The $2 trillion stimulus package was signed into law on Friday to support the economy and provide relief to those impacted by the coronavirus crisis. The package will provide checks directly to many Americans, and make hundreds of billions of dollars available to companies, including an estimated $5.6 billion available for small business aid in Arizona.
The U.S. Chamber created a comprehensive guide with everything you need to know about how to apply for relief under the CARES Act.
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state's governor, SBA will issue an Economic Injury Disaster Loan declaration. Gov. Doug Ducey has made this request.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans 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 non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
After the Gov. Ducey's Declaration Request is approved, business owners may apply online in the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/. The electronic loan application will be screened by the Disaster Processing Center when it is received. Below are the requirements:
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED:
- Loan application (SBA Form 5), completed and signed - This form is online in the portal
- Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
- Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)
All of these forms are available in the Disaster Loan Application Portal.
For program questions or assistance in completing the application online, businesses can contact Disaster Customer Service Center at 1-800-659-2955
Cyber Security Help
Acronis announced yesterday that Acronis Cyber Files Cloud, the company’s secure, enterprise-grade file sync and share solution, will be free to all service providers through July 31, 2020, in order to keep data secure while working remotely due to the coronavirus pandemic. Acronis is also offering training videos to help service providers train their clients and end users during onboarding.
Streetcar Area Business Loans
The City of Tempe, Tempe Chamber of Commerce, SCORE and OneAz Credit Union partnered to help businesses along the streetcar route with low interest loans. Get all the information here.
LeadMDLeadMD, a performance marketing consultancy, has partnered with Invest Southwest, the nonprofit behind the annual Venture Madness competition, to launch the AZ Local Impact Fund. The small business relief fund will help any type of company that applies and is struggling with financial issues due to COVID-19. The fund is taking donations now, and small businesses needing financial assistance can start applying starting April 20.
For Non-ProfitsThe Arizona Community Foundation has created the Arizona COVID-19 Community Response Fund to support immediate and long-term needs associated with the outbreak of COVID-19 in the state. It also created a resource page where nonprofits can apply for grants from the fund.
The Arizona Diamondbacks Foundation is donating $550,000 to Arizona nonprofit organizations. The contribution will be spread among numerous nonprofits including emergency food supply and support for children of health care professionals. The Diamondbacks Foundation website is here.
OneAZ Credit Union and OneAZ Community Foundation have pledged to award $200,000 in emergency COVID-19 community impact grants. Nonprofits can submit applications online, describing how COVID-19 has impacted their operations and how the emergency funds would be used.
Phoenix-based Support My Club is offering its technology to local nonprofits to list needed supplies through its “COVID-19 Arizona Nonprofit Assistance" program. Its online platform normally connects donors online with Arizona high school clubs and sports teams, but now local, small nonprofits are invited to submit their most pressing requests online for free on a first-come, first-served opportunity.
National Restaurant Association COVID-19 resources
Restaurant Menu and Delivery Facebook Group by Tempe Chamber of Commerce
Checklist: if you are temporarily closing your restaurant
CloudKitchensCloudKitchens specializes in assisting restaurants with food delivery through technology platforms such as DoorDash, GrubHub and UberEats. The company is offering free services to any restaurants closing their dining rooms and switching entirely to take-out/delivery.
They are offering their hardware, monthly fees, and consulting services free to any restaurant during this time. If any restaurants are moving to tech based ordering/delivery platforms, they do all the work to get the restaurant and their menus online so the restaurant can focus on their food and customers. Anyone interested can contact Jose Volio at: firstname.lastname@example.org
DoordashDoordash is offering a commission relief and marketing support for new and existing DoorDash partner restaurants. Read the blog.
- Through the end of April, independent restaurants can sign up for free with DoorDash and Caviar and pay zero commissions for 30 days. This is not a deferral of fees, nor will merchants be asked to pay anything back.
- For all existing DoorDash partners, restaurants will pay no commission fees on pickup orders so customers can spend less time in the store. Doordash is also providing additional commission reductions for eligible merchants that are already on DoorDash.
- Doordash is adding more than 100,000 independent restaurant partners to DashPass - our subscription program which offers $0 delivery for consumers - for free. They are also reducing commissions for those merchants already on DashPass, and providing all Caviar restaurants with the opportunity to participate in a $0 delivery fee program.
GrubHubGrubHub is also stepping up, temporarily suspending collection of up to $100 million in commission payments from impacted independent restaurants nationwide. Read the release.
The City of Tempe understands that local businesses, now, more than ever, need to communicate with their customers. Therefore, businesses who are still in operation will be allowed additional temporary window signage and banners so long as it does not pose a risk to public health or safety. The signs may remain until the spread of Covid-19 has been contained and city operations return to normal.
For questions, please call 480-350-4311.
The City of Tempe is encouraging residents to patronize our local businesses.
We are suggesting that people buy gift cards, visit establishments for take out or grab and go meals, and do online shopping at local shops, along with offering up social media shout outs to favorite places.
Donate to help small businesses
LeadMD, a performance marketing consultancy, has partnered with Invest Southwest, the nonprofit behind the annual Venture Madness competition, to launch the AZ Local Impact Fund. The small business relief fund will help any type of company that applies and is struggling with financial issues due to COVID-19. The fund is taking donations now, and small businesses needing financial assistance can start applying starting April 20.
Help our residents
Here's a link to our page that requests the community to help our residents, our businesses and our non-profits. Let us know of any ideas you may have to add to this by emailing email@example.com.