CORONAVIRUS INFORMATION FOR SMALL BUSINESSES

We recognize this is a very difficult time for small businesses in Idaho that are impacted by the COVID-19 outbreak. This page contains information about the Small Business Administration (SBA) programs available for businesses impacted by COVID-19.

Small Business Administration (SBA) Programs

SBA Paycheck Protection Program (PPP)

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: Payroll for 8 weeks (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 12 months

Covered Loan Period: February 15, 2020 – June 30, 2020

Apply with one of Idaho’s Approved SBA Lenders.

SBA Express Loan

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: None

Interest: 4.5–6.5% over the prime rate

Deferment of Payment: Up to six months

Covered Loan Period: February 15, 2020 – June 30, 2020

Apply with one of Idaho’s Approved SBA Lenders.

SBA Economic Injury Disaster Loan (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: ~6 weeks to 3 months, however, advance cash grants of $10,000 are available within 3 days if requested.

Forgiveness: $10,000 of any cash grant if used to maintain payroll and monthly expenses.

Interest: 3.75% for small businesses; 2.75% for non-profits.

Apply directly with the SBA, for an EIDL.

NOTE: Businesses may not take advantage of more than one loan resource or it may be considered a, “duplication of benefit.” Businesses may not be forgiven for amounts paid for employee leave if they are eligible for a tax credit to off-set the cost.

Idaho Small Business Development Center (SBDC)

The Idaho SBDC is available to help small businesses in the Gem State by providing consulting support to small businesses through 1:1 consulting and training. Shortly, the SBDC will offer a statewide training focused on the EIDL program (described above), which will be offered to small business owners throughout the state. The best way for businesses to obtain person-to-person help is to call the Office of Disaster Assistance customer service center at 800-659-2955.

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.

Small Business Administration Idaho Offices

There are several Small Business Administration 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.