COVID-19 Update: Planning for the Future Date

April 13, 2020

kycovid19.ky.gov

Important COVID-19 Business Information

Visit us online at www.fcps.net/business and

The Office of Economic Development and Supplier Diversity is collaborating with the U.S. Small Business Administration (SBA)-Kentucky District Office, Commerce Lexington, and the Kentucky Procurement Technical Assistance Center (KYPTAC) to provide information and resources for small businesses.

Over the next few weeks, we will provide accurate information and resources to help your small business navigate through SBA Loans and other funding options. In addition, we will schedule webinars to give you vital information to help your business plan for the future and be well positioned for opportunities.

Planning for the Future

Upcoming Webinars

April 14 — Preparing for the Future: What You Can Do Now

April 21 — Certification and Why it Matters More Than Ever

April 28 — Moving Forward: Your Business After COVID-19

CARES ACT and Funding Sources for Small Businesses

On March 27, the President signed into law the CARES Act, which provides $376 billion dollars in relief for American workers and small businesses. Under the CARES Act, there are four temporary funding options for small businesses. Each of these options has different requirements and applications. Be sure to read the information in the links provided below to determine the best option for your business needs.

Paycheck Protection Program (PPP) - An SBA loan that provides up to $10M to help businesses (500 employees or less) keep their workforce employed during the Coronavirus (COVID-19) crisis. Applications accepted from April 3 through September 30, 2020 through participating lenders. Click here to find local lenders and here for the application document.

Economic Injury Disaster Advance Loan - In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid. Apply for the Loan Advance here .

Economic Injury Disaster Loan (EIDL) - The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. To apply for a COVID-19 Economic Injury Disaster Loan, click here .

SBA Express Bridge Loans - Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Can be repaid by funds from EIDL loan. Click here to find more information.

SBA Debt Relief - The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

How to Help the Federal Government

Guidelines from the Department of Defense (DOD) and FEMA

FEMA’s standing RFQ for PPE and medical supplies

The Department of Defense “COVID-19 Joint Acquisition Task Force (JATF) Industry Portal”--interested vendors can fill out a short form to provide information on ways they can help support our nation’s current response and continued resiliency.

Contracting with the DOD provides businesses that have not done business with the government in the past with a step-by-step approach.

Visit the DPC COVID-19 page to view COVID-related material for the contracting community

Point of contact for this notice is Lt Col Bryan Lamb, at bryan.d.lamb.mil@mail.mil .

Faith Based Organizations

Is your faith-based organization, including houses of worship eligible to receive SBA Loans under the PPP and EIDL Programs? Download and read the Faith-Based Organization FAQ.

Other COVID-19 Corporate Funds

Amazon Neighborhood Small Business Relief Fund

Alphabet (Google) Support for Small Businesses and Crisis Response: $800 million + for small businesses, educators, researchers and nonprofits to navigate the challenges ahead