Consolidated Financial Resources for Businesses
The impact of COVID-19 has been felt across the business community, and local, national and federal programs have been developed to offer financial relief. This page consolidates the options available to your business and provides insight about how to navigate the application process.
Updated as of September 25, 2020.
Note: If your business has received PPP loan approval, visit the Guidelines for Loan Forgiveness to review best practices or download the full forgiveness application guide (EZ Version). Guides will remain updated with new information released by the SBA.
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CARES Act Funding
$349B
total available for the Paycheck Protection program
$10B
added to the Economic Injury Disaster Loan program
$17B
allocated to the Small Business Debt Relief program
Understanding the CARES Act
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020 and is designed to support individuals and businesses dealing with the economic and health impact of the coronavirus. The Small Business Administration (SBA) and the Department of Treasury are guiding the programs created through the CARES Act. On this page we will focus on the four, primary small business assistance programs covered under the CARES Act, which may be beneficial to your business.
To learn more about the CARES Act, download our summary and reference the table below for how it may apply to your business.
Small Business Assistance Options - Federal
Determine the Right Option(s) for Your Business
These resources cover multiple small business assistance options to help you determine which is relevant to your business and how to navigate the application process. You should only apply to programs you qualify for, but there is no penalty for applying to multiple assistance programs, as long as funds are used for different purposes.
Are you a small business?
First, determine if your business size meets the eligibility standards set by the SBA. All businesses with fewer than 500 employees qualify. If you have greater than 500 employees, please use the Business Size Calculator to determine if you are eligible.
Small Business Application Guide
For a quick overview on the qualifications and how to apply for each of these programs, download our application guide.
AZ Commerce Authority (ACA)
Find quick answers to your questions on the ACA’s business assistance resource page, or download the current list of local SBA-approved lenders, compiled by the ACA team.
Arizona Small Business Development Center Network (AZSBDC)
SBDCs provides free one-on-one business counseling and resource assistance for small businesses.
Paycheck Protection Program (PPP)
Covers the compensation of your employee payroll, insurance, utilities and other operational expenses.
The Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep workers on the payroll. The PPP is a forgivable loan available for small businesses, 501(c)3, 501(c)19, and tribal businesses that meet the SBA small business designation, along with sole proprietors and independent contractors. Companies must have been operational by 02/15/2020. Other restrictions apply.
- Loan is equal to 250% average monthly payroll
- $10M maximum funding amount
- Funds spent on qualifying expenses over 24 weeks, or December 31, 2020 (whichever is earlier) can be forgiven
- Unspent amount rolls over into a low interest loan.
Note: Applications closed on 08/08/2020.
Eligibility Criteria
Borrowers do not need to demonstrate economic hardship but rather certify in good faith that their business has been affected by the current economic crisis. The organization must have been operational by 02/15/2020 to qualify.
Borrowers apply through banks certified in SBA 7(a) lending. Applicants must submit a Paycheck Protection Program Application form and recent tax documents.
Sample Calculations and Scenarios
View the sample scenarios below for an illustration of the calculations and criteria requirements needed for a small business, nonprofit or sole proprietor applying for the paycheck protection program.
Small Business Application for PPP >>
Small Business Rolls EIDL into PPP >>
Small Business Applies EIDL & PPP Separately >>
Where to Apply
Applications are closed as of August 8, 2020.
Resources for Navigating the Application Process
Program overview, eligibility criteria, application processes, loan details and forgiveness, and other assistance can be found on the websites below.
Guidelines for PPP Loan Forgiveness
To ensure your business qualifies for loan forgiveness, loan requirements must be followed, otherwise the amount forgiven is reduced proportionally. Download the forgiveness application guide (EZ version) for additional information on the application process.
Some guidance around loan forgiveness is pending SBA release. Resources provided on this page will be updated when further information is received.
Review Federal Updates
President Trump signed the Paycheck Protection Program (PPP) Flexibility Act into law on June 5. The bill updates several of the PPP terms:
- Extends the timeframe allotted to use funds from eight weeks to 24-weeks
- Borrowers who received loans prior to June 5 may use either option
- Anyone who received a loan after June 5 has up to 24 weeks
- Allows businesses to use up to 40% of funds on non-payroll costs (previously 25%)
- Salary and/or FTE replacement date has been extended from June 30 to December 31, or when the forgiveness application is filed
- Businesses are now able to qualify for loan forgiveness based on decreased business activity due to COVID-19-related restrictions (e.g., social distancing)
- Allows businesses to qualify for partial loan forgiveness if less than 60% is spent on payroll costs
- Loans made after June 5 now have five years to be repaid instead of two (loans made on June 5 or earlier can also extend maturity dates upon approval by lender)
- Allows businesses to take advantage of the payroll tax deferment that was in the CARES act
- 1% interest rate on the loans remains the same
Review Loan Requirements
- 60% of the loan must be spent on payroll, which includes wages, salaries, healthcare premiums, vacation and sick pay, and local and state payroll taxes. The remaining 40% of the loan can be spent on rent, mortgage interest and utility payments.
