Below is a list of resources for local businesses looking for guidance on how to navigate impacts related to the COVID-19 pandemic. Small businesses are encouraged to review information from webinars hosted by the Alabama SBDC Network to help answer questions on how they can prepare and apply for an SBA Economic Injury Loan. Slides from the webinar are available here. An additional webinar will be scheduled for next week.
Governor Kay Ivey announced on Saturday that small businesses across Alabama negatively impacted by the coronavirus pandemic are eligible for assistance under the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program (link below).
Coronavirus Aid, Relief, and Economic Security (CARES) Act
President Trump has signed into law the CARES Act, providing relief for small businesses during this economic downturn.
IRS Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the Coronavirus.
Alabama Department of Revenue Sales Tax Relief for Small Retail Businesses
An explanation of COVID-19 related relief for taxpayers.
U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program (EIDL)
The U.S. Small Business Administration has announced relaxed criteria for designated states’ and territories’ low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
- Loans up to $2,000,000
- 3.75% fixed interest rate on loans to for-profit companies
- 2.75% fixed interest rate on loans to non-profits
- Up to 30-year term and amortization (determined on case-by-case basis)
- Financing to be used for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
U.S. SBA COVID-19 Small Business Guidance & Loan Resources
The SBA provides explanations and links to their Disaster Loan Program (above), guidance for businesses and employers, SBA products and resources, government contracting and local assistance.
Business Response Tools
Alabama Small Business Development Center Small Business Guidance
Information from AL Department of Revenue on sales tax relief for small retail businesses and from AL Department of Labor on support for workers impacted by COVID-19.
Alabama Small Business Development Center Disaster Assistance Business Continuity
Offers small businesses guidance on planning for and recovering from disasters
Business Council of Alabama (BCA) Coronavirus Business Resources
Information from the BCA regarding the ever-changing business environment as it relates to COVID-19
IRS Disaster Assistance and Emergency Relief for Individuals and Business
IRS guidance for disaster assistance
Occupational Safety and Health Administration COVID-19 Resources
Information for workers and employers about the evolving COVID-19 pandemic
SCORE Small Business Disaster Preparedness & Recovery Resources
Guidance for small businesses in disaster planning and recovery
U.S. Chamber of Commerce Business Guidelines
COVID-19 Business Preparedness Checklist and tips on Combating the Coronavirus
U.S. Chamber of Commerce Workplace Tips and Resources
General workplace health and safety from the Center for Disease Control and Prevention (CDC)
U.S. Chamber of Commerce Foundation Resilience in a Box Resources
Resilience in a Box is based on best practices and designed to educate business leaders on disaster preparedness and business resilience
Additional Resources and Funding Opportunities
American Medical Loan
Small business loans for medical practices
Food Truck Lender
Loan opportunities for small business, food trucks, and mobile vendor businesses
Small business loans for veterans
Small business loans for veterans
U.S. Department of Homeland Security - Acquisition Planning Forecast System
Program to encourage small businesses to submit to be a federal DHS contractor or sub-contractor for larger programs
U.S. General Services Administration
Federal database of economic assistance listings, wage determinations, and contract opportunities.