Small Business Administration:
The U.S. Small Business Administration’s West Virginia District Office continues their efforts to assist small businesses during the COVID-19 pandemic.
West Virginia Small Business Training Opportunities
Q&A with SBA
Join us for an unscripted Q&A with SBA session featuring: Kim Donahue, SBA Charleston Branch Manager, Melissa Loder, SBA WV Senior Area Business Opportunity Specialist, and Nikki Bowmar, SBA WV Public Affairs Specialist.
- Thursday, June 25, 2020 at 2 pm
- Tuesday, June 30, 2020 at 2 pm
- Thursday, July 2, 2020 at 2 pm
- On-Line Government Contracting Training: click link for schedule
- Credit How To’s: June 26, 2020 at 12:00 pm EST
SBA and Treasury Announce
New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, has posted a revised, user-friendly Paycheck Protection Program loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new “EZ” version of the forgiveness application applying to borrowers who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%
Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
- Click here to view the EZ Forgiveness Application.
- Click here to view the Full Forgiveness Application.
WV SBDC Ask Me! Forum
The West Virginia Small Business Development Center hosts a Ask Me! Forum: Paycheck Protection Program (PPP): Will You Forgive Me? on Thursday, May 14, 2020 at 11:30 a.m. Click below for more information. Register
WV Department of Agriculture SBA Q&A
SBA WVDO Deputy District Director joins the WV Department of Agriculture for a Q&A session on Monday, May 11 at 10 am EST.
Conference ID: 952502900#
Notice: New Eligibility for Economic Injury Disaster Loan and Advance for Agricultural Businesses
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
- Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
- SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Questions regarding an existing application can be directed to SBA’s 24/7 Customer Service Center at 800-659-2955.
To learn more about the relief options available for your business, click here.
Additional information on the CARES Act can be downloaded below:
To stay informed go to: https://www.sba.gov/updates and sign up for their newsletter.
State of WV
The filing deadline for personal income taxes and corporation net income taxes in West Virginia has been extended to July 15. For information about the virus’ impact on deadlines, sales tax remittance and other issues, click here.
Keep up to date on the latest updates from our state office. https://dhhr.wv.gov/COVID-19/Pages/default.aspx
The Small Business Administration’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses. Learn more.
Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program. Learn more.
Truist Commits $2 Million to Support Small Businesses Affected by the COVID-19 Pandemic. Learn more.
JPMorgan pledged $50 million global philanthropic commitment to support communities and people hit hardest by this public health crisis, including $2 million to existing nonprofit partners and $8 million to assist small businesses. Learn more.
Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date. Learn more.
The James Beard Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need. Learn more.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown. Learn more.
CO.STARTERS Recovery Guide: This is an amazing group of resources from our training partner, Co.Starters.
COVID-19 Main Street Resources: Guidance resources for your community.