Bluehost Blog - The state, local, and national governments are working to assist small businesses that have been impacted by the Coronavirus (COVID-19). The ongoing evolution of the pandemic is prompting officials and corporations to provide emergency assistance and funding to help out small businesses who are experiencing economic hardship. While the details of programs are still evolving, there are current resources that are available for small businesses now.
Here is a list of international resources and relief programs to assist small businesses that are experiencing any financial hardships due to the current health crisis.
Disclaimer: None of these programs are offered directly by Bluehost. This is a list of international resources for users to review and not an application portal. Please contact your local government for assistance regarding any programs.
This list was last updated on Thursday, April 30, 2020.
United States
Internal Revenue Service (IRS)– The Treasury and IRS department announced a three-month delay for any pending tax payments owed up to a million dollars. The deadline to pay and file taxes has been extended to July 15th. This covers individual tax returns, but can also be applied to small businesses.
Small Business Administration (SBA)– On March 12th, The U.S. Small Business Administration announced it would be working with state and local governments to provide targeted, low-interest disaster recovery loans to assist small businesses affected by Coronavirus (COVID-19). The site is being updated as frequently as possible, so you’ll want to continue monitoring for your state to be added to the list.
Economic Injury Disaster Advance Loans– Small business owners within the U.S. are eligible to apply for the Economic Injury Disaster Loan advance of up to $10,000 to assist with any financial hardship caused by COVID-19.
American Banking Association– The American Bankers Association has compiled a list of U.S. banks that are responding to the crisis with various programs to help their customers. Whether it’s deferred credit card payments or loan modifications, banks all over the country are working to provide critical support during these challenging conditions.
Disaster Loan Assistance– The U.S. Small Business Administration is providing low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters and is currently taking applications.
Economic Impact Payment– The U.S. Treasury Department and IRS will be distributing economic impact payments for taxpayers starting in mid-April. Eligible taxpayers who have filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
Kabbage– Kabbage is an online lender who is offering Paycheck Protection Loans (PPP) on behalf of one or more of the approved U.S. Small Business Administration (SBA) lenders. The PPP will allow small businesses to apply for loans for payroll and other eligible expenses.
Canada
The Canada Account– The Canada Account is used by the government to support exporters when deemed to be in the national interest. This account is allowing the government to support Canadian businesses through loans, guarantees, and insurance policies during economic hardships.
The Canada Emergency Wage Subsidy– In order to support small businesses keep and maintain current employees, the government is providing a 75-per-cent wage subsidy to eligible employers that would be paid between March 15th-June 6th.
Purchase Order Financing– The Business Development Bank of Canada can help you fill large purchase orders with stress by covering up to 90% of purchase order financing.
United Kingdom
Corona Business Interruption Loan Scheme– The British Business Bank is working with the government to provide small businesses access to bank lending and overdrafts. Lenders will receive an 80% guarantee on loans with the value of loans supported up to £25 million.
HMRC’s Time to Pay Service– For any small businesses or self-employed people who are currently experiencing financial distress, the HRMC’s dedicated helpline 0800 0159 559 can provide resources and support to pay taxes.
Statutory Sick Pay (SSP)– For any individual who is unable to work due to illness or self-isolation during COVID-19, their employer would pay £95.85 a week for up to 28 weeks.
Additional Resources
Facebook– Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they are operational.
Comments
Post a Comment