The Startup Stimulus Plan Resources
MainStreet provides startups with a one-stop, hassle-free method for discovering, applying for, and managing government incentive and stimulus programs. If you’d like us to help you manage these programs, click here.
Otherwise, please explore below — there are many resources you can use to ensure your startup or small business survives during, and thrives after, this volatile economic period.
Cash Grants and Support From The Federal Government
The PPP provides startups and small businesses with forgivable loans. It’s intention is to support companies that do not lay off their employees. The loan amount equals 250% of your average monthly payroll expenses, thereby providing businesses the capital they need to operate through June 2020. The maximum loan allowed is $10M (for companies employing 500 or fewer employees), although the average startup should expect to receive $500,000-$1,000,000.
Read More: COVID-19 Paycheck Protection Program eligibility and filing guidance for startups and small businesses.
Families First Coronavirus Response Act Details (FFCRA)
The Families First Coronavirus Response Act requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s Wage and Hour Division (WHD) will administer and enforce the FFCRA’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.
Covered employers will receive tax credits to offset the costs of providing paid leave. Learn more here.
Federal Research and Development Payroll Tax Credit
Provides startups with a tax credit based on payroll tax expenses related to the research and development of a good or service. This program can save startups up to $250,000 per year.
Support From Technology Companies
Google is dedicating $340 million in Google Ads credits to small and medium sized businesses (SMBs).
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits to small businesses to help them get through this economic uncertainty.
Additional Federal Relief Resources
Families First Coronavirus Response Act
Requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.
U.S. Small Business Administration (SBA) — SBA Disaster Assistance
The SBA is providing small businesses in COVID-19 affected areas with low-interest disaster relief loans.
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The aforementioned content and materials have been prepared for general informational purposes only and are not intended as legal advice.
