Small Business Resources in Response to Coronavirus

Date: March 19, 2020

Updates Regarding Federal Lending Options

Many Paycheck Protection Program (PPP) borrowers may now be eligible to apply for forgiveness directly through the U.S. Small Business Administration (SBA). On Wednesday, August 4, the SBA opened a direct forgiveness portal for loans under $150,000 through participating lenders. Learn more here.

While the PPP is no longer accepting new applications, the Targeted Economic Injury Disaster Loan (EIDL) Advance and the Supplemental Targeted Advance grant programs, as well as the EID Loan and micro-loan programs remain open. Learn more and find out if your business qualifies for the up to $15,000 in EID Advance grants here.

Congress has passed several laws with provisions to help small businesses with cashflow and liquidity issues caused by COVID-19. The Consolidated Appropriations Act of 2021 that became law in December 2020 and the American Rescue Plan Act enacted in March 2021 provide several business-friendly tax changes in addition to extending targeted federal grant and loan programs. For more information, see NFIB’s COVID-19 recovery 2.0 fact sheet, our bi-weekly COVID-19 webinars, and our Guide to Federal Lending Options.

As small businesses across the country continue to grapple with the impacts of the COVID-19 pandemic, NFIB is tracking the latest developments from federal healthcare officials, Congress and the Administration. 

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

The Federal Covid-19 Vaccine Mandates – What You Need to Know About the New OSHA and Federal Contractor Vaccine Rules (11/19)

Join NFIB’s special edition Covid-19 webinar, with James A. Paretti for an overview of the OSHA ETS and the new federal contractor vaccine rule, which will answer the most pressing questions surrounding both rules including coverage and deadlines. Watch Now

Tax Preparation for 2022 with “JJ the CPA”: PPP, EIDL, and ERC Considerations (11/17)

NFIB’s Covid-19 experts Beth Milito and Holly Wade will be joined by Joshua Jenson, aka “JJ the CPA,” who will discuss the tax implications of the Payroll Protection Program, the Economic Injury Disaster Loan, and the Employee Retention Tax Credit. Watch Now

Small Business Reset and Recovery Series, Episode #3 – Succession Planning for the Small Business Owner: Navigating the Exit (11/3)

Join NFIB’s COVID-19 experts Beth Milito and Holly Wade with Special Guest Martin H. Abo, CPA/ABV/CVA/CFF for a webinar designed to equip business owners with guidance on how to start the process of exiting their business. Watch Now

Resources and Relief for Your Small Business – Enhanced EIDL and ERTC Updates (10/20)

Join NFIB’s COVID-19 experts Beth Milito and Holly Wade have teamed up with SBA leadership for a webinar that will help your business get back on track. Watch Now

Small Business Reset and Recovery Series, Episode #2: Getting What You are Owed: Collections 101 for Small Businesses (10/6/21)

Join NFIB’s COVID-19 experts Beth Milito and Holly Wade, and special guest Cliff Ennico, Esq., to learn how to collect money you are owed fast and legally. Watch Now

Employee Retention Credit: A CPA Answers Frequently Asked Questions (9/22/21)

Join NFIB’s COVID-19 experts Beth Milito and Holly Wade, and special guest Kristi Stone, CPA, for an informative webinar that will provide answers to the most frequently asked questions about the Employee Retention Credit (ERC). Watch Now

Small Business Reset & Recovery: Series #1 (9/8/21)

Join NFIB’s COVID-19 experts Beth Milito and Holly Wade, and special guest Brian Blase, Ph.D., Blase Policy Strategies, for a conversation on financial aid and other resources available to help small businesses recover, attract and retain employees, and emerge from the COVID-19 crisis stronger than ever. Watch Now

Employee Retention Credit (ERC) – Small Business Updates from Treasury (8/25/21)

Join officials from the U.S. Department of the Treasury, along with NFIB experts Beth Milito and Holly Wade, for a webinar to discuss the ERC, a refundable tax credit worth up to $33,000 per employee. Watch Now

EIDL Microloans and PPP Direct Forgiveness Portal with special guest Veronica Pugin (08/11/21)

Join NFIB experts and special guest Veronica Pugin, from the U.S. Small Business Administration (SBA), for a free webinar on the EIDL (Economic Injury Disaster Loan) microloans. Watch Now