- The average monthly full-time equivalent (FTE) headcount over the loan period must remain the same or higher than the average FTE headcount between February 15, 2019 and June 30, 2019 or January 1, 2020 to February 29, 2020.
- Wages under $100,000 cannot be reduced by more than 25%. Wages over $100,000 may be reduced to $100,000 and then no more than an additional 25%.
- Any headcount or wage reductions will not reduce loan forgiveness if the reductions are restored by December 31, 2020.
Additional Tips
- Keep detailed records showing how and when the Paycheck Protection Program loan amount was spent. Many banks have suggested a separate deposit account for the funds
- Loan recipients must apply for forgiveness with their lender at the end of the loan period
- The SBA has released three Paycheck Protection Program loan forgiveness applications
- PPP Loan Forgiveness Application, Standard
- Get helpful tips to navigate this forgiveness application: Download our guide here (pdf)
- PPP Loan Forgiveness Application, EZ
- View our guide for help navigating this forgiveness application: Download our EZ guide here (pdf)
- PPP Loan Forgiveness Application, Standard
-
- PPP Loan Forgiveness Application, S
- Available for borrowers that received a PPP loan of $50,000 or less. Instructions can be found here
- PPP Loan Forgiveness Application, S
Note: Any amount not forgiven will convert into a five-year loan, at a 1% interest rate.
Economic Injury Disaster Loans (EIDL)
Covers a wide range of business expenses for funds lost.
Also known as the “SBA Disaster Loan,” the EIDL is an extension of the existing disaster loan program. Businesses may apply for both EIDL and PPP, although funds cannot be used for the same purpose.
- $2M maximum funding amount
- 3.75% interest rate
- $10,000 advance can be obtained within 3 days *repayment not required on advance amount
Eligibility Criteria
For full details, see the “Eligibility Entity Verification” on the application.
- Applicant is a business with no more than 500 employees, a business that qualifies as small under the SBA Size Standards, sole proprietorship, independent contractor, cooperative or non-profit.
Sample Calculations and Scenarios
View the sample scenarios below for an illustration of the calculations and criteria needed as a small business, when applying for an Economic Injury Disaster Loan.
Where to Apply
Applications are currently open. Apply through the SBA Disaster Loan application. You may also apply for the Express Bridge Loan (EBL) program if you would like to expedite your potential EIDL financing.
Resources for Navigating the Process
Choose from a video guide, step-by-step written guide or contact resources at our local Arizona, SBA District Office for help with the application process. Arizona’s local SBA office can be reached at 602.745.7200, although due to high call volumes, we recommend exhausting online resources prior to calling.
Contact the SBA
P: 1-800-659-2955 (TTY: 1-800-877-8339)
E: DisasterCustomerService@sba.gov
How-To Video Guide – SBA Disaster Loan
by the City of Phoenix
Small Business Debt Relief Program
Covers non-disaster, business loan payments for six months including principle, interest and fees.
- Forgives current loan payments
- Available to new borrowers
- 7(a), 504 & microloans eligible
7(a) Loans
- $2M maximum funding amount
- SBA guaranteed up to 75%
Eligibility Overview
- Eligible loans include 7(a), 405 & Microloans
- Loans under the Paycheck Protection Act are NOT eligible
- New borrowers who take out loans within six months of the bill being signed can utilize this program
Where to Apply
Speak to your current financial provider to apply this assistance to your active business loan. Once requested, funds should quickly be applied.
Resources for Navigating the Process
Check the SBA guidelines and then speak to your business lender.
Taxes: Deferment or Credit
Two programs are available to reduce immediate tax costs: the Payroll Tax Deferment program and the Employee Retention Credit.
Payroll Tax Deferment program
- Defer your share of business Social Security taxes until 2022
- Funds must be paid back
- 50% of the deferral must be paid by 12/2021, with the remaining 50% paid by 12/2022
Employee Retention Credit
- Refundable Tax Credit equal to 50% of qualified wages
- Max credit per employee: $5,000
Eligibility Overview
- Employers of all sizes are eligible
- Businesses and sole proprietorships qualify
- Payroll taxes can be deferred until July 15, 2020
Where to Apply
Refer to your financial team on changes in the payroll process. All penalties for social security tax non-payment when filing weekly or biweekly payments will be waived. Visit the U.S. Treasury statement for more information on tax deferment. See tax relief program details on the IRS website.
