If you run a small business in the field service industry, we understand that finances may be a struggle during the coronavirus outbreak. If you are searching for financial aid, tax deferrals or other funding assistance take a look at the following resources which we have collected together.
Business loans and grants
The CARES Act
This government act contains $376 billion in relief for American workers and small businesses and established several new temporary programs to address the COVID-19 outbreak.
Some of those programs include:
- Paycheck Protection Program - loan forgiveness for retaining employees.
- Economic Injury Disaster Loan Emergency Advance - up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- Small Business Association Debt Relief loan - financial reprieve for small businesses during the COVID-19 pandemic.
For more information about the CARES Act, visit the U.S. Small Business Association website.
The Families First Coronavirus Response Act
This government act protects families and individuals from unpaid sick or family leave.
Employees of those employers covered under this act are eligible for:
- Up to 80 hours of paid sick leave at the employee’s regular pay rate where the employee is unable to work they are quarantined and/or experiencing COVID-19 symptoms.
- Up to 80 hours of paid sick leave at two-thirds of the employee’s regular pay rate where the employee is unable to work because of a need to care for an individual subject to quarantine.
- Up to an additional 10 weeks of paid expanded family and medical leave at two-thirds of the employee’s pay rate where an employee is unable to work to care for a child whose school or child care provider is closed or unavailable for reasons related to COVID-19.
For more information about the Families First Coronavirus Response Act, visit the Department of Labor website.
Tax deferrals for small businesses
As part of the CARES Act, employers can receive payroll tax relief, including employee retention tax credits and the deferral of all employer Social Security tax payments in the face of economic hardship related to the COVID-19 pandemic.
- Deferral of all employer Social Security tax payments.
- Employee retention tax credits of up to $5,000 for qualified wages paid to employees.
Learn more about the Social Security tax deferral and employee retention credits on The National Law Review.
Resources for further guidance
- The American Bankers Association - Banks are taking steps to respond to the needs of individual and business customers directly affected by COVID-19 in the form of fee waivers, loan modifications, and other assistance.
- Grants.gov - Explore this educational resource with videos, blogs and graphics about applying for federal grants.
- Local banks and credit unions - Several local institutions are offering COVID-19 financial relief at this time. Visit the website of your local bank or credit union to see what options they might offer.
- IRS guide to COVID-19 tax relief - Find in-depth information about the FFCRA and tax credits related to coronavirus relief.
Please keep in mind that this guide is meant to be a list of financial resources, and simPRO does not claim to be a source of financial advice.
If you are looking for other resources to help you best manage your field service business during the COVID-19 outbreak, subscribe to our newsletter.