Home COVID-19: Resources and Discussions for Small Businesses
Announcement:: Please see our new COVID-19 category where small businesses can engage with other business owners and experts to share best practices, information and other resources that will help us all get through this crisis.

COVID-19 Resource Portals

Zachary_SBMZachary_SBM Director of Digital Engagement and StrategyMember admin

Small Business Majority and Venturize have created and are constantly updating COVID-19 Resource and Information Portals to help small business owners navigate this difficult time. Please find links to the resource portals below and use this discussion to share your thoughts on the information provided. If you think we're missing any important resources, please let us know and we'll include them!

Small Business Majority COVID-19: Daily Updates And Resources For Small Businesses
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

Venturize COVID-19: Funding Resources For Small Businesses
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

Comments

  • AlisaAlisaAlisaAlisaAlisaAlisa Sole Proprietor Member

    I just heard on the EIDL/PPP webinar (11AM PST, Tuesday April 28, 2020) information that conflicts with every other source I've encountered: the speaker from the SBA said that sole proprietors / self-employed people can only qualify for the PPP if they have paid other contractors, and can't qualify based on paying ourselves. If this is true, a lot of accountants and professionals who have dug into this topic extensively and are advising clients are mistaken. I'm finding that I'm having a hard time trusting this information. Is it possible the speaker was mistaken? Thank you!

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Administrator admin
    edited April 2020

    @AlisaAlisaAlisa This was a new one for us. He was basing it off of the PPP application form from SBA, which includes this certification: "The Applicant was in operation on February 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on Form(s) 1099-MISC." A self-employed business owner who hasn't paid others would not be able to make this certification.

    It's possible the speaker was mistaken. It could also be that this certification is an oversight in the rush to design the form. It's also possible that, given the intent of the program (to maintain payroll), that SBA is making additional rulings because they know that $650 billion is going to have limited reach, and they want to ensure it gets to people who have employed others. It stands to reason that if an SE initials that certification knowing it's false, that it could be construed as attempting to defraud the federal government.

    We are digging into this issue further. Our SBA rep kind of sprung this on us right before the webinar. Stay tuned.

  • DaveRainsDaveRains Cpa Member

    Can someone reach out David Hincapie from the SBA regarding his statements about sole proprietors not being eligible unless they have payroll or subcontractors? Small business owners deserve clarification on this immediately.

    Please ask him to explain why the SBA added this certification without announcing that they had made such a major modification from the Cares ACT. Net earnings from self employment is included in the definition of payroll cost, so who determined that paying a subcontractor some trivial amount on a 1099 would enable one sole proprietor to qualify for potential loan forgiveness of $15,384. While another sole proprietor is barred from participating because he doesn't pay subcontractors.

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Administrator admin
    edited May 2020

    @DaveRains Thank you for your note. We believe David misspoke, and that the certification was just an oversight that failed to take into account the SE issue. We followed up with him, and he was the only person at SBA to notice this discrepancy in the certification. We sent out a clarification to all webinar attendees. Apologies for the confusion.

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