Here you will find interactive tools and guidance on how to navigate financial relief programs and other helpful services during this challenging time. The Arizona Commerce Authority’s COVID-19 suite of support services includes loan calculators and application guides, business support webinars and answers to frequently asked questions. In addition, a member of our Small Business team can help answer questions or connect you with additional support.
Paycheck Protection Program Loan Calculator
Created in partnership with MST Solutions, the Arizona Commerce Authority's loan forgiveness calculator tool and application instruction guide to help with the application process.
June 16, 2020
Economic Injury Disaster Loan is now accepting applications from small businesses again
June 5, 2020
The Paycheck Protection Program Flexibility Act was signed into law extending the coverage period and expanding benefits.
COVID-19 Business Resources Guide
The Arizona Commerce Authority's COVID-19 Business Resources Guide provides information on funding opportunities, workforce navigation services, manufacturing supports and ways the community is pitching in during this public health emergency. To share with your networks, download it below.
Frequently Asked Questions
In addition to the above resources, read these frequently asked questions for more information on financial resources available to Arizona businesses.
In addition to the ACA’s Business Resources Guide, Paycheck Protection Program infographic, webinars and other resources available above, here are the latest updates to the federal economic relief programs, PPP and EIDL.
July 1, 2020
The Paycheck Protection Program loan application period is now closed. For loan forgiveness support, please use ACA resources above and read about applications below.
June 17, 2020
The U.S. Small Business Administration has released new EZ and revised full forgiveness applications to support more small businesses by making the Paycheck Protection Program more borrower-friendly.
June 5, 2020
The Paycheck Protection Program Flexibility Act of 2020 was signed into law, extending the benefits of the program. Changes include:
- Loans may now be spent over a 24 week period (previously 8 weeks) following disbursement or through Dec. 31, 2020.
- Employers may now spend only 60 percent of the loan proceeds on payroll costs instead of 75 percent, leaving 40 percent of the loan to non-payroll expenses such as mortgage interest, rent and covered utilities.
- Employers now have until Dec. 31, 2020 (previously June 30, 2020) to restore staffing levels for any reductions made between Feb. 15, 2020 and April 27, 2020.
- Employers who are unable to restore employee levels may still be eligible for loan forgiveness if they document an employee did not accept a rehire offer, the inability to hire a similarly qualified worker for the position or an hindrance to rehire employees due to compliance with federal guidelines for sanitation or social distancing.
- The deadline to apply for loan forgiveness is extended to Dec. 31, 2020.
- Businesses with forgiven loans are now able to defer payroll tax payments.
- Borrowers may defer principal and interest payments until the SBA compensates lenders for any forgiven amounts, instead of the previous six month deferral period. Borrowers must apply for loan forgiveness within 10 months of the end of the covered period.
- Borrowers loan duration period is now five years (previously two years)
The SBA and Department of the Treasury released frequently asked questions and an interpretation of the PPP Interim Final Rule on June 25, 2020.
Review of PPP loan files
April 28, 2020
The SBA and Department of the Treasury announced it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender's submission of the borrower's loan forgiveness application.
April 24, 2020
The Paycheck Protection Program and Health Care Enhancement Act was signed into law Friday April 24, 2020. The act extends funding for the PPP, EIDL and emergency grants. The new package breaks down into:
- $310 billion for PPP
- $50 billion for Economic Injury Disaster Loans
- $10 billion for Economic Injury Disaster Grant cash advances
Smaller lenders now have $60 billion specifically allocated for PPP loans are now approved lenders for the PPP loan with a designated $60 billion for loans. Insured depository institutions, credit unions and community financial institutions with assets that amount to less than $50 billion qualify to be lenders, in addition to the previously eligible 7(a) lenders.
Economic Injury Disaster Loan
June 16, 2020
The SBA announced the EIDL is now open to small businesses again. It has previously been restricted to agricultural businesses.
To see if your business is classified as a small business, see the SBA’s size standards here.
For assistance, applicants can contact SBA’s Customer Service Center at 1-800-659-2955 or email email@example.com. For additional help with the application process, contact your local Small Business Development Centers (SBDC) at www.azsbdc.net.
How do I calculate loan forgiveness on the PPP?
A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the loan’s origination:
- Payroll costs
- Interest on mortgage obligation incurred in the ordinary course of business
- Rent on leasing agreement
- Payments on utilities (electricity, gas, water, transportation, telephone or internet)
- For borrowers with tipped employees, additional wages paid to those employees
Due to high demand for PPP loans, a maximum of 25% of the loan amount used for eligible non-payroll costs is expected to be forgivable.
To calculate your loan forgiveness, use our loan forgiveness calculator.
Will a borrower’s PPP loan forgiveness amount be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer?
No. Laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) are excluded from the loan forgiveness reduction calculation. The borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.
The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?
The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender should disburse the loan no later than 10 calendar days from the date of loan approval.
