Thank you for visiting the Indiana SBDC COVID-19 resource page. We know that these are uncertain times, but please know that the Indiana SBDC is here to support you however we can. If you have any questions about the information below, or would like to speak to an Indiana SBDC business advisor, please visit our locations page to find an office nearest to you.
The Indiana SBDC Small Business COVID-19 Resource Guide is available for download here.
Paycheck Protection Program
- With the additional funding provided by the new COVID-19 relief package, SBA has resumed processing Paycheck Protection Program (PPP) applications submitted by participating lenders.
- The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. SBA will forgive the loan if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. At least 75% of the forgiven amount must have been used for payroll. Applications are currently closed due to limited appropriations funding. Applications may be reopened if additional funding is approved.
Economic Injury Disaster Loans
- With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. The SBA will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.
- The U.S. Small Business Administration (SBA) oversees the Economic Injury Disaster Loan (EIDL)- COVID-19 assistance program. The application portal is temporarily closed due to limited funding appropriations. Additional information is available at www.SBA.gov/disaster. These loans up to $2 million may be used by small businesses as well as private nonprofits to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Express Bridge Loans
- The Express Bridge loan program allows SBA Express lenders to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans. Businesses use these funds for disaster-related purposes while they apply for and await long-term financing. Speak with your current lender or use Lender Match below to find a participating lender.
Loan Comparison Chart
- A loan comparison chart of the programs mentioned above is available for download here.
Additional Funding Resources
- Talk to your current lender or community bank. If they are an SBA-approved lender then they have access to additional SBA loans that you may qualify for.
- Many local organizations are offering assistance to small businesses located within their region. Please contact your local Chamber of Commerce or Economic Development Organization to see if programs are available.
- The Indiana SBDC is maintaining a list of additional loan and grant resources here. This list will be updated as we become aware of additional resources. Reference in the document to any specific product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public, and does not constitute endorsement, recommendation, or favoring by the Indiana SBDC.
Counseling and Advising
- To be connected to an Indiana SBDC business advisor, please visit our location page to find an office nearest to you.
- For additional no-cost, one-on-one virtual or telephone business advice regarding COVID-19 and other matters find an SBA Resource Partners near you at www.SBA.gov/local-assistance.
- FirstPerson, a benefits and compensation advisory firm with decades of experience helping clients navigate the changing workforce, has created a COVID-19 Resource Hub with a free concierge advisory service, training webinars, and a Return-to-Work Toolkit.
- What should business owners focus on to survive the fallout from COVID-19? Here Greg Fisher, Ph.D., Larry & Barbara Sharpf Professor of Entrepreneurship, Indiana University, Kelley School of Business, discusses 8 critical areas of focus and action to help business owners navigate this crisis.
Indiana Back on Track
- On May 1st Governor Holcomb announced Back on Track Indiana, a 5 stage plan to safely reopen Indiana. An overview of the 5 stages, including what businesses can re-open, is available here.
- All Indiana businesses should take measures and institute safeguards to ensure a safe environment for their employees, customers, and clients. This includes any business that has remained open during the Stay at Home order, as well as those opening to employees and customers in the coming days and weeks. The safeguards below are based on the recommendations of the CDC and OSHA. Industry Guidelines are available here.
- In Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing COVID-19 emergency. They have released an FAQ related to the relief provided in the Notice here.