Economic Injury Disaster Loan
Apply for EIDL directly with SBA. Must attest to economic need due to COVID-19. Repay at 3.75% (2.75% non-profits) up to 30-years. First year’s payments deferred. Possible forgivable emergency advance of up to $10k. Can be applied for w/ PPP if used for different expenses.
Employee Retention Tax Credit
Refundable credit up to $14,000 per employee taken against payroll tax deposits or advanced by IRS. Sales must be down at least 20% from same quarter in 2019. Can be used with PPP2 but not for the same expenses.
Payroll Tax Deferral
Defer payment of employer portion of social security taxes on wages paid through 12/31/20. Repay 50% - 12/31/21 and 50% - 12/31/22. Can be used along with a PPP loan.
FFCRA - Sick/Family Leave
Find information on your responsibilities as an employer to provide paid time off to the sick, quarantined and caregivers. Employer is reimbursed via tax payments withheld.
MANDATORY through 12/31/2020
VOLUNTARY through 03/31/2021