Small Business Resources COVID-19

NEW: Small Business Continuity Loan Program

The loan program will provide zero-interest loans, with no payments for 12 months, to our smallest businesses (10 full-time employees or fewer) impacted by COVID-19. Small businesses can receive up to $25,000 to cover immediate expenses. Applications will open on Monday, April 6, at www.lhomeky.org. More detail to come.

 

NEW: Keeping American Workers Paid & Employed Act

The CARES Act passed the U.S. Senate on March 25, 2020, the U.S. House of Representatives on March 27, 2020 and was signed into law on March 27, 2020 as part of the congressional response to the COVID-19 outbreak. The portion dubbed the Keeping American Workers Paid & Employed Act focuses specifically on relief for businesses. Louisville Forward has provided a summary of the relief funding created through the Keeping American Workers Paid & Employed Act and will be updating it as more information is available.

 

UPDATED: State Unemployment

Individuals typically not covered by unemployment insurance, including self-employed, independent contractors, freelance workers, substitute teachers, childcare workers employed by religious affiliated organizations and non-profits can now file for unemployment. Those who left their job for “good cause” because of reasonable risk of exposure (self-quarantine) or due to caring for a family member affected by the virus are also eligible.

In order to efficiently process unemployment claims, Kentuckians filing for unemployment benefits should follow a schedule designating what day they can file their claim. The schedule, which is based the first initial in their last name, as can be found HERE. Individuals filing for unemployment benefits should also visit www.kcc.ky.gov/Pages/default.aspx.

 

IRS Tax Payment Deferral

Under the presidential emergency declaration, this action allows all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. On Friday, March 20, the filing deadline was moved from April 15 to July 15. Learn more here: www.irs.gov/coronavirus

 

Local and State Tax Deferral

Louisville Metro Revenue Commission (LMRC) and the Kentucky Department of Revenue have extended tax filing and payment deadlines from April 15, 2020 to July 15, 2020. For information about the state decision to defer filing and payments of state income tax, visit the Kentucky Department of Revenue website.

LMRC has extended the 2019 annual occupational license tax filing and payment deadline for all taxpayers, including those who filed quarterly estimated deposits in 2019 and those who pay once a year. LMRC also has shifted the April 15, 2020 quarterly deposit deadline to May 15, 2020 for entities required to file a quarterly estimated payment. All other LMRC deadlines will remain in place. For more information, visit www.louisvilleky.gov/government/revenue-commission.

LMRC will no longer take walk-in appointments. Anyone with questions can contact LMRC staff at (502) 574-4860 or via email.

 

Local banks and credit unions response

Bank on Louisville has gathered information about how local banks and credit unions are supporting customers impacted by the COVID-19 crisis. Please contact your financial institution to learn more about these relief efforts and discuss your individual eligibility. You will need to contact your bank or credit union to participate in relief programs as they are not automatic.

 

PARC

To support restaurants and accommodate those who are picking up carry-out orders and gift cards, the parking authority is allowing free parking at meters adjacent to restaurants for up to 15 minutes. Cars must use their flashers.

 


Businesses

 

NEW: Small Business Continuity Loan Program

The loan program will provide zero-interest loans, with no payments for 12 months, to our smallest businesses (10 full-time employees or fewer) impacted by COVID-19. Small businesses can receive up to $25,000 to cover immediate expenses. Applications will open on Monday, April 6, at www.lhomeky.org. More detail to come.

 

SBA’s Economic Injury Disaster Loan (EIDL) Program

Kentucky business and nonprofits can apply for loans through the SBA that may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%. Eligible businesses and nonprofits can receive up to $2 million for up to 30 years.

To find out more and apply, visit www.disasterloan.sba.gov/ela.

Louisville Small Business Development Center Q&A about Economic Injury Disaster Loan process

 

Business Liability Insurance

Check with your insurance carrier about any benefits you may have from disruption due to acts of God.

 

METCO

Small business loans help start and grow our small business community that are the soul our community. Loan programs assist with start-up capital, working capital, capital improvements to commercial and public properties, and helps low and moderate income individuals start or grow a business.

As of Friday, March 20, the city’s small business loan program, METCO, has implemented the following temporary relief for current loan holders:

  • No late fees will be implemented for three months
  • Loans will be extended by loan holder's choice of 30, 60, or 90 days 

Current loan holders should email METCO's loan administrator Brenda Hyatt to request loan deferment.

Loan programs assist with start-up capital, working capital, capital improvements to commercial and public properties, and helps low and moderate income individuals start or grow a business. For more information about the METCO loan program or small business resources, visit www.louisvilleky.gov/smallbusiness.

 

Other Loan Programs

Many community partners offer capital and help low and moderate income individuals start or grow a business. If you have an existing loan, please contact your lender organization for more information about relief efforts as they may not be automatically applied.

  • Jewish Family & Career Services
    • Optional three-month deferment on existing loans in good standing through Navigate Entreprise Center. Email Cynthia Brown.

