Small Business Resources in Response to Coronavirus

Date: March 19, 2020

Updates Regarding Federal Lending Options

SBA announced July 11 that EIDL loan applications will continue to be processed, but the EIDL Advance Emergency Grants program has closed to new applicants, as the funding allocated for these grants has all been obligated. Apply for Economic Injury Disaster Loans here.

The Paycheck Protection Program loan application deadline is August 8, 2020. Small business owners (non-employers and employers) may apply for a PPP loan directly through a financial institution.

Read our side-by-side comparison of PPP and EIDL here and view our weekly webinars for Q&A with NFIB experts.

As small businesses across the country are grappling with the current and potential impacts associated with COVID-19, NFIB is continuing to track the latest developments from federal healthcare officials, Congress and the Administration. We know small business owners are acting now to take necessary precautions, but also need to understand how actions taken by policymakers today affect business operations down the road.

On this page, you will find up-to-date resources from NFIB and federal government agencies. Throughout this time, NFIB will continue to offer webinars, legislative monitoring, and additional resources.

If you have any questions regarding your business and COVID-19, please contact NFIB’s Small Business Legal Center at [email protected].

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NFIB Resources

Preparing for PPP Loan Forgiveness and PPP Q&A (8/12)

For businesses that received a loan through the Paycheck Protection Program (PPP), the rules are everchanging with new SBA guidance just published on August 4. This week’s webinar will cover the latest SBA updates and provide Q&A. Register Now

PPP and EIDL – Your Questions Answered Live (8/5)

In this webinar session, we’ll be covering your most common PPP and EIDL questions with NFIB’s Covid-19 experts Holly Wade and Beth Milito. Please be sure to submit your questions ahead of our session here and we will dive in and discuss what you need to know around these ever-changing loan programs. Watch Now

SCORE, updates on the EIDL and PPP, Paid Leave Reimbursement, and Q&A (7/29)

Join special guest, SCORE’s CEO Bridget Weston, along with Beth and Holly to learn about FREE business resources available through SCORE, and also reimbursement for paid sick and family leave, loans, and what’s next for small business financial assistance. Watch Now

PPP Loan Forgiveness Application Step-by-Step Live (7/22/20)

Join NFIB’s PPP experts, Beth Milito and Holly Wade, as they walk through a live line-by-line demonstration on filling out the PPP loan forgiveness application followed by Q&A. Watch Now

Your EIDL and PPP Loan Questions Answered – SBA’s Loan Experts Explain the Rules (7/15/20)

Join special guests, SBA representatives Kathy Cook and Melissa Loder, both experts in SBA loan programs, as they join NFIB’s Beth Milito and Holly Wade to dig into the details of SBA loan relief.

Economic Injury Disaster Loans, in particular, carry terms that may cause business owners to inadvertently default, so EIDL borrowers want to make sure they understand the rules. Watch Now

PPP Forgiveness – A Banker’s Perspective (7/8/20)

Join Mary Beth Baker, SVP and Commercial Lending Officer for Powell Valley National Bank, along with NFIB’s Beth Milito and Holly Wade to learn more about how PPP loan forgiveness will work. Mary Beth will provide insights on how to get prepared, avoid potholes, and begin navigating the road to forgiveness. Watch Now

Small Business and PPP Forgiveness – Your Questions Answered Live! (7/1/20)

During NFIB’s Weekly Wednesday Briefing, NFIB’s Beth Milito and Holly Wade will be joined by a specialist from Finch CPA. The full hour will be devoted to answering your PPP loan, EIDL, tax, and unemployment benefit questions. You can submit your questions live or by emailing your question ahead of time at [email protected]  Watch Now

PPP EZ Application – Step-by-Step Instructions for Maximizing PPP Loan Forgiveness (6/24/20)

The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses. While applying for forgiveness may still seem overwhelming – even with this simper form – the EZ form requires fewer calculations and less documentation. Join NFIB’s weekly webinar with Beth Milito and Holly Wade as they walk through the EZ form together and answer frequently asked questions.  Watch Now

Overcoming Financial and Employee Challenges in the Covid-19 Era (6/17/20)

Join us for NFIB’s Weekly Briefing for a live discussion with NFIB experts Beth Milito and Holly Wade as they highlight key issues important to small businesses operating in the Covid-19 era. Beth and Holly will discuss real-world examples on the following topics to help you navigate difficult business decisions today and into the future.  Watch Now

Breaking News: Paycheck Protection Program (PPP) Loan Terms Updated (6/10/20)

Please join Holly Wade, Director, NFIB Research & Policy Analysis, and Beth Milito, Senior Executive Counsel, on June 10 for their weekly webinar where they will focus on dramatic changes to the PPP loan program and also discuss other resources available to help small businesses navigate Covid-19. Watch Now

