Idaho had 2,157 confirmed cases of coronavirus and 72 deaths by mid-May. Small businesses can access federal and state programs for pandemic-related hardships. State residents who need resources to help them through the COVID-19 pandemic should take advantage of the multitude of federal relief provisions that have been implemented over the first few months of 2020. If you or your business have been adversely affected by the coronavirus crisis, talk to a financial advisor about your personal needs.
Idaho Coronavirus Relief for Individuals
The Idaho state government has been working to provide individuals and families with up-to-date information about the coronavirus crisis and what they can do to stay safe and protected during this uncertain time. That said, Idaho has not put relief programs into place to help residents. Individuals and families can take advantage of a number of federal programs, though.
Idaho Coronavirus Relief for Small Businesses
In May the state announced a new Rebound Idaho Small Business Grant program for small businesses, non-profits, and veterans’ and tribal organizations headquartered in Idaho. The program will distribute $300 million of coronavirus relief fund money through individual business grants of up to $10,000 each to qualifying applicants as long as there are funds. Final eligibility requirements for the grants and an FAQ can be found at https://rebound.idaho.gov/idaho-rebound-cash-grants-for-small-businesses/.
State agencies, political subdivisions (counties, cities, and other governmental entities), and small businesses and non-profits that are eligible may receive non-medical, emergency masks, gloves and sanitizers.
In addition, the state has some basic services for adversely affected businesses. For example, businesses can look to the Idaho Small Business Development Center (SBDC) for consulting services that can help them take advantage of federal relief programs. The SBDC can also help businesses with general business crisis planning.
Federal Coronavirus Relief for Individuals
Through the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the federal government has put together several programs designed to help individuals that have been negatively impacted by the coronavirus pandemic. The provision that has gotten the most attention is the one-time stimulus check payment that most Americans are eligible for. More specifically, if you’re an individual making less than $75,000 per year, you’ll receive the full payment amount of $1,200. Americans making more than that receive progressively less, with those earning more than $99,000 annually in adjusted gross income (AGI) receiving nothing. Families will be able to claim an additional $500 per child under the age of 17.
That isn’t the only way the federal government is stepping up to help affected individuals and families. Many workers now qualify for extended paid sick and family leave benefits as a result of the pandemic. You’ll also see rent and mortgage relief programs, an extension of the 2020 federal tax deadline and boosted unemployment benefits. These programs exist primarily to help those who have lost work thanks to COVID-19.
Federal Coronavirus Relief for Small Businesses
Small businesses also have access to plenty of help from the federal government during the coronavirus pandemic. The Paycheck Protection Program (PPP) is one such relief effort. The PPP helps businesses by providing partially forgivable loans to be used to cover payroll expenses. The PPP is designed so that companies can avoid laying off employees. The program provides businesses with up to 2.5 times their average monthly payroll, with the exception of employee salaries of more than $100,000. These loans can be for anywhere up to $10 million for any one business.
Among other programs, many businesses also have access to Economic Injury Disaster Loans (EIDLs), which are administered by the Small Business Administration (SBA). These loans can cover up to $2 million in operating expenses. Upon the submission of an EIDL application, businesses are eligible to receive a $10,000 forgivable advance grant to help cover immediate expenses. Other small business relief programs include the SBA Debt Relief Program, the 7(a) loan program, the Express Loan Program, microloans, 504 loans and the Community Advantage Loan Program.
While the coronavirus pandemic has not hit the state of Idaho particularly hard, the economic shutdown has impacted individuals and small businesses. Unfortunately, the state has not offered any specific relief programs to help alleviate these economic impacts. The good news is that there are plenty of federal relief resources and programs designed to help individuals and small businesses through these turbulent times.
Tips for Saving During the Coronavirus Crisis
- If the pandemic has you concerned about your long-term financial plans, consider working with a financial advisor to put together a solid plan. SmartAsset’s free tool matches you with financial advisors in your area in only five minutes. If you’re ready to be matched with suitable local advisors, get started now.
- If you’re having trouble paying your mortgage or other loans during the coronavirus pandemic, try not to panic. Many banks are working with customers to defer interest on loans and waive fees during this uncertain time.
Photo credit: ©iStock.com/MCCAIG, ©iStock.com/benedek, ©iStock.com/Jennifer_Sharp