Updated May 22, 2020
Many businesses have suffered severe economic hardship because of the global pandemic. Resources are available at the federal, state and local level to help businesses during this difficult time.
This information changes rapidly. We recommend you check regularly to make sure you stay up to date with the latest information.
Coronavirus Aid, Relief, and Economic Security (CARES) Act Relief for Businesses and Nonprofits
The CARES Act provides funding for businesses and nonprofits. Two programs, the Paycheck Protection Program, and Economic Injury Disaster Loan program, are highlighted here. Other funding options and technical assistance are available on the SBA Coronavirus webpage.
U.S. Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL) - this program provides grants of up to $10,000 or loans of up to $2 million to qualifying small businesses and nonprofits in Oregon. Here are a couple of important points about the program:
- Submit your application as soon as possible. Applications can be submitted at https://disasterloan.sba.gov/ela/Information/ApplyOnline
- Deadline to submit your application is December 21, 2020.
Applications can be filed and tracked online. For questions, contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or e-mail firstname.lastname@example.org
Paycheck Protection Program - provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers meet certain conditions, like applying the funds to address important payroll and operational costs.
- The maximum loan amount is $10 million.
- The loans do not require a personal guarantee.
- All loan proceeds spent on the eligible expenses can be 100% forgiven.
- You can apply through participating banks and credit unions.
- Interests rates as low as 0.5% and deferred loan payments of up to 6-months are also available.
- Contact your lender to submit your application as soon as possible.
Keeping Employees Safe if Staying Open
Governor Brown’s latest executive order presents a three-phase plan to re-open the economy. It encourages Oregonians to stay close to home and to continue healthy practices to stay safe.
Multnomah County is currently in the baseline phase of reopening. More businesses and services are opening, but Multnomah County has not yet entered Phase One.
Multnomah County has developed general guidance that businesses should use when implementing best practices.
Anyone who knows about a workplace safety or health hazard may report unsafe conditions to OSHA (Oregon Safety and Health Administration) at 800-922-2689.
Laying off employees?
Closing down entirely
If you’re shutting your doors for now, your employees can qualify for Temporary Layoff (TLO) unemployment benefits provided their anticipated return date is within 4 weeks. While there is no guarantee we’ll be back to work in that time frame, it’s a good starting place and at least guarantees your staff payment for the time being. Refer to Page 7 of the Oregon Unemployment Claimant Handbook for eligibility, and Pages 1-3 for instructions on filing.
If you are cutting your hours down, or are shutting your doors, but keeping employees on at reduced hours, Work Share Oregon is a great resource for your employees who will see a drop in their income. Check out the Work Share webpage for more information on how to set this up.
Expanded sick leave
The coronavirus relief legislation will provide guidelines on expanded sick-leave time and FMLA for employees who show symptoms of COVID-19, who are caring for a family member with COVID-19 symptoms, or who stay home to care for a child whose school/childcare cannot care for child due to COVID-19.
Culturally Specific Resources
- Hispanic Metropolitan Chamber of Commerce: COVID-19 Resources for our Community
- Oregon Association of Minority Entrepreneurs
- Oregon Native American Chamber
- Portland Area Business Association
Business Interruption Insurance Coverage
Your business insurance may have a business interruption clause that covers loss of income as a result of disruptions to your operations from imposed government restrictions. Review your policy. Be prepared to clearly document loss of income resulting from the COVID-19 crisis.
The Oregon Department of Consumer and Business Services issued a temporary emergency order in response to the COVID-19 outbreak. It requires all insurance companies to extend grace periods for premium payments, postpone policy cancellations and non-renewals, and extend deadlines for reporting claims.
Operation Main Street - Sen. Merkley Online Recovery Hub for Oregon Businesses