UPDATE: APRIL 30
We got the chance to chat with Colin Sears of Business Oregon face-to-face (virtually) for an hour. Here’s what we learned about PPP, EIDL, and unemployment.
UPDATE: APRIL 24
- There’s no federal regulation preventing you from receiving both unemployment and small business loans. We encourage you to apply for both!
- Oregon lenders accepting PPP applications
UPDATE: APRIL 23
- Congress authorized an additional $310 billion for the Paycheck Protection Program. Small businesses and independent contractors should prepare to apply through an approved lender. Learn more about the PPP below.
- Check the status of your federal stimulus check
Paycheck Protection Program
🌲 Final count for Oregon: $3.8 billion / 1.1% of all funds distributed nationwide
🎭 National funding for arts, entertainment, & recreation: $4.9 billion / 1.44%
The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act grants emergency economic relief to all US workers, including provisions to directly support freelance workers. The new law expands and improves unemployment benefits; grants new funding for small business loans; and provides a one-time stimulus check, among others. Here’s how you can get some financial relief.
**NOTE** These websites are receiving a huge amount of traffic right now, and you may have trouble getting through. Just keep trying! To avoid retyping your info, keep it in a word document that you can copy and paste from.
- Unemployment Insurance
- Small Business Loans
- Paycheck Protection Program
- Economic Injury Disaster Loans
- Employee Retention Credit
- Federal Stimulus Check
- Extended Tax-Filing Deadline
- FFCRA Act (Extra Paid Sick Leave)
- Student Loan Payments Deferred
It takes about 30 minutes to file an initial claim online. First, make sure you have everything you need:
- your SSN (or Alien Registration Number for non–US citizens)
- work history for past 18 months—including all temporary, part-time, and out-of-state work; have names, addresses, phone numbers, and income available for each
- a good daytime phone number to reach you
How to Apply
- File an initial claim using the link below.
- Watch this 6-minute video for instructions on exactly how to answer each question.
- Write down your confirmation number after submitting—it won’t be emailed to you!
- You can start to file weekly claim reports the Sunday after submitting, even if you haven’t heard back yet. However, payments won’t be processed until after you’re approved.
- Look for a letter with your benefits amount, or check the status online.
- Your first payment will be a check; you can apply for direct deposit after.
- You’ll be responsible for submitting weekly claim reports as long as you are collecting benefits.
▷ Questions? Email OED_COVID19_Info@oregon.gov.
SMALL BUSINESS LOANS
The Paycheck Protection Program and Economic Injury Disaster Loans are available to companies with less than 500 employees, sole proprietors/ independent contractors, nonprofits, and a few others.
Your loan amount(s) will be determined by your credit score, not your ability to pay it back. There’s no personal guarantee or collateral required. Loans can be used to cover payroll, debt, rent/mortgage, sick leave for employees and more. You can receive loans under both programs; some eligible expenses differ.
Economic Injury Disaster Loans (EIDL)
The SBA recommends you set aside 2 hours for this application, but anecdotal evidence suggests it’s about 30 minutes.
How to Apply
- Self-certify how you are eligible for an SBA disaster loan by checking the appropriate box (e.g. independent contractor). Confirm you do not meet any of the disqualifying factors.
- Enter business info including EIN, gross revenues for the past 12 months, cost of goods sold, date established, and some other basic details.
- Enter information about the business owner(s)
- Answer a few final questions—i.e. no we’re not a criminal enterprise—then tell them where to send your money!
- NOTE: You’ll also be asked if you want to opt into receiving a $10,000 emergency advance right away. The advance is a fully forgivable grant, meaning it doesn’t need to be repaid under any circumstances. If you didn’t use the newer application linked below, or didn’t select the grant the first time you applied, you’ll need to apply again and check the box.
▷ Questions? Call 1-800-659-2955 or (TTY: 1-800-877-8339), or email DisasterCustomerService@sba.gov.
Paycheck Protection Program (PPP)
UPDATED 4/20: List of Oregon banks accepting new applications.
The CARES Act established the new $349 billion Paycheck Protection Program. You can apply your loan to expenses from February 15, 2020, to June 30, 2020. Payments are deferred for 6 months; the 0.5% fixed interest rate applies during that time. If used appropriately, it’s possible to have the whole loan forgiven at the end of the 8-week period.
How to Apply
You will be allowed to apply through existing SBA-lenders based on your business entity status: starting Friday, April 3 for small businesses and sole proprietorships; starting Friday, April 10 for independent contractors and self-employed individuals.
- Fill out the Payroll Protection Program application here.
- Submit the application with the required payroll documentation to an approved lender by June 30, 2020.
Employee Retention Credit
If you’re not participating in the Paycheck Protection Program you can receive a 50% payroll credit for up to $10,000 per employee. This is available to any size business that is fully or partially closed due to COVID-19.
RESOURCES FOR EVERYONE
Federal Stimulus Check
Who is eligible?
Individuals making up to $75,000, married couples up to $150,000, and head-of-holds up to $112,500 (prorated if higher). You must also have a US Social Security Number.
How much will I get?
Individual get $1,200, $2,400 for couples, and $500 per child.
How do I get it?
A check—or direct deposit if that’s how you get your return—will automatically be made if you filed a federal income tax return in 2018 or 2019.
Extended Tax-Filing Deadline
Individuals and businesses now have until July 15, 2020 to file federal income taxes. This includes self-employment tax. State income taxes are still due on April 15.
FFCRA Act (Extra Paid Sick Leave)
The Families First Coronavirus Response Act (FFCRA) Act provides up to 80 hours of paid sick leave if you must miss work because you are sick or quarantined for coronavirus (paid at your full rate), or to serve as caretaker for someone with COVID-19 related health issues (paid at two-thirds your regular rate). Companies are reimbursed for providing this paid sick leave and child caregiving leave.
Student Loan Payments Deferred
Student loan payments are on hold through September 30, 2020. This applies to all “federally-owned loans,” which includes Stafford–Subsidized and Unsubsidized; Perkins; and Graduate and Parent PLUS loans. It includes both principal and interest.
Coronavirus Update: Our commitment to our members