuals filing a single tax return and those filing jointly are eligible for an additional $500 rebate for each child claimed on their last federal tax return. This is also true for those who have no income, as well as those whose income comes entirely from non-taxable, means-tested benefit programs such as SSI benefits. Cap: The rebate amount will be reduced $5 for every $100 of taxpayer annual income that exceeds the phase-out threshold - which is $75,000 for individuals and $150,000 for those filing a joint tax return.
Turnaround Time: The IRS will send rebate checks to eligible taxpayers via direct deposit or paper check within the next month or two. Application: No action by the vast majority of Americans is necessary to receive a rebate. The IRS will use a taxpayer’s 2019 tax return if it has been filed; if not, their 2018 tax return will be used. Low-income individuals who file tax returns in order to take advantage of the refundable Earned Income Tax Credit and Child Tax Credit are included. For more information, visit the IRS website.
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Member SpotlightsRiverside Hotel to Partner with Interfaith Sanctuary The Riverside Hotel has been able to provide an unused wing of the property to families from Interfaith Sanctuary with small children and babies who are experiencing homelessness during this very difficult time. Because the hotel is so large and spread-out, it is ideal for providing these families with clean, private rooms in which to isolate and stay protected from the pandemic. The Riverside Hotel is very proud to partner with Interfaith Sanctuary in caring for the most vulnerable members of our community – especially during a time when we all need to support each other to the greatest extent possible. PROMOTION: We have Staycation* Gift Certificates available for the upcoming warmer months for only $179! Staycation includes newly remodeled guest room, $50 to the SANDBAR or Riverside Grill, Pool Tote and the famous breakfast buffet. Call 208-331-4943 and we will mail you your certificate! Rush Bowls - A Healthy Family Business Heidi and her husband Nate opened Rush Bowls in 2020 after falling in love with the franchise a couple of years ago. Rush Bowls aligns with their love for fitness and choosing a healthier option when dining out. Heidi has a full house full of five kids ages ranging from 4-14 and opening the business has given them the opportunity to show their kids how to learn to work and to do something amazing as a family.
PROMOTION: Free immune booster in any bowl or smoothie. Delivery now is through curbside pickup, online ordering, and through UberEats, DoorDash, GrubHub, and Postmates.  Vice President of Government and Community Relations Mat Erpelding gives us an update on the recent signing of Governor Brad Little's SBA Economic Injury Disaster Loan program. Visit sba.gov/disaster for more information, and for additional resources for Idaho businesses, check out commerce.idaho.gov/covid-19/. |
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