Consolidated Financial Resources for Businesses
The impact of COVID-19 has been felt across the business community, and local, national and federal programs have been developed to offer financial relief. This page consolidates the options available to your business and provides insight about how to navigate the application process.
Update as of April 2, 2020
CARES Act Funding
$349B
total available for the PPP
$10B
added to the SBA EIDL program
$17B
allocated to the SBA Business Loan program
Understanding the CARES Act
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020 and is designed to support individuals and businesses dealing with the economic and health impact of the coronavirus. The Small Business Administration (SBA) and the Department of Treasury are guiding the programs created through the CARES Act. On this page we will focus on the four, primary small business assistance programs covered under the CARES Act, which may be beneficial to your business.
To learn more about the CARES Act, download our summary.
Paycheck Protection Program (PPP)
Economic Injury Disaster Loans (EIDL)
Small Business Debt Relief Program
Tax Deferment or Credit
Small Business Assistance Options - Federal
+
Paycheck Protection Program (PPP)
+
Economic Injury Disaster Loans (EIDL)
+
Small Business Debt Relief Program
+
Tax Deferments & Credits
Determine the Right Option(s) for Your Business
These resources cover multiple small business assistance options to help you determine which is relevant to your business and how to navigate the application process. You should only apply to programs you qualify for, but there is no penalty for applying to multiple assistance programs, as long as funds are used for different purposes.
Are you a small business?
First, determine if your business size meets the eligibility standards set by the SBA. All businesses with fewer than 500 employees qualify. If you have greater than 500 employees, please use the Business Size Calculator to determine if you are eligible.
Small Business Application Guide
For a quick overview on the qualifications and how to apply for each of these programs, download our application guide.
AZ Commerce Authority (ACA)
Find quick answers to your questions on the ACA’s business assistance resource page, or download the current list of local SBA-approved lenders, compiled by the ACA team.
Arizona Small Business Development Center Network (AZSBDC)
SBDCs provides free one-on-one business counseling and resource assistance for small businesses.
Paycheck Protection Program (PPP)
Covers the compensation of your employee payroll, insurance, utilities and other operational expenses.
The Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep workers on the payroll. The PPP is a forgivable loan available for small businesses, 501(c)3, 501(c)19, and tribal businesses that meet the SBA small business designation, along with sole proprietors and independent contractors. Companies must have been operational by 02/15/2020. Other restrictions apply.
- Loan is equal to 250% average monthly payroll
- $10M maximum funding amount
- Funds spent on qualifying expenses over 8 weeks can be forgiven
- Unspent amount rolls over into a low interest loan.
Eligibility Criteria
Borrowers do not need to demonstrate economic hardship but rather certify in good faith that their business has been affected by the current economic crisis. Companies must have been operational by 02/15/2020.
Borrowers apply through banks certified in SBA 7(a) lending. Each bank will have its own application requirements, but will generally look for a business description, recent tax returns, personal financial statements, debt schedules and ownership records.
Where to Apply
Applications are scheduled to open on 04/03/2020. Apply through your existing SBA 7(a) lender or through any local, participating lender.
Resources for Navigating the Process
Program overview, info on who can apply, how to apply, loan details and forgiveness, and other assistance can be found on the websites below.
Economic Injury Disaster Loans (EIDL)
Also known as the “SBA Disaster Loan,” the EIDL is an extension of the existing disaster loan program. Businesses may apply for both EIDL and PPP, although funds cannot be used for the same purpose.
Covers a wide range of business expenses for funds lost.
- $2M maximum funding amount
- 3.75% interest rate
- $10,000 advance can be obtained within 3 days *repayment not required on advance amount
Eligibility Criteria
For full details, see the “Eligibility Entity Verification” on the application.
- Applicant is a business with no more than 500 employees, a business that qualifies as small under the SBA Size Standards, sole proprietorship, independent contractor, cooperative or non-profit.
Where to Apply
Applications are currently open. Apply through the SBA Disaster Loan application. You may also apply for the Express Bridge Loan (EBL) program if you would like to expedite your potential EIDL financing.
Resources for Navigating the Process
Choose from a video guide, step-by-step written guide or contact resources at our local Arizona, SBA District Office for help with the application process. Arizona’s local SBA office can be reached at 602.745.7200, although due to high call volumes, we recommend exhausting online resources prior to calling.
