The far-reaching effect caused by the COVID-19 pandemic is reaching many small businesses. The government has recognized the problem and is addressing it by offering resources targeted to give small businesses some financial relief. The relief is available on the city, state and federal level, offering loan options, changes to tax policies and more options for small-business owners. We have outlined resources that are available.
Federal relief available to small businesses
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was established to help those in need, with many provisions targeted at small businesses. The U.S. Chamber of Commerce details what small-business owners need to know. Here are some highlights:
- The Paycheck Protection Program offers a type of emergency loan that can be forgiven when used to maintain payroll or manage other expenses such as mortgage interest, rent and utilities
- The Small Business Association's Economic Injury Disaster Loans (EIDLs) are open to all small businesses impacted by COVID-19; business owners can apply for the loans at sba.gov
- Tax policy changes ease the burden on businesses impacted by COVID-19
- The CARES Act expanded options already made available by the SBA
State relief available to small businesses
We’ve compiled a list of links to state-level resources that can offer help to small businesses:
City and local relief available to small businesses
Help may also be available in your local area. For more details, use the U.S. Chamber of Commerce’s directory to find your local chamber of commerce.
Nationwide® is here for you
Nationwide® is committed to helping small businesses navigate these challenging times. We will continue to educate and inform small-business owners on what they can do during the COVID-19 pandemic.