Payheck Protection Program (PPP) Loan Forgiveness Part III: 10 Keys to Loan Forgiveness & Your Questions Answered Live (6/3/20)

With the May 15 recent release of the PPP Loan Forgiveness Application, borrowers were left with some clarification and plenty of questions. Over the last two weeks, Holly and Beth took a deep dive into the application and instructions. In this next part of our PPP loan forgiveness webinar series, we run through 10 tips to maximize your loan forgiveness and spend time answering your questions. Watch Now

PPP Loan Forgiveness Application: A Step by Step Briefing for Small Businesses (5/27/20)

On May 15, 2020, SBA released the PPP loan forgiveness application, an 11-page application that borrowers will need to complete. As a follow-up to our previous PPP Loan Forgiveness webinarSandra Finch, a Certified Public Accountant who educates CPAs nationwide, will join Beth Milito and Holly Wade for a session that will review the PPP loan forgiveness application step by step. Watch Now.

Small Business and COVID-19: Your Questions Answered Live (5/20/20)

This week NFIB’s Holly Wade and Beth Milito will be joined by banking expert Colin Barrett, President/CEO of the Tennessee Bankers Association, to discuss how to avoid running afoul of PPP loan forgiveness rules, how to complete the forgiveness application, and other practical advice that businesses can use to get employees back to work and resume operations safely. Watch Now.

Small Business and COVID-19: Your Questions Answered Live (5/13/20)

This week Holly and Beth will devote the full hour to answering your PPP loan and SBA EIDL, tax, workplace, human resource (HR), and unemployment questions. You can submit your questions live or by emailing us ahead of time at [email protected] with “webinar” in the subject line. Watch Now.

Getting Back to Business – COVID 19 Financial and Workplace Safety Updates (5/6/20)

Holly Wade, Director, NFIB Research & Policy Analysis, and Beth Milito, Senior Executive Counsel, for NFIB’s weekly webinar briefing will focus on considerations you will face as the country reopens for business. Watch Now.

NFIB Coronavirus Weekly Briefing for Small Business (4/22/20)

Join Holly Wade, Director, Research & Policy Analysis, and Beth Milito, Senior Executive Counsel, for an update on Congressional action to add funding to EIDL and PPP loan programs, a review of SBA rules on the PPP loan forgiveness formula, and hear the latest on the unemployment insurance system meltdown. Watch Now.

Coronoavirus Part V: C: UPDATE – SBA’s EIDL and PPP Loan Programs

NFIB will hosted its fifth COVID-19 webinar on Friday, April 10, 2020, at 12 pm ET, which will cover new guidance information released by the SBA and Treasury on the EIDL and PPP loan programs. Watch Now.

Coronavirus Part IV: How to Apply for a Coronavirus Small Business Loan

NFIB hosted its fourth COVID-19 webinar on Friday, April 3, 2020, at 12 pm ET, which focused exclusively on small business loan programs that are now available. Watch Now.

Coronavirus Part III: Financial Resources and Updates for Small Business

On Monday, March 31, 2020, NFIB hosted a webinar walking business owners and employers through the Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus bill, which will provide small business grants, forgivable loans, and tax relief. Watch Here.

Coronavirus Part II: Congressional and Legal Update for Small Businesses

On Friday, March 20, 2020, NFIB hosted a webinar on COVID-19, Congressional and Legal Update for Small Businesses. Watch Here.

Coronavirus Part I: How Small Businesses, Workers, and Workplaces Should Respond to COVID-19

On Friday, March 13, NFIB hosted a webinar to discuss COVID-19 and the impact of small businesses. This webinar provided a critical, up-to-the-minute report on the situation from NFIB Senior Executive Counsel Beth Milito and NFIB Director of Research Holly Wade. They provided government updates on how to take precautions and handle presumptive cases in the workplace. Watch here.

NFIB Guide to New Federal Lending Options

NFIB has recently released a Guide to New Federal Relief outling how the stimulus bill affects small businesses.Read More

Small Business Financial Resources During Coronavirus

NFIB has collected useful resources for small business owners including information from the Small Business Administration, leeway from financial institutions, and assistance from state and local governments. Read More

NFIB Issues Liability Protection Principles for America’s Small Businesses

NFIB issued a set of Liability Protection Principles, intended to protect small businesses from the threat of unfounded lawsuits as they begin to open. Read More

Small Business FAQs on COVID-19

At this time we are receiving many calls from concerned small business owners throughout the country facing unprecedented challenges during the COVID-19 pandemic. We’ve done our best to address the most common questions in this FAQ.

