Resources For Businesses - COVID-19
Small Business Loans
Congress has approved $350 billion in emergency loans for small businesses to help keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan. Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process.
Congress has approved $350 billion in emergency loans for small businesses to help keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan. Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process.
SBA Emergency Disaster Assistance Loans
With revenue loss and cash flow top of mind for many small businesses in Northern Kentucky impacted by COVID-19 restrictions, small businesses are highly encouraged to reach out to their local bank to inquire about short-term loans and other options given recent federal actions. The U.S. Small Business Administration (SBA) has set up emergency disaster relief loans for small businesses seeking economic relief in Kentucky. Begin the application process here.
The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can help overcome the temporary loss of revenue. These loans 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 non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
For assistance in filling out the SBA Disaster Loan application, potential loan applicants can:
1. Go to their local bank as most banks handle SBA loans.
2. Visit KSBDC's dedicated webpage for small business information and assistance options.
3. KSBDC has also created a small business hotline: 1-888-475-SBDC (7232) to efficiently route callers to a KSBDC business coach in their region. You can reach any of the KSBDC business coaches through our streamlined communication options by using any or all of the following:
With revenue loss and cash flow top of mind for many small businesses in Northern Kentucky impacted by COVID-19 restrictions, small businesses are highly encouraged to reach out to their local bank to inquire about short-term loans and other options given recent federal actions. The U.S. Small Business Administration (SBA) has set up emergency disaster relief loans for small businesses seeking economic relief in Kentucky. Begin the application process here.
The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can help overcome the temporary loss of revenue. These loans 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 non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
For assistance in filling out the SBA Disaster Loan application, potential loan applicants can:
1. Go to their local bank as most banks handle SBA loans.
2. Visit KSBDC's dedicated webpage for small business information and assistance options.
3. KSBDC has also created a small business hotline: 1-888-475-SBDC (7232) to efficiently route callers to a KSBDC business coach in their region. You can reach any of the KSBDC business coaches through our streamlined communication options by using any or all of the following:
- phone number: 1-888-475-7232
- website: http://kybizhelp.com
- email: info@ksbdc.org
Kentucky Small Business Development Center (KSBDC) Resources
KSBDC has numerous resources for small business owners during the COVID-19 crisis, including free webinars, business coaching, guides to COVID-19 related legislation and more. Visit the KSBDC Coronavirus page.
KSBDC has numerous resources for small business owners during the COVID-19 crisis, including free webinars, business coaching, guides to COVID-19 related legislation and more. Visit the KSBDC Coronavirus page.
Families First Coronavirus Response Act (FFCRA) Requirements Take Effect April 1st
The new rules requiring most employers to provide paid sick leave and extended FMLA leave for COVID-19-related reasons will go into effect on April 1, 2020. The federal government will reimburse employers for most of those costs through a tax credit. The U.S. Department of Labor, who is responsible for providing compliance assistance to employers and employees on their responsibilities and rights under the FFCRA, has put together this helpful Q&A document.
On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19 (the first was signed on March 6 and provided emergency funding relief for domestic and global efforts).
The new rules requiring most employers to provide paid sick leave and extended FMLA leave for COVID-19-related reasons will go into effect on April 1, 2020. The federal government will reimburse employers for most of those costs through a tax credit. The U.S. Department of Labor, who is responsible for providing compliance assistance to employers and employees on their responsibilities and rights under the FFCRA, has put together this helpful Q&A document.
On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19 (the first was signed on March 6 and provided emergency funding relief for domestic and global efforts).
Business Resources
Some of these resources are located on Kentucky Virtual Library website.
Customers will need a library card to use many of these services.
If logging in from home, customers will need login information that is unique to Trimble Library.
Please call the library to receive that information.
(502) 255-7362
Customers will need a library card to use many of these services.
If logging in from home, customers will need login information that is unique to Trimble Library.
Please call the library to receive that information.
(502) 255-7362
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Small Business Reference Center offers books, business videos, a help and advice section, and information on how to create business plans. Also offers a collection of state-specific resources supported with demographic data and other local information.
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Small Business Development Center provides information
on how to start, fund, and grow your business. |
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Regional Business News provides ultimate coverage for full-text business publications, on a regional level, for the United States and Canada. Content for Regional Business News is provided by leading publishers in business news including The Washington Post, PR Newswire US and more.
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