Employee Retention Credit (ERC) Small Business Workshop (07/28/2021)

Join NFIB’s special guest, Matt Evans, CPA, SMA, CFM, as he reviews the benefits of the ERC program, a refundable tax credit that could be worth up to $33,000 per employee for qualified wages an eligible employer pays to employees after March 12, 2020, and before December 31, 2021. Watch Now

SBA Paycheck Protection Program (PPP) Forgiveness with special guest, Shelley Brown (07/14/2021)

Join NFIB experts and special guest Shelley Brown, from the U.S. Small Business Administration (SBA), to find out what every business needs to know to successfully apply for Paycheck Protection Program (PPP) loan forgiveness.  Watch Now

Claiming the Employee Retention Credit (06/09/2021)

Don’t Miss Out on the Tax Credit that Offers Up to $33,000 per Employee! Join this FREE NFIB webinar, led by Justin Elanjian, CPA, from Aprio, the award-winning, top-rated CPA and Advisory Services Firm. Watch Now

PPP and ERC: A Tax Lawyer Explains How to Maximize Both Programs Together (05/26/2021)

The Employee Retention Credit (ERC) offers a substantial refundable tax credit to employers, including those who have taken out Paycheck Protection Program (PPP) loans. Join in this FREE webinar with Martin Karamon, JD/LLM, Principal, Cherry Bekaert, LLP. Watch Now

Overview and Updates on Federal Small Business COVID-19 Relief (05/12/2021)

Join this FREE webinar with NFIB hosts Beth Milito and Holly Wade who will provide an overview and update on the federal small business programs that are still available. Watch Now

Restaurant Revitalization Fund: What Small Businesses Need to Know (04/28/2021)

Join this FREE webinar with representatives from the Small Business Administration (SBA) and NFIB hosts Beth Milito and Holly Wade, to walk through the steps on how to take advantage of the new SBA grant program – the Restaurant Revitalization Fund (RRF). Watch Now

Employee Retention Tax Credit Essentials with Jamie Trull (04/14/2021)

Jamie will cover the new supercharged Employee Retention Tax Credit. You won’t want to miss this discussion on the ERTC, which could equal $33,000 per employee! Watch Now

Small Business Tax Essentials: Tax Security and Filings During Covid-19 – Do’s and Don’ts
With special guest: Veronica Tubman, Stakeholder Liaison, IRS (03/31/2021)

Tax time is approaching fast. Whether you hire a professional or do your taxes yourself, you should be aware of COVID-19 tax benefits available to small businesses and make sure you pay the right amount, file on time, and protect your business’s assets. Watch Now

Breaking News: PPP, ERTC, and COVID-19 Relief Updates from the American Rescue Plan Act (03/17/2021)

Now that the American Rescue Plan, the latest COVID-19 relief package, has been signed into law an additional $7.25 billion has been added to the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERTC) has been extended through 12/31/2021. Don’t miss NFIB’s webinar with Beth Milito and Holly Wade to learn about these updates and others to ensure you don’t miss out on the latest COVID-19 relief package for small businesses. Watch Now

Tax Tips for the 2021 Tax Season: COVID-19 Tax Planning with Anders CPAs + Advisors (03/03/2021)

April 15th will be here before you know it, so you do not want to miss this fast-paced session with the Anders CPAs COVID-19 team. The hour will be dedicated to answering small business tax-related questions and concerns due to the CARES Act and other stimulus legislation. Watch Now

Employee Retention Tax Credit (ERTC): Step by Step instructions with a CPA (02/24/2021)

Join this FREE webinar as Matt Evans, CPA, CMA, CFM, a frequent speaker who serves as a SCORE Mentor to small businesses, walks through the steps on how to take advantage of the ERTC.  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

Guide to PPP Forgiveness for Borrowers of $50,000 or Less

NFIB’s guide to Form 3508S, the Paycheck Protection Program forgiveness application released in October 2020 by the U.S. Small Business Administration and U.S. Treasury Department for PPP borrowers of $50,000 or less.  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

NFIB Research Center: Covid-19 Small Business Survey Part 20: Supply Chain Disruptions, Staffing Shortages, Holiday Sales, Prices, and Compensation – October 27, 2021 

