FED Resources
Resources that can directly help your business during this time of
crisis
Paycheck Protection Program
The Paycheck Protection Program (PPP) is designed to provide loans for small businesses to keep you in business and your workers on the payroll. You can apply for a loan through any existing SBA 7(a) lender or through any federally insured depository
institution, any federally insured credit union, and any Farm Credit System institution (that is participating). You should consult with your local lender to see if they are participating. New, second-draw, and supplemental PPP loans will
be available until March 31, 2021. SBA will forgive loans the money is used for payroll costs, rent, mortgage interest, utilities, and other qualifying expenses.
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NEW COVID Emergency Relief Bill Fact Sheet -
Click Here
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NEW SBA Overview of First-Draw PPP Loans -
Click Here
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NEW SBA Overview of Second-Draw PPP Loans -
Click Here
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NEW PPP First-Draw Application for Borrowers -
Click Here
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NEW Second-Draw PPP Application for Borrowers -
Click Here
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NEW PPP Loan Forgiveness as Amended by Economic Aid Act -
Click Here
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NEW Do You Qualify for a First-Draw, Second-Draw, or Modification PPP Loan? -
Click Here
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NEW PPP Interim Final Rule - Loan Forgiveness as amended by Economic Aid Act -
Click Here
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NEW 2021 Forgivable PPP Loans - What's New? -
Click Here
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PPP Loan Forgiveness:
PPP Loan Forgiveness Application Form 3508S is the simplest form for PPP loan forgiveness and you should use it if your PPP loan amount is $150,000 or less. Instead of having to show your forgiveness amount calculation as required on form 3508 and form
3508EZ, you simply certify seven things (initial each item). Form 3508S was updated by SBA on January 19, 2021.
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NEW Form 3508S Application and Instructions -
Click Here
PPP Loan Forgiveness Application Form 3508EZ is a short-form application for PPP loan forgiveness. Form 3508EZ was updated by SBA on January 19, 2021. To be eligible use Form 3508EZ, you must meet the following criteria:
- You are self-employed and have no employees; OR
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You did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; OR
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You experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
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NEW Form 3508EZ Application and Instructions -
Click Here
PPP Loan Forgiveness Application Form 3508 (revised) is the long-form application for PPP loan forgiveness. This is the form that is required if you don’t qualify to use form 3508S or 3508EZ.Form 3508 was updated by SBA on January 19, 2021.
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NEW Form 3508 Application and Instructions -
Click Here
You should apply for forgiveness through the bank where you received your PPP loan. You will likely receive an email from your bank when they begin accepting PPP Loan Forgiveness Applications. Most banks will be accepting PPP Loan Forgiveness Applications
electronically through an online portal, in a similar manner to the original PPP loan applications.
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SBA Form 3509 - PPP Loan Necessity Questionnaire
This form is used by SBA to evaluate the certifications made by certain borrowers that economic uncertainty made the loan request necessary to support your ongoing operations. Borrowers that received PPP loans of $2 million or greater are required to
complete this form and submit it to their Lender.
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NEW Form 3509 Loan Necessity Questionnaire -
Click Here
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Q&A
The Small Business Administration (SBA) developed two questions and answers (Q&A) documents. Both Q&A documents provide valuable information that will help you understand PPP Loans and PPP Loan Forgiveness. Click the link below to review and download
the Q&A documents.
COVID-19 Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL) directly with the Small Business Administration (SBA). The EIDL program
is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). The program includes an EIDL Advance which is forgivable. Small businesses interested in applying
for an EIDL and EIDL Advance can apply
online.
Tax Relief for Businesses Impacted by COVID-19
The Tax Relief Act, enacted on December 27, 2020, includes tax credits for employers for Paid Family Leave, Paid Sick Leave, and Employee Retention. If you file Employer Quarterly Federal Tax Returns, using IRS Form 941, it is in the process
of being updated, for 2021, to include the new employer tax credits. The new IRS Form 941 will be added to this site as soon as it becomes available. The following documents contain overviews and insightful questions and answers to help
you understand if you qualify and how to take advantage of these tax credits for your business.
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Q&A How to Claim the Credits
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Q&A Periods of Time for Which Tax Credits are Available
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Q&A Determining Tax Credit for Qualified Sick Leave Wages
Click Here
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Overview of Tax Credits for Small and Midsize Businesses
Click Here
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Overview Payment of the Sick and Family Leave Credit
Click Here
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Overview of Paid Sick Leave Refundable Credit
Click Here
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Overview of Paid Family Leave Refundable Credit
Click Here
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Employee Retention Credit
Click Here
Facility Reopening Fire & Safety Checklist
As the dust settles, we want to help set you up for success as your customers move to more normal operation. We have provided two simple checklists you can use with your customers to help them stay safe from COVID-19 and to ensure their facilities are
ready for employees and customers.