Contact the SBA
P: 1-800-659-2955 (TTY: 1-800-877-8339)
E: DisasterCustomerService@sba.gov
How-To Video Guide – SBA Disaster Loan
by the City of Phoenix
Small Business Debt Relief Program
Covers non-disaster, business loan payments for six months including principle, interest and fees.
- $2M maximum funding amount
- SBA guaranteed up to 75%
- Forgives current loan payments
Eligibility Overview
- Eligible loans include 7(a), 405 & Microloans
- Loans under the Paycheck Protection Act are NOT eligible
- New borrowers who take out loans within six months of the bill being signed can utilize this program
Where to Apply
Speak to your current financial provider to apply this assistance to your active business loan. Once requested, funds should quickly be applied.
Resources for Navigating the Process
Check the SBA guidelines and then speak to your business lender.
Taxes: Deferment or Credit
Two programs are available to reduce immediate tax costs: the Payroll Tax Deferment program and the Employee Retention Credit.
Payroll Tax Deferment program
- Defer your share of business Social Security taxes until 2022
- Funds must be paid back
- 50% of the deferral must be paid by 12/2021, with the remaining 50% paid by 12/2022
Employee Retention Credit
- Refundable Tax Credit equal to 50% of qualified wages
- Max credit per employee: $5,000
Eligibility Overview
- Employers of all sizes are eligible
- Businesses and sole proprietorships qualify
- Payroll taxes can be deferred until July 15, 2020
Where to Apply
Refer to your financial team on changes in the payroll process. All penalties for social security tax non-payment when filing weekly or biweekly payments will be waived. Visit the U.S. Treasury statement for more information on tax deferment. See tax relief program details on the IRS website.
Resources for Navigating the Process
Find resources on the IRS and U.S. Treasury websites.
Local Funds & Additional Resources
Groups in Arizona and businesses across the U.S. are developing funds to offer relief to businesses impacted by COVID-19.
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses. Stay tuned to their website for updates and to get access to additional business resources.
AZ Local Impact Fund
LeadMD and InvestSW have set up the AZ Local Impact Fund to support businesses needing assistance. Fund applications have not yet opened while they collect donations, but you can sign up for updates on their website and review the criteria to see if your business can apply when available.
AZ Coronavirus Relief Fund
Governor Ducey created this fund to provide financial support to organizations working to mitigate the impacts of COVID-19 in Arizona. Funds will support: PPE for frontline medical personnel, nonprofit orgs supporting those most vulnerable and access to technology for low-income students.
Relief Fund for AZ Arts Professionals
A collaborative fund for emergency support for working artists, teaching artists, production personnel, and arts-based contract workers who have experienced cancelled events and residencies or terminated contracts as a result of the global COVID-19 pandemic crisis.
Local Banking Contacts
For assistance with your current business account, please contact the recommended resource listed for your bank.
We are working with local banks to acquire a designated business account contact from each financial institution. Updated contact information will be listed as soon as it is provided to us.
NOTE: Banks are prioritizing existing clients, contact your current bank representative first.
BOK Financial
Brian Barry
SVP Commercial Banking, English
E: bbarry@bokf.com
P: 480.459.2829
Elias Espinoza
VP Commercial Banker, Spanish
E: eespinoza@bokf.com
P: 602.217.1596
MidFirst Bank
Thomas J. Altieri
SVP, SBA Lending Manager, English
E: tom.altieri@midfirst.com
P: 602.801.5713
National Bank of Arizona
John Lewis
SBA Banker, English
E: john.lewis@nbarizona.com
P: 602.212.5545
Marcos Garay
EVP, Director of Multicultural Banking, Spanish
E: marcos.garay@nbarizona.com
P: 602.212.5543
OneAZ Credit Union
Ken Bauer
SVP – Credit Administration, English
E: kbauer@oneazcu.com
P: 602.467.4060
Enterprise Bank
Kelli Tonkin
Senior Vice President, English
P: 602.824.5719
Sunflower Bank
Matthew Mapes
SVP, Director of SBA Market Development, English
E: matthew.mapes@sunflowerbank.com
P: 480.676.6619
UMB Bank
Sean Scibienski
SVP Team Lead | Business Banking, English
E: sean.scibienski@umb.com
P: 602.912.6742
Cyeana Johnson
BB Relationship Officer II, Spanish
E: cyeana.johnson@umb.com
P: 520.273.4997
US Bank
Ray St Clair
SBA Lender, English
E: ray.stclair@usbank.com
P: 602.980.3030
Phil Hicks
SBA Lender, Spanish
E: phil.hicks@usbanks.com
P: 602.222.4588
