COVID Business Resources
Here are some resources for business resources for those affected by the COVID-19 pandemic.
Small Business Association (SBA) Disaster Assistance Loans
Loans are available for small business and non-profit organizations. While terms will be established on a case-by-case basis, many will have a thirty-year repayment term with first payments not due for up to twelve months. Businesses should expect to provide a tax transcript, financial statements, and a profit and loss statement. Interest rates will range from 2.75% to 3.75%.
The application is now live, and Georgia small business owners can go directly to the SBA for assistance.
Please note that applicants are applying for the Economic Injury Disaster Loan (EIDL) Program, so they MUST select the Economic Injury (EIDL) Loan Option. If they select the wrong option, they do not have to re-register but they will need to start the application again.
The following PDF explains the Three Step Loan Process: LINK
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Paycheck Protection Program (PPP)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
NOTE: This program is applied for through existing SBA lenders.
LINK TO Small Business Development Center (SBDC) for assistance with SBA loans
The Governor and Commissioner of Labor, Mark Butler, created a mandate for employers to electrically file partial claims on behalf of their employees whenever it is necessary to temporarily lay workers off. Filing partial claims results in employees receiving unemployment insurance (UI) benefit payments faster, usually within forty-eight hours for claims filed electronically. Employees for whom a partial claim is filed are not required to report to a GDOL career center, register for employment services, or seek other work. All Georgia employers will share in the cost of unemployment benefits paid to employees temporarily displaced due to COVID-19. More information on the waiver process may be found at the Georgia Department of Labor’s website.
The Georgia Restaurant Association has put together a page for restaurants that contains some information for restaurants during this period of time.
State of Georgia Business Registration
Secretary of State Brad Raffensperger announced that businesses are facing hardships and will have more time to complete their registrations. Raffensperger extended the annual registration deadline from April 1 to May 1. No penalties or late filing fees will be levied until after May 1.
Local (City of Woodstock) Assistance
The city will not assess interest or penalties to Water & Sewer Utility payments not paid by the March 30 due date.
City of Woodstock will not charge interest for the month of March for delinquent personal or real property accounts.
There will be no additional penalties for delinquent business occupation taxes applied April1st.
Alcohol excise pouring tax for restaurants and breweries, City of Woodstock will allow payments, which are due March 20, to be deferred for 30 days.
The State of Georgia has a new COVID-19 hotline. If you believe that you are experiencing symptoms of COVID-19 or have been exposed to the novel coronavirus, please contact your primary care doctor, an urgent care clinic, or your local federally qualified healthcare center. Please do not show up unannounced at an emergency room or health care facility. Hotline: (844) 442-2681
Other Funding Sources
Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program.