COVID-19, or the novel coronavirus, is impacting small businesses across Arkansas. Here are reliable sources of information to help your business plan and respond in these uncharted times.
ASBTDC Assistance
We are available to assist you virtually by phone, email, or videoconference. For one-on-one confidential consulting, contact your consultant or complete our online signup.
Webinars
View the schedule of upcoming webinars on our events page.
See our COVID-19 Webinars Playlist to view our previous “Keep Calm and Small Business On” webinars on YouTube.
Arkansas Resources
Arkansas 30 Day Fund – A private non-profit is offering forgivable loans to Arkansas small businesses that employ three to 30 people. Apply after May 18.
ArkansasReady.com – The website launched by the Arkansas Economic Recovery Task Force to keep businesses and the public informed about the state’s COVID-19 economic recovery guidelines and activities.
Arkansas Ready for Business Grant Program – A grant program from the Arkansas Economic Development Commission is designed to assist businesses with COVID-19-related expenses. Qualified applicants may receive grants up to $1,000 per FTE and up to $500 per part-time FTE. Businesses may use grant funds to pay for personal protective equipment (PPE), deep cleaning, signage, hand sanitizer dispensers, marketing, and more. Note: Applications are closed.
City of Little Rock Small Business Emergency Assistance Program – May 4, the City of Little Rock began accepting applications for $5,000 forgivable loans. The program is open to small, for-profit businesses that have been in business at least two years and have 20 or fewer employees, or micro-enterprise businesses with five or fewer employees including the owner AND owner’s household annual income is less than 80% of the area median income.
Coronavirus Resource Page – Arkansas State Chamber of Commerce/Associated Industries of Arkansas
COVID-19 Guidance for Businesses – Arkansas Department of Health
COVID-19 Guidance for Employers – Arkansas Department of Health
COVID-19 Guidance for Farmers Markets – Arkansas Department of Health
Free Online Screening for COVID-19 – UAMS HealthNow
Governor Hutchinson’s COVID-19 Media Briefings – YouTube Recordings and Live Feed
Quick Action Loan Program – Funds from the Governor’s Quick Action Closing Fund are now allocated for loans to small to medium-sized companies that are in the supply chain of essential goods and services (including healthcare, food manufacturing, logistics). For more information, contact the Arkansas Economic Development Commission by email, COVID19.businessinfo@arkansasedc.com, or phone, 501.682.1121 or 1.800.ARKANSAS (toll-free).
Unemployment and COVID-19: Employer FAQ – Arkansas Department of Workforce Services
Unemployment and COVID-19: Worker FAQ – Arkansas Department of Workforce Services
Women Owned – The Women’s Foundation of Arkansas has established a fund to provide grants up to $5,000 to women-owned small businesses experiencing hardship due to COVID-19. Applications will be open May 15-16 for the second round of grants.
Small Business COVID-19 Funding Programs
Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program, or PPP.
PPP is designed to assist any small business with fewer than 500 employees, including sole proprietorships, independent contractors, and self-employed persons. Businesses can use Paycheck Protection Program funds for payroll, employee benefits, rent, mortgage interest, and utilities. All or part of the loan may be forgiven, if businesses meet certain criteria.
Make sure your lender has the documents needed to complete your PPP loan. ASBTDC can give you a hand with preparing to apply.
For an overview of all CARES Act provisions for small businesses, please see the Coronavirus Emergency Loans: Small Business Guide and Checklist prepared by the U.S. Chamber of Commerce.
Disaster Loans
Arkansas small businesses suffering economic injury due to coronavirus (COVID-19) are eligible to apply for low-interest SBA loans.
See our fact sheet for the documentation and information you will need. (Espanol)
An Economic Injury Disaster Loan Advance for up to $10,000 is available.
EIDL Update
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For the latest information, see sba.gov/funding-programs/disaster-assistance/coronavirus-covid-19.
SBA Debt Relief
Due to coronavirus, SBA borrowers qualify for temporary debt relief. SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status as well as new 7(a), 504, and microloans disbursed prior to Sept. 27. Not available for businesses that get PPP or EIDL.
Contact ASBTDC for more information.
World/U.S. Resources
Coronavirus.gov – Maintained by the Centers for Disease Control and Prevention (CDC)
Coronavirus fact sheet for businesses – World Health Organization (WHO)
Coronavirus Resources – U.S. Department of Labor
Employee Paid Leave Rights (Families First Coronavirus Response Act) – U.S. Department of Labor
Guidance on Preparing Your Business for COVID-19 | Guía sobre la Preparación de los Lugares de Trabajo para el virus COVID-19 – Occupational Safety and Health Administration (OSHA), U.S. Department of Labor
IRS Tax Filing and Payment Deadline Changes Due to COVID-19 – Internal Revenue Service
Employee Retention Tax Credit – Internal Revenue Service
Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease – U.S. Small Business Administration
COVID-19 Small Business Resources – America’s Small Business Development Centers
Guide to Export Credit Insurance – Export-Import Bank of the United States
Grants and Other Funding Opportunities
Save Small Business Fund – The U.S. Chamber of Commerce Foundation has launched this initiative to provide $5,000 grants to small employers. To qualify, businesses must employee between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. Applications are currently closed.
Kiva Loans – The nonprofit organization Kiva provides 0% interest loans to small businesses worldwide. To help businesses affected by COVID-19, Kiva has expanded eligibility and increased loan amounts.
Small Business Grants Program – Facebook has committed $100 million in cash grants and advertising for small businesses.
Verizon Small Business Recovery Fund – With funding support from Verizon, LISC is providing grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19, especially entrepreneurs of color, women-owned businesses, and other enterprises in historically underserved communities. The first round of grants were awarded in mid-April.
Español
Información Coronavirus (COVID-19) del CDC en Español
Guía sobre la Preparación de los Lugares de Trabajo para el virus COVID-19
Préstamos de Desastres por Pérdidas Económicas Hoja de Datos