State Unemployment
Starting March 19, in order to efficiently process unemployment claims, Kentuckians filing for unemployment benefits should follow a schedule designating what day they can file their claim. The schedule, which is based the first initial in their last name, as can be found HERE. Individuals filing for unemployment benefits should also visit www.kcc.ky.gov/Pages/default.aspx.
SBA’s Economic Injury Disaster Loan (EIDL) Program
Kentucky business and nonprofits can apply for loans through the SBA that may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%. Eligible businesses and nonprofits can receive up to $2 million for up to 30 years.
To find out more and apply, visit www.disasterloan.sba.gov/ela.
Louisville Small Business Development Center Q&A about Economic Injury Disaster Loan process
One Louisville: COVID-19 Response Fund
The fund will provide flexible funding resources for rental assistance, childcare assistance, transportation aid, food access, utility assistance, pharmaceutical needs and other support as determined, via $1,000 payments to eligible households. Funds will also be made available to community-based organizations that are being hit hard by the disruptions caused by the COVID-19 pandemic. Click HERE for more information about eligibility and how to to apply. Donate HERE.
Team Kentucky Fund
The fund will provide assistance to Kentuckians who have been severely financially impacted by the COVID-19 emergency. The Commonwealth of Kentucky’s Public Protection Cabinet will oversee the Team Kentucky Fund. The fund is currently accepting tax-deductible donations. We will update with more information about eligibility and how to apply.
IRS Tax Payment Deferral
Under the presidential emergency declaration, this action allows all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. On Friday, March 20, the filing deadline was moved from April 15 to July 15. Learn more here: www.irs.gov/coronavirus
Local and State Tax Deferral
Louisville Metro Revenue Commission (LMRC) and the Kentucky Department of Revenue have extended tax filing and payment deadlines from April 15, 2020 to July 15, 2020. For information about the state decision to defer filing and payments of state income tax, visit the Kentucky Department of Revenue website.
LMRC has extended the 2019 annual occupational license tax filing and payment deadline for all taxpayers, including those who filed quarterly estimated deposits in 2019 and those who pay once a year. LMRC also has shifted the April 15, 2020 quarterly deposit deadline to May 15, 2020 for entities required to file a quarterly estimated payment. All other LMRC deadlines will remain in place. For more information, visit www.louisvilleky.gov/government/revenue-commission.
LMRC will no longer take walk-in appointments. Anyone with questions can contact LMRC staff at (502) 574-4860 or via email.
KentuckianaWorks
The Region’s Workforce Development Board has launched a new jobs board with information about companies that are hiring at www.kentuckianaworks.org/jobs. Although its physical facilities are closed, virtual career services and guidance are still being offered to employees and employers. For more information about services provided, visit www.kentuckianaworks.org/covid19.
Business Liability Insurance
Check with your insurance carrier about any benefits you may have from disruption due to acts of God.
METCO
Small business loans help start and grow our small business community that are the soul our community. Loan programs assist with start-up capital, working capital, capital improvements to commercial and public properties, and helps low and moderate income individuals start or grow a business.
As of Friday, March 20, the city’s small business loan program, METCO, has implemented the following temporary relief for current loan holders:
- No late fees will be implemented for three months
- Loans will be extended by loan holder’s choice of 30, 60, or 90 days
Current loan holders should email METCO’s loan administrator Brenda Hyatt to request loan deferment.
Loan programs assist with start-up capital, working capital, capital improvements to commercial and public properties, and helps low and moderate income individuals start or grow a business. For more information about the METCO loan program or small business resources, visit www.louisvilleky.gov/smallbusiness.
Other Loan Programs
Many community partners offer capital and help low and moderate income individuals start or grow a business:
More information is coming on emergency loan relief.
KIVA
KIVA expanded its 0% loan options. Effective immediately, U.S. applicants for a Kiva loan will have access to the following:
- Expanded eligibility: More businesses in the U.S. will be eligible for a Kiva loan than ever.
- Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.
- Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.
If you’re a small business owner who believes you can benefit from a Kiva loan, or you know one in your community, go to www.kiva.org/borrow to apply for a loan.
Local Gig Workers Relief Bank (led by Lance Minnis)
With A Little Hope From My Friends – Louisville Musician Relief Fund (led by Carly Johnson)
Restaurant Worker Relief Fund
The LEE Initiative and Makers Mark are providing free carry-out, heat-and-serve meals to restaurant workers with pay stubs to prove their employment. Workers can pick up the meals (limit 2 per person) at 610 W. Magnolia Ave. from 5 to 8:30 p.m. They are also stocking family necessities for babies and children, non-perishable canned foods, toilet tissue and Tylenol. Everything is on a first-come, first-serve basis. Donate to the fund at www.leeinitiative.org.
Apron Inc. Emergency Fund for Restaurant Workers
A $10,000 emergency fund specific for COVID-19 affected businesses and employees, and Apron will be distributing $400 grants to eligible applicants.
To be eligible for a grant, a person must:
- Be diagnosed with the COVID-19 virus. You will require a doctor’s letter.
- Be employed in an independent restaurant for at least six months.
- Be able to produce bills to be paid. They do not give money directly to grantees.
Apply at www.aproninc.org/application.
To support restaurants and accommodate those who are picking up carry-out orders and gift cards, the parking authority is allowing free parking at meters adjacent to restaurants for up to 15 minutes. Cars must use their flashers.
Centers for Disease Control and Prevention (CDC)
The CDC also offers resources for business and employers on how to respond to the COVID-19 pandemic in accordance with guidance from health professionals. Visit www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html.
Governor’s Executive Orders
Order regarding closing restaurants
Order regarding closure of public-facing businesses
Order permitting carry-out and drive-thru alcohol sales
Order regarding closure of non-essential retail businesses
Other Community Resources
All businesses are encouraged to call their lenders and credit card companies to see if they are offering any relief and to request payment deferments.
Fifth Third Bank Hardship Relief Effort
Fifth Third Bank has announced that it will waive payments, late payments and fees for up to 90 days for onsumer and business customers facing financial hardship related to COVID-19. The bank will be responding on a case-by-case manner based on need. Fifth Third Bank customers should call 866-601-6391 from 8 a.m. to 5 p.m. EST Monday through Friday.
BB&T and SunTrust Bank Relief Measures
Truist, the holding company for BB&T and SunTrust Banks, is offering relief measures, allowing greater access to capital for borrowers and empowering our teammates to support clients affected by the COVID-19 pandemic. The relief measures include:
- Providing payment relief assistance for clients with mortgage loans, consumer loans, personal credit cards, business credit cards and business loans.
- Temporarily waiving ATM surcharge fees to help consumers and businesses access cash with greater confidence
- Providing 5% cashback when BB&T and SunTrust consumer credit card holders use their credit card for qualifying purchases at grocery stores and pharmacies through April 15, 2020
Bartender Emergeny Assistance Program
The U.S. Bartenders Guild is offering eligible bartenders grants to help with expenses. Bartenders do not have to be members of the Guild to apply.
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries. More information is available HERE.
Source: Small Business Resources COVID-19 | LouisvilleKy.gov
