COVID-19 / CARES Program Updates

Maricopa SBDC Is OPEN – Virtually

We are here to support you:

Our offices are open – virtually. We are here to help, so don’t hesitate to call or email. We can meet with you via Zoom teleconference, phone, or other virtual channels.

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Awaiting official guidance and policies- 
Congress passed and signed into law, new COVID relief legislation in December. We are sure that you have any questions about how this legislation will impact your business and the steps you need to take related to program changes.
We are now awaiting official guidance and policies from the federal agencies.
Below is a list of programs impacted by the new legislation:
  • PPP Forgiveness for Existing Loans: Allowable expenses expanded, simplified loan application for loans under $150,000, and change to tax deduction rule for forgiven PPP funds
  • PPP Second Round of Funding: For those who have or will use their first PPP loan and special rules for NAICS 72 Food Service and Accommodations industries
  • PPP Loans for New Applicants
  • EIDL Loan: Now available thru 12-31-21 or until funds are expended
  • EIDL Advance Grant – Re-opening for “Hardest Hit by Corona Virus”
  • Debt Relief Program: Payment on SBA loans extended for an additional 3 months
  • Shuttered Venue Operator Grant: New grant available for operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion pictures, theaters, talent reps
Application Process-  The application process is expected to be similar to the existing procedure; through a bank or similar lender. We expect that applications can begin to be submitted in early-January.
Today To-Do’s – There will be an enormous rush from the business community for these loans. Lenders will be swamped. The bill includes a provision stating that any business with 300 or fewer employees and a 25% or greater revenue decline over similar 2019 quarterly results should be eligible for the proposed PPP assistance. In order to get your loan application processed and funded quickly, have all of this current information ready for submittal.
In preparation you should immediately update/assemble the following information:
        • Employee count, salary, and benefits
        • Operating expenses
        • Balance Sheets (2019 and 2020)
        • Quarterly Profit and Loss Statement (2019 and 2020)

Available resources are regularly updated.

As we continue to monitor the fluid and rapidly evolving COVID-19 (coronavirus) situation, the health and safety of our employees, partners, clients, and our community remains our top priority. We will continue to keep our website updated with the latest developments. Visit your local state, city, or chamber’s website for additional information.

As the COVID-19 situation evolves your safety is our top priority, we have moved all consulting meetings online or on phone for the foreseeable future.

Our Team is concerned about your business and are here to help!