  • Community Ventures
    • Borrowers should call (859) 231-0054 to discuss options.
  • LHOME
    • Existing borrowers are allowed a three-month forbearance period; borrowers can choose to extend loan for three months without penalty. Contact LHome at (502) 882-8091.
  • Access Ventures
    • Through Render Capital, businesses can apply for growth loans of up to $35,000 that provides flexible funding for working capital, website improvements and more. Current borrowers can make interest-only payments for 3 months.

 

KIVA

KIVA expanded its 0% loan options. Effective immediately, U.S. applicants for a Kiva loan will have access to the following:

  • Expanded eligibility: More businesses in the U.S. will be eligible for a Kiva loan than ever.
  • Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.
  • Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.

If you’re a small business owner who believes you can benefit from a Kiva loan, or you know one in your community, go to www.kiva.org/borrow to apply for a loan.

 

Centers for Disease Control and Prevention (CDC)

The CDC also offers resources for business and employers on how to respond to the COVID-19 pandemic in accordance with guidance from health professionals. Visit www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html.

 

Hand Sanitizer Request Form

#TeamKentucky is working to prioritize requests for hand sanitizer with distillers and other companies that are rushing to obtain and produce the necessary products. Please complete this form so we can process and prioritize your request. Note: Hospitals, first responders and other critical employers are receiving top priority.

 

State Guidance for Home-Based Processors

State Guidance for Farmer's Markets

 


Employees

 

One Louisville: COVID-19 Response Fund

The fund will provide flexible funding resources for rental assistance, childcare assistance, transportation aid, food access, utility assistance, pharmaceutical needs and other support as determined, via $1,000 payments to eligible households. Funds will also be made available to community-based organizations that are being hit hard by the disruptions caused by the COVID-19 pandemic. Click HERE for more information about eligibility and how to to apply. Donate HERE

 

Team Kentucky Fund

The fund will provide assistance to Kentuckians who have been severely financially impacted by the COVID-19 emergency. The Commonwealth of Kentucky’s Public Protection Cabinet will oversee the Team Kentucky Fund. The fund is currently accepting tax-deductible donations. We will update with more information about eligibility and how to apply.

 

KentuckianaWorks

The Region's Workforce Development Board has launched a new jobs board with information about companies that are hiring at www.kentuckianaworks.org/jobs. Although its physical facilities are closed, virtual career services and guidance are still being offered to employees and employers. For more information about services provided, visit www.kentuckianaworks.org/covid19.

 

Local Gig Workers Relief Bank (led by Lance Minnis)

 

With A Little Hope From My Friends - Louisville Musician Relief Fund (led by Carly Johnson)

 

Restaurant Worker Relief Fund

The LEE Initiative and Makers Mark are providing free carry-out, heat-and-serve meals to restaurant workers with pay stubs to prove their employment. Workers can pick up the meals (limit 2 per person) at 610 W. Magnolia Ave. from 5 to 8:30 p.m. They are also stocking family necessities for babies and children, non-perishable canned foods, toilet tissue and Tylenol. Everything is on a first-come, first-serve basis. Donate to the fund at www.leeinitiative.org

 

Apron Inc. Emergency Fund for Restaurant Workers

A $10,000 emergency fund specific for COVID-19 affected businesses and employees, and Apron will be distributing $400 grants to eligible applicants.

To be eligible for a grant, a person must:

  • Be diagnosed with the COVID-19 virus. You will require a doctor’s letter.
  • Be employed in an independent restaurant for at least six months.
  • Be able to produce bills to be paid. They do not give money directly to grantees.

Apply at www.aproninc.org/application.

 


Governor's Executive Orders

Order regarding closing restaurants

Order regarding closure of public-facing businesses 

Order permitting carry-out and drive-thru alcohol sales

Order regarding closure of non-essential retail businesses

Order regarding closure of non-life-sustaining businesses and operations

 


Other Community Resources

 

Bartender Emergency Assistance Program

The U.S. Bartenders Guild is offering eligible bartenders grants to help with expenses. Bartenders do not have to be members of the Guild to apply.

 

Facebook Small Business Grants Program

Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries. More information is available HERE.

 

The James Beard Foundation Food and Beverage Industry Relief Fund

The James Beard Foundation has launched a fund that is gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need. For application information and qualification criteria, visit www.jamesbeard.org/relief.

 

GoFundMe Small Business Relief Fund

The Small Business Relief Fund will be issuing $500 matching grants to qualifying businesses that raise at least $500. GoFundMe, Yelp, and Intuit QuickBooks have each donated $500,000 to the fund. Find our more at www.gofundme.com/c/small-business-relief-initiative-and-fund-faqs.

 

MainVest's Main Street Initiative

If you have an existing brick-and-mortar business that has been negatively effected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately. Visit www.mainvest.com/main-street-initiative for more information.

 

Yelp

Yelp has created $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services. Find out more HERE.

 

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