The Internal Revenue Service (IRS) and the Small Business Administration (SBA) are working directly with states, including Arizona, to provide a Paycheck Protection Program, other low interest loan options, and employee retention credits to small businesses that have been severely impacted by the COVID-19 outbreak.
The Small Business Administration also continues to assist small businesses with counseling and navigating their own preparedness plans. More info on the Paycheck Protection Program and other options such as low interest disaster loans can be found by visiting the SBA website.
The SBA’s Phoenix District Office is available to answer any questions you may have. You can reach them at either 602-745-7200 or through their website.
You can also contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at email@example.com.
Paycheck Protection Program
Beginning on Monday, January 11, 2021, the Small Business Administration (SBA) and the Department of the Treasury will open the PPP to small businesses that have not received a first draw PPP and the entities that are newly eligible such as 501(c)(6)s.
The Monday, January 11, 2021, opening date will be reserved for community financial institutions, including Community Development Financial Institutions (CDFIs) to make first draw PPP loans.
These same community financial institution lenders will then be able to make second draw loans on Wednesday, January 13, 2021.
They expect to add other categories of lenders for both first draw and second draw applicants soon thereafter.
This program will provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven.
The Paycheck Protection Program Flexibility Act of 2020, which became law on June 5, 2020, extended the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.
- To complete your application and take the application to your lender, click here.
- Qualified Arizona Lenders (*Denotes Accepting New Clients):
- For frequently asked questions and answers from the Treasury Department, click here.
- If you are a lender interested in offering Paycheck Protection Program Loans and you want to learn more, click here.
- If you are a lender interested in applying to offer Paycheck Protection Program Loans, click here.
- If you are a lender, the Small Business Administration has launched a hotline for lenders who need assistance accessing SBA's E-Tran system, call 1-8-33-572-0502.
IRS Employee Retention Credits
The Treasury Department and the Internal Revenue Service have launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
- For more information and answers to frequently asked questions, click here.
Additional Resources for Small Businesses
Small Business Administration
Internal Revenue Service
Maricopa County Public Health
Testing Resources for Businesses
- LabCorp launched return to work services for employers to have access to testing options for their employees. These include at-home collection test kits, fingerstick antibody blood tests, and in the fall, flu vaccination services. For more information, click here.
Resources for Non-Profits
The recently signed Consolidated Appropriations Act, 2020, allows non profits to receive Paycheck Protection Program loans. The bill has allowed new non-profits, such as 501(c)6 organizations to access Paycheck Protection Program loans. Contact your lender for more information on how to apply for a PPP Loan.