Federal Programs to Support Businesses

Contact Us: 1-800-218-3683

Federal Programs to Support Businesses

Small- and medium-sized businesses are scrambling to navigate the impact of business disruptions and lost traffic during the coronavirus outbreak. At i3 Merchant Solutions, we’re committed to helping these merchants navigate this difficult time by sharing vital business information. The following is a list of federal assistance programs that are providing support to small- and medium-sized businesses.

1.  Economic Injury Disaster Loans (EIDL) Loans

The U.S. Small Business Administration (SBA) EIDL loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary loss of revenue.

  • For businesses with 500 or less employees
  • Businesses include sole proprietorships, independent contractors and self-employed persons, private non-profit organizations or 501c (19) veterans organizations
  • The loans can be used to pay fixed debts, payroll, accounts payable, and other bills
  • This loan advance will not have to be repaid

Click here for the official SBA program details.

Apply for the EIDL loan.

2. Payment Protection Program (PPP)

This program provides loans to guarantee eight weeks of payroll and other costs to help businesses remain viable.

  • For businesses with 500 or less employees
  • PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll
  • 100% of your loan could be forgiven if funds are used for payroll, rent, utilities, etc.
  • Lenders are now accepting applications from now until June 30, 2020
  • You can apply for both a PPP and EIDL loan if you wish

Click here for official SBA program details.

Apply for the PPP.

Locate an approved lender with the SBA’s lender search tool.

3. Stimulus Checks Through the CARES Act

Congress passed a $2 trillion stimulus package on March 27, 2020. The law, known as The Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides for direct cash transfers to each adult.

  • No need to apply
  • Help for taxpayers, businesses, tax-exempt organizations and others – including health plans
  • Available for anyone who makes less than $75,000 per year or $150,000 per couple
  • Funding is $1,200 per adult and $500 per child for each qualifying adult
  • IRS is distributing funds via check or direct deposit

Click here for the official IRS details.

4. Expanded Unemployment Benefits Through the CARES Act
The  CARES Act also provides for expanded unemployment benefits.

  • Available for W2 employees and 1099’s with reduced income
  • An additional $600 per week on top of any state-provided unemployment benefits through July 31, 2020
  • Unemployment benefits for self-employed and gig workers

To apply, go through your state employment program.

5. Refundable Tax Credits for Employers

New tax credits are available for employers with 500 or fewer employees. This includes a 100% tax credit for qualified paid sick leave expenses and two-thirds of expenses for those caring for family members.

  • Tax credit is refundable for employers whose credits exceed their liabilities
  • Self-employed are also eligible for tax credits
  • 100% of expenses for self-isolation
  • $511 per-day per-employee for quarantine and care
  • $200 per-day per-employee for care of family members
  • 100% tax credit for qualified family and medical leave expenses
  • Capped at $200 per-day per-employee
  • Maximum is $10,000 per quarter

Click here for more information.


Subscribe to Card Talk

Our monthly newsletter delivers the latest payments news straight to your inbox