NFIB Research Center: COVID-19 Small Business Survey Part 10: PPP, Real Estate, Business Expenses, the Economy – July 21, 2020

This small business survey was conducted July 20-21 and provides and update on the state of small business and the Paycheck Protection Program (PPP). The PPP loan application window is set to close on Aug. 8 after Congress extended the deadline to allow more small business owners to participate. Most small business owners (71%) have used their entire PPP loan. However, almost half of small business owners surveyed anticipate needing additional financial support over the next six months. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 9: State of PPP and EIDL Borrowers, the Economy and Managing Business Operations – July 7, 2020

Survey results show the number of small business owners applying for a Paycheck Protection Program (PPP) loan remained generally unchanged since mid-June with 80% having applied for a loan. Over half (56%) of PPP borrowers have spent all of their loan funds with the remaining 44% likely not far behind. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 8: PPP, EIDL, MSLP, Economy – June 16, 2020

This survey of small businesses provides an update on progress with federal loan programs: 27% of owners reported experiencing a significant or moderate increase in sales due to eased restrictions in the states. Another 27% reported a slight increase and 42% of owners said sales levels did not change. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 7: PPP, EIDL, Main Street Lending, Paid Sick Leave – May 29, 2020

Small businesses were surveyed on the utilization and financial assistance of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program. The survey also explores the familiarity of the Main Street Lending Program and the prevalence of COVID-19 related to employee leave. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 6: PPP, EIDL, Economy, UI – May 18, 2020

NFIB surveyed small businesses on the status of COVID-19 response federal small business loan programs. Among NFIB members, 80% applied for a Paycheck Protection Program (PPP) loan and almost 90% have received the loan. Most of the loans were deposited between mid-April and mid-May. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 5: Small Business Loan Programs and Re-Opening – May 1, 2020

After a brief lapse in funding, the PPP loan program is back online, facilitating loans and accepting new applicants. The EIDL program is also back online and processing loans with new funding, but currently closed to new applicants other than businesses in the agriculture industry. This survey of small businesses provides and update on use of these two primary loan arrangements, which are for many small business owners the only available COVID-19 crisis financial assistance. Read More

NFIB Research Center: COVID-19 Small Business Survey: Small Business Loans PPP and EIDL – April 16, 2020

This survey provides an update on the state of small business and the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), which are the two primary loan programs available to negatively impacted small business owners in need of financial assistance. On April 16th, both programs are closed to new applicants. Many applicants who have submitted their application are still waiting to hear if their loan is far enough through the process to receive financing or if it has been suspended due to lack of program funds. However, additional funding may become available making current suspensions only temporary. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 4: Federal Loan Programs – April 9, 2020

This survey of small businesses highlights the strong demand for financial assistance among small business owners and how owners are navigating the initial rollout of the two primary federal loan programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). Read More

NFIB Research Center: COVID-19 Small Business Survey Part 3: Impact on Small Business – April 2, 2020

NFIB’s latest survey of small businesses regarding the current impact of the COVID-19 outbreak, shows continued deterioration of the small business sector, with half saying they’ll have to shut down in less than two months without help. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 2: Impact on Small Business – March 23, 2020

Responses from small businesses regarding the current impact of the COVID-19 outbreak offer a stark contrast from the survey released 10 days ago. The magnitude of the disruption is profound, with seventy-six percent of small businesses negatively impacted by the outbreak of the coronavirus. This is a dramatic escalation from just under one-quarter of small businesses reporting the same earlier this month. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 1: Impact on Small Business – March 13, 2020

Small businesses survey results on the current impact of the coronavirus outbreak show most small businesses are not currently impacted, yet owners are concerned about future disruptions if the outbreak continues to escalate. The vast majority of small businesses (74%) are not currently impacted by the coronavirus outbreak. However, the coronavirus outbreak is negatively impacting about 23% of small business owners. Three percent are positively impacted. Of those small business owners not currently impacted, 43% anticipate their business will be affected if the coronavirus outbreak spreads to, or spreads more broadly in, their immediate area over the next three months. Read More

COVID-19 Impact Survey

Between state and locally-mandated closures, access to financial assistance and protective gear, and concerns with unfair lawsuits there are many challenges facing small businesses. NFIB is advocating for you and your business and we want to learn more about the challenges you are experiencing. Share Your Story

Protect Your Business Against Unfair Coronavirus Lawsuits

As Congress considers the next legislative package devoted to coronavirus relief the discussion has shifted to protecting businesses from unfair coronavirus lawsuits. Tell your lawmaker that your business needs to be protected from coronavirus exposure litigation. Act Now

Restore Deductibility of Paycheck Protection Program (PPP) Forgiveness

Tell your Senators to reverse IRS guidance that disallows forgiven expenses from being deductible as a business expense. Urge Senators to support S. 3612, the Small Business Expense Protection Act of 2020. Act Now

Read the Latest Legislative and Implementation Updates on Coronavirus

Related Content: Analysis | Coronavirus

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How the Treasury Department is Taking Action

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