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 period ended August 8, 2020. Read our side-by-side comparison of PPP and EIDL here and view our weekly webinars for answers to your most common PPP and EIDL program questions.

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].

Join NFIB

NFIB Resources

Automatic Forgiveness Update and Ask the CPA – Covid-19 Small Biz Tax Tips: PPP and Beyond(10/14)

Join special guest CPA and Tax Expert Martin Abo, CPA/ABV/CVA/CFF, as he answers the most urgent tax questions from small businesses. Watch Now

How to Complete a PPP Forgiveness Application (9/30)

In this 90-minute webinar, PPP experts Beth Milito and Holly Wade will instruct you on how to complete a PPP loan forgiveness request. We will walk you through the forgiveness applications and help you determine if you qualify for the Standard or EZ Loan Forgiveness Application. We will devote 45 minutes to live Q&A. Watch Now

EIDL Top Ten FAQs (Answered!), PPP EZ Forgiveness Eligibility, and Q&A(9/16)

In follow-up to last session’s “PPP Top Ten FAQs,” this week Beth and Holly will answer the top Economic Injury Disaster Loan (EIDL) program questions. In addition, the webinar will review PPP EZ forgiveness eligibile. Watch Now

Ready for PPP Loan Forgiveness? Lets make sure all your ducks are in a row(9/2)

Beth and Holly will answer PPP loan forgiveness questions and more to make sure you are ready. NFIB’s COVID-19 webinar series aims to provide the latest updates on pressing issues facing small businesses. Watch Now

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. Watch 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

 

NFIB Guide to New Federal Lending Options

NFIB has recently released a Guide to New Federal Relief outlining 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 13: PPP, EIDL, the Economy, and Payment Deferrals – October 26, 2020

NFIB’s October survey of small business owners on the impact of COVID-19 shows about 75 percent of small businesses would apply for or consider applying for a second round of Paycheck Protection Program (PPP) loan funding, and half of PPP borrowers anticipate needing additional financial support over the next 12 months. The vast majority of borrowers – 90 percent – have spent their entire PPP loan and are ready to apply for loan forgiveness. This survey was conducted Oct. 23-26, 2020 and is the 13th in NFIB’s series of COVID-19 related surveys, beginning in March of this year. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 12: PPP, EIDL, the Economy, & Payment Deferrals – September 30, 2020

The latest in NFIB’s series of COVID-19 related surveys of small business found one-in-five small businesses anticipate having to lay off employees in next six months, and about half of small businesses anticipate needing additional financial support. The vast majority of borrowers, 86%, have spent their entire loan and are ready to apply for loan forgiveness. The survey was conducted Sept. 28-30, 2020 and marks NFIB’s 12th Small Business COVID-19 survey. The first of the series was published in early March with subsequent publications every 2-4 weeks. Read More

NFIB Research Center: COVID-19 Small Business Survey Part 11: PPP, EIDL, Unemployment Insurance, the Economy – August 18, 2020

The latest in NFIB’s series of COVID-19 related surveys of small business was conducted Aug. 17-18, 2020. The Paycheck Protection Program (PPP) loan application window closed Aug. 8 with Congress now negotiating additional support for the small business owners most negatively impacted by the health crisis. In this survey, one in five small businesses reported they will have to close their doors if economic conditions don’t improve in next six months, and thirty-two percent say the extra $600 per week unemployment insurance benefit made it harder to hire or re-hire workers. Read More

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 an 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

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Additional Resources & Toolkits

CDC Guidance for businesses and employers

SBA Coronavirus Relief Options

U.S. Department of Labor Resources to Help Workers and Employers

IRS Coronavirus Tax Relief and Economic Impact Payments

How the Treasury Department is Taking Action

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today
1-800-634-2669

© 2001 - 2020 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy