COVID-19 (Coronavirus) Business Resources 

Economic Injury Disaster Advance Loan

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid. This Advance may be available even if an Economic Injury Disaster Loan application was declined or is still pending, and will be forgiven.

Click Here to Apply for the Loan Advance

Paycheck Protection Program

We ask that you please be patient with our local lenders as they begin to implement this program. All of our participating lending institutions are working diligently to launch the Paycheck Protection Program safely and effectively. Because of nationwide issues related to the implementation of the PPP, most, if not all, lenders will be delayed in launching the program. Continue to work with your local lender to prepare necessary documentation to ensure a smooth submission when they are able to begin taking applications. Finally, there will be high demand for this program. This means our lending partners will be extremely busy and operating in an already stressful environment. Because of this, we ask everyone to be patient and courteous.  - LCEGC/Bedford Chamber 

The Paycheck Protection Program is a forgivable loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if used for expenses related payroll, rent, mortgage interest, or utilities. See links for more details. 

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. The Paycheck Protection Program will be available through June 30, 2020.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Click Here to Learn More About the Paycheck Protection Program

Click Here for an Overview of the Program

Indiana Bankers Association PPP 

Small Business Economic Injury Relief  

We know these are uncertain times. Please know the Bedford Chamber, Lawrence County Economic Growth Council and the Indiana Small Business Development Center (ISBDC) are working to support you and your organization. 

President Trump has allocated $50 billion to the Small Business Administration (SBA) for Economic Injury Disaster Loans. For Hoosiers to gain access to this funding, we need to collect small business economic impact data from Lawrence County so that Governor Holcomb can declare an economic injury disaster.

Small business owners in the following designated states are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19): California, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Indiana, Maine, Massachusetts, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, Utah, and Washington.

Click here to apply.

A few notes for applicants: 

• It is going to be SLOW. Everyone using same portal, so each time you enter a query of info, save it. Took another company almost 2 hours last night. But, it can be done.
• You can refinance debt, so that could be a good thing for you.
• 4 month repayment relief period, so you don’t have to make payments until 4 months after you are approved for the loan.
• When you estimate how you have been impacted, usually comes in the form of lost employees or sales, but you may want to see if any payments are delayed from contractors, primes, suppliers. Could make the difference.
• Also, you will have to estimate the impact for the near future and I would do 6 months of impacted business or perhaps to end of year if that makes sense.
• Other than that, 3.75%, up to $2M and up to 30 year terms. All of that is adjustable
• If anyone needs help with getting financials in place, we can assist. If it has to do with the process of applications, SBA will be the point people.

Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.

The following resources are also available to assist in navigating the loan process and disaster relief: 

• 3-Step Application Process
• Economic Injury Loan Fact Sheet
• Economic Injury Loan Step-By-Step Instructions 
• SBA Disaster Assistance Presentation 

The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

Important Notice From Region 8 WorkOne & DWD

If your company is planning a mass layoff, it would assist the Department of Workforce Development (DWD) if you could provide employee specific information.  This will assist DWD in processing unemployment insurance (UI) claims more quickly for your impacted staff.  The information requested is: Full Name of Employee, Employee SSN, Last Day Worked, Amount of deductible income paid to claimant upon layoff (vacation, sick, PTO, etc).  A spreadsheet to report employee layoff information is available at https://www.in.gov/dwd/4011.htm.

Also note that you will receive many notices from DWD about those employee separations; please respond to those notices that you deem necessary.  A DWD claims investigator will contact you directly if they have any questions.  Please return the completed spreadsheet to: Employverification@dwd.IN.gov.  

Please share with your employees that unemployment insurance must be filed online, using a computer, tablet or smart phone.  Online filing information can be found at www.Unemployment.IN.gov.  Individuals should review the Frequently Asked Questions, the Claimant Handbook and/or the online video tutorials on this page.

We are asking all employers that if you have the means to assist your employees by allowing them to file for UI from your business, please assist as you can.  Any assistance you can provide in getting these important benefits to your employees while preventing the spread of this disease is greatly appreciated.

Indiana Unemployment Insurance Basics: What Impacted Hoosier Workers Need to Know

Indiana Department of Workforce Development's Chief of Staff explains the process of filing for unemployment insurance, as well as answers questions specific to unemployment insurance and COVID-19.