1si is working with several of our partners to create and provide direct relief assistance for businesses.
SBA Lenders in Southern Indiana
Centra Credit Union
Funding Options - Federal
How to Take Advantage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Congress has approved $350 billion in emergency loans for small businesses to help them 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.
MCM CPAs & Advisors Families First Coronavirus Response Act Tax Updates (March 24, 2020)
IRS Releases COVID-19 Payment Relief and Extended Tax Deadline (March 23, 2020)
SBA Offers Disaster Assistance to Indiana and Kentucky Small Businesses Economically Impacted by the Coronavirus (Covid-19) – (March 19, 2020)
Funding Options - Local
Assistance for New Albany Restaurants and Service Industry Employees by DNA, City of New Albany and New Albany Urban Enterprise Association (March 23, 2020)
Community Foundation of Southern Indiana Opens Disaster Relief Fund in Response to COVID-19
DUKE ENERGY FOUNDATION PLEDGES SUPPORT
The Community Foundation of Southern Indiana has announced that it is opening its Disaster Relief Fund in response to needs created by the COVID-19 pandemic. Anyone can give to the fund and 100% of the donations will be used to address community needs.
Those interested making a tax-deductible gift to the Disaster Relief Fund can do so on the Foundation’s website at www.cfsouthernindiana.com.
Foundation fundholders can also recommend a grant to the Disaster Relief Fund from their donor advised fund. One hundred percent of the donations will be used to address community needs.
One Louisville: COVID-19 Response Fund – 3/19/2020
Funding Options - Nonprofit
Funding Options - Private
BB&T, now Truist, Response to COVID-19
German American Bank
JP Morgan Chase Announces $50 million Philanthropic Effort
Indiana Banks Stand Ready to Help, Encourage Patience as Paycheck Protection Program Launches
For immediate release – April 2, 2020 – The Paycheck Protection Program (PPP) will offer some relief to small businesses in Indiana as it launches on Friday, April 3. Indiana bankers ask for patience from the public as the program begins. Application volume will be very high as the financial institutions qualified to offer these loans will strive to keep up with demand.
The IBA also recommends the following five things businesses can do right now:
1: Talk to your lender, if you haven’t already. If you are experiencing or expect to experience cash flow problems, contacting your lender is the critical first step.
2: Plan for the next 3-6 months, if you haven’t already. Many businesses we’ve heard from have sufficient funds or access to capital for the first 2-3 months. We don’t know how long the pandemic will last, however, so look ahead, both in terms of a potential lengthening of the pandemic and also in how you will handle recovery and re-opening of the business if you are currently closed.
3: Be ready to produce required information quickly to help your lender with your application. All loan programs still require some information in order for the lender to underwrite the loan, including the ones created through the CARES Act. Be ready to produce required documentation quickly to help your
lender with your application.
4: Don’t panic and draw on lines of credit unnecessarily. There is plenty of liquidity in the system (unlike during the financial crisis in 2008), so don’t panic and draw on lines of credit unnecessarily. Just like we are encouraging consumers to keep excess cash in insured financial institutions, keep the lines of credit intact until you absolutely need to access them. There may be costs associated with accessing those funds, and if you don’t need to incur the added expense, don’t.
5: Have patience. The banking industry wants to help you through these unprecedented times, but not all programs are in place yet, and even when they are, technology can cause hiccups or delays (e.g. systems crashing).
Read the entire press release by clicking here..
For more information, please visit sba.gov.