Resources for Navigating the Process
Find resources on the IRS and U.S. Treasury websites.
Local Funds & Additional Resources
Groups in Arizona and businesses across the U.S. are developing funds to offer relief to businesses impacted by COVID-19.
Surprise Small Business Relief Grants
The City of Surprise announced a small business relief program to address the needs of the Surprise small business community impacted by the prolonged nature of the pandemic. Applications are expected to open on September 14, 2020.
AZ Community Foundation Relief Grant
The Phoenix IDA and City of Phoenix are offering grants up to $10,000 to local small businesses experiencing economic distress and sudden loss of revenue. Find qualifications and apply below.
Relief Fund for AZ Arts Professionals
A collaborative fund for emergency support for working artists, teaching artists, production personnel, and arts-based contract workers who have experienced cancelled events and residencies or terminated contracts as a result of the global COVID-19 pandemic crisis.
Phoenix Small Business Relief Grants
The Phoenix IDA, in coordination with the City of Phoenix and a growing list of funders, are offering grants up to $10,000 to local small businesses experiencing economic distress and sudden loss of revenue due to the COVID-19 pandemic.
Salesforce Small Business Grant Program
Salesforce partnered with Ureeka to provide Arizona small businesses the opportunity to receive $10,000 in grant funds. See the full details below.
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses. Stay tuned to their website for updates and to get access to additional business resources.
Building a business as a Latino entrepreneur
Bankrate has produced this guide to help fellow Latino entrepreneurs, sharing personal experiences from Latino business owners, and detailing how to get started launching your own business.
Local Banking Contacts
For assistance with your current business account, please contact the recommended resource listed for your bank.
We are working with local banks to acquire a designated business account contact from each financial institution. Updated contact information will be listed as soon as it is provided to us.
NOTE: Banks are prioritizing existing clients, contact your current bank representative first.
View the full list of local lending contacts, last updated 04/25/20 here:
Academy Bank
Lisa Dow
SVP, Director of Commercial Banking, English
E: ldow@academybank.com
P: 480.482.4724
BOK Financial
Brian Barry
SVP Commercial Banking, English
E: bbarry@bokf.com
P: 480.459.2829
Elias Espinoza
VP Commercial Banker, Spanish
E: eespinoza@bokf.com
P: 602.217.1596
BBVA
Steve Gation
SBA Loan Officer, Vice President, English
E: steven.gation@bbva.com
P: 602.522.2696
Desert Financial Credit Union
Dedicated Experts
Customer Support
E: paycheckprotectionprogram@desertfinancial.com
P: 602.335.2359
MidFirst Bank
Thomas J. Altieri
SVP, SBA Lending Manager, English
E: tom.altieri@midfirst.com
P: 602.801.5713
National Bank of Arizona
John Lewis
SBA Banker, English
E: john.lewis@nbarizona.com
P: 602.212.5545
Marcos Garay
EVP, Director of Multicultural Banking, Spanish
E: marcos.garay@nbarizona.com
P: 602.212.5543
Enterprise Bank
Kelli Tonkin
Senior Vice President, English
P: 602.824.5719
First International Bank & Trust
Sue Hayes
Wealth Advisor, English
E: shayes@fibt.com
P: 480.318.8855
C: 602.396.1160
First Western Trust
Phoenix Location
Visit Phoenix Contact Page
E: phoenixbanking@myfw.com
P: 602.224.7600
Scottsdale Location
Visit Scottsdale Contact Page
E: scottsdalebanking@myfw.com
P: 480.596-1800
UMB Bank
Sean Scibienski
SVP Team Lead | Business Banking, English
E: sean.scibienski@umb.com
P: 602.912.6742
Cyeana Johnson
BB Relationship Officer II, Spanish
E: cyeana.johnson@umb.com
P: 520.273.4997
US Bank
Ray St Clair
SBA Lender, English
E: ray.stclair@usbank.com
P: 602.980.3030
Phil Hicks
SBA Lender, Spanish
E: phil.hicks@usbanks.com
P: 602.222.4588
Wells Fargo
Wells Fargo bank is now reviewing applications for the Paycheck Protection Program, focusing on nonprofits and small businesses with fewer than 50 employees.
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