This small business survey provides an update on the state of small businesses going into the holiday season. Supply chain disruptions and staffing shortages remain the largest issues facing small businesses, with 48% of owners saying that supply chain disruptions had a severe impact on their business, and 26% saying the same about staffing shortages. This survey was conducted October 25-27, 2021 and marks NFIB’s 20th Small Business COVID-19 survey. The first of the series was published in early March 2020. Read More 

NFIB Research Center: Covid-19 Small Business Survey Part 19: Supply Chain Disruptions, Staffing Shortages, Economic Conditions, and Vaccination/Mask Policies – September 15, 2021 

The latest in NFIB’s series of COVID-19 related surveys of small business found that half of small business owners reported that supply chain disruptions have a significant impact on their business, up from 32% two months ago. In addition, the ongoing staffing shortages continue to make small business recovery challenging. This survey was conducted September 1-6, 2021 and marks NFIB’s 19th Small Business COVID-19 survey. The first of the series was published in early March 2020 with subsequent publications every 2-4 weeks. Read More 

NFIB Research Center: Covid-19 Small Business Survey Part 18: Federal Small Business Programs, the Vaccine, Labor Shortage, and Supply Chain Disruptions – June 30, 2021 

In NFIB’s latest survey on how the pandemic has affected small businesses, about three-quarters (77%) of small business owners reported that they took out a first-draw PPP loan in and another 43% took a second-draw loan. Small businesses continue to try to recover from the pandemic, but their recovery is slowed by the large number of employers (61%) reporting staffing shortages. This survey was conducted June 26-30 and is the 18th in NFIB’s series of COVID-19 related surveys, beginning in March of 2020. Read More 

NFIB Research Center: COVID-19 Small Business Survey Part 17: Federal Small Business Programs, the Vaccine, Labor Shortage, and Supply Chain Disruptions – April 28, 2021

The latest NFIB survey saw that small businesses continue to work to return to pre-pandemic levels. About half (53%) of small business employers have had an employee take COVID-19 related sick or family leave. Now that many federal programs devoted to helping small employers during the COVID-19 pandemic, such as the Paycheck Protection Program, are ending, it is crucial that Congress and the Administration don’t enact policies that damage small business recovery. This survey was conducted April 23-28, 2021 and is the 17th in NFIB’s series of COVID-19 related surveys, beginning in March of 2020. Read More 

NFIB Research Center: COVID-19 Small Business Survey Part 16: PPP, ERTC, the Economy, the Vaccine, and Employee Compensation – March 16, 2021

NFIB’s March survey of small business owners on the impact of the COVID-19 pandemic found the recovery of the small business economy remains fragile and uneven, with 13% of small business owners reporting that they will have to close their doors if economic conditions don’t improve in the next six months. Additionally, the extension and expansion of financial assistance programs in recent COVID-19 relief legislation has been significant in the effort to restore Main Street to pre-pandemic levels. This survey was conducted March 11-16, 2021 and is the 16th in NFIB’s series of COVID-19 related surveys, beginning in March of 2020.  Read More

NFIB Research Center: COVID-19 Small Business Survey Part 15: PPP, ERTC, the Economy, the Vaccine, and Minimum Wage – January 31, 2021

NFIB’s first COVID-19 survey of 2021 found the economic strain on small businesses appears to be easing slightly, with 15% saying they’ll have to close if economic conditions don’t improve – down from 25% in December. This is due in part to a second round of Paycheck Protection Program (PPP) loans. Meanwhile, the newly expanded Employee Retention Tax Credit (ERTC) available to struggling businesses remains unknown to two-thirds of small business owners. This survey was conducted Jan. 28-31, 2021 and is the 15th in NFIB’s series of COVID-19 related surveys, beginning in March of 2020.  Read More

NFIB Research Center: COVID-19 Small Business Survey Part 14: PPP, EIDL, the Economy, and the Vaccine – December 11, 2020

In NFIB’s December survey of small business owners on the impact the COVID-19 pandemic and imposed shutdowns, one-in-four small business owners report they will have to close their doors in the next six months if the current economic conditions don’t improve, up 5 percentage points from last month. Another 22 percent of owners anticipate they will be able to operate no longer than 7-12 months under current economic conditions. The report also shows over half of small business owners plan to get vaccinated. This survey was conducted Dec. 6-11, 2020 and is the 14th 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 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

 

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