Resources for Employers
Resources for employers
- Paycheck Protection Program: Businesses and nonprofits may apply under the Paycheck Protection Program (PPP) to borrow the lesser of $10 million or 250 percent of applicable monthly expenses. Businesses that follow the Small Business Administration’s loan forgiveness requirements during the 8- to 24-week covered period may be eligible for complete loan forgiveness. These resources can be used in coordination with other COVID-financing assistance or any other existing Small Business Administration (SBA) loan program. The Small Business Administration has published information on its websitefor borrowers and the Treasury Department has collected relevant overviews, guidance, interim final rules, and more on their website. The Paycheck Protection Program was recently extended through May 31, 2021.
- For a list of lenders participating in the Paycheck Protection Program, the Small Business Administration has released an online tool to find a lender near you.
- Economic Injury Disaster Loan (EIDL) Program: The American Rescue Plan provides an additional $15 billion in targeted funding through the EIDL advance program to help small businesses and most private nonprofits meet their financial obligations and operating expenses. This will specifically help those who applied for aid in 2020 but did not receive the full $10,000 grant. $10 billion will be used to support small business financing. $2.5 billion will be dedicated to business owners and operators who are socially and economically disadvantaged.To learn more, please visit SBA’s EIDL Information Page.
- Employee Retention Credit: Will be extended through the end of 2021 and payroll tax credit for employers will extend from March 31, 2020 to September 30, 2021. To learn more, please visit the IRS’s Employee Retention Credit Page.
- Business Counseling Services for Small Businesses: Oregon’s Small Business Development Centers and Women’s Business Center provide mentorship, guidance and expertise to small businesses. The stimulus provided these centers with increased resources and training to address COVID-19 related questions. Portland’s Small Business Development Center is operated by Portland Community College and Mercy Corps operates Oregon’s only Women’s Business Center.
- Work Share program: The Oregon Employment Department’s Work Share program may be able to help you prevent layoffs by providing partial Unemployment Insurance benefits to supplement workers’ reduced wages as their hours are reduced.
- Rapid Response Services: Oregon’s Higher Education Coordinating Commission provides rapid response services for employers to assist with the development and implementation of a strategy to help affected workers to return to work as quickly as possible.