May 20, 2020
The SBA released a loan forgiveness form and instructions guide which outlines how to calculate forgivable payroll costs and exemptions.
Under the Federal Reserve Act and U.S. Treasury and Federal Reserve Board, the Main Street Lending Program consists of the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF) and the Main Street Expanded Loan Facility (MSELF). Main Street loans are intended to facilitate lending to small and medium-sized businesses that are not eligible for the SBA Paycheck Protection Program. Principal and interest payments will be deferred for one year. The Main Street Lending Program loans are not eligible for loan forgiveness. A borrower may only participate in one of the loans under the Main Street Lending Program.
All loans have the following guidelines for eligible borrowers and lenders.
Who is an eligible borrower?
- Up to 15,000 employees
- Up to $5 billion in 2019 annual revenues
- U.S.-based businesses
Who is an eligible lender?
- U.S. insured depository institutions
- U.S. bank holding companies
- U.S. savings and loan holding companies
The Main Street New Loan Facility
What are the loan terms?
- 4 years
- Minimum loan size: $500,000
- Maximum loan size: up to $25 million or an amount that, when added to outstanding and undrawn available debt, does not exceed 4.0x adjusted 2019 EBITDA
- 5 percent risk retention
Main Street Priority Loan Facility
What are the loan terms?
- 4 years
- Minimum loan size: $500,000
- Maximum loan size: up to $25 million or an amount that, when added to outstanding and undrawn available debt, does not exceed 6.0x adjusted 2019 EBITDA
- 15 percent risk retention
Main Street Expanded Loan Facility
What are the loan terms?
- 4 years
- Minimum loan size: $10,000,000
- Maximum loan size: up to $200M, 35% of existing outstanding and undrawn available debt, or an amount that, when added to outstanding and undrawn available debt, does not exceed 6.0x adjusted 2019 EBITDA
- 5 percent risk retention
For more on the loan features, visit the Federal Reserve.
The Small Business Administration is supporting small businesses with debt relief options to provide financial reprieve during COVID-19. The SBA will:
- Pay the principal, interest and fees of CURRENT 7(a), 504 and microloans for six months
- Pay the principal, interest and fees of NEW 7(a), 504 and microloans issued prior to September 27, 2020.
- Provide automatic deferments until December 31, 2020 to Serviced Disaster (Home and Business) loans if the loan was in “regular servicing” status on March 1, 2020
SBA Lender Match
The SBA workers with lenders to provide loans to small businesses. The agency does not lend money directly to small business owners. This system allows for competitive terms, counseling and education, and unique benefits. For additional SBA loans opportunities, the SBA Lender Search can be used by small businesses to match with SBA approved lenders through this portal.
Lenders found through the SBA Lender Match can assist with loans such as:
- SBA 7(a) Loan - provides loans of up to $5M for borrowers who lack credit elsewhere.
- SBA 504 Loan - provides loans of up to $5.5M to approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.
- SBA Microloans - provides loans up to $50,000 to help small businesses start up and expand
SBA Express Bridge Loans
The Express Bridge Loan Pilot Program is for small businesses that already have a relationship with an SBA Express Lender to access up to $25,000. These loans are intended to help small businesses overcome the temporary loss of revenue and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA Export Working Capital Program
Small businesses can apply for the SBA Export Working Capital Program loan to support their export operations. SBA provides lenders with up to a 90% guarantee on export loans as a credit enhancement, so that the lenders will make the necessary export working capital available.
Scottsdale Small Business Stewards
Scottsdale IDA is partnering with the City of Scottsdale, Experience Scottsdale, Scottsdale Area Chamber of Commerce, Scottsdale Leadership, and the Scottsdale Charros on the Scottsdale Small Business Stewards grant program. Grants up to $5,000 are awarded to local businesses in the food and beverage, tourism, and healthcare sectors.
City of Mesa CARES Small Business Reemergence Program
The Mesa CARES Small Business Reemergence Program is a CARES Act funded grant program created and managed by the City of Mesa. It is designed to assist eligible Mesa businesses with up to 90 days of utilities and rent/mortgage payments and is aimed at those businesses who have experienced interruption caused by required closures. Eligible businesses must be located in Mesa, Arizona and have not received any funding through the Paycheck Protection Program or the Economic Injury Disaster Loans. Grant awards will be based on demand and funding available.
Applications will be available Monday, May 11, at 8 a.m. Applications are being accepted online only and will close Sunday, May 24, at 5 p.m.
U.S. Chamber of Commerce Save Small Business Fund
The U.S. Chamber of Commerce’s Save Small Business Fund is a grant offering short-term relief for small employers struggling during the COVID-19 outbreak. The grant is $5,000 and is first come, first serve. To qualify, the business must employ between three and 20 people, be located in an economically vulnerable community and have been harmed financially by the COVID-19 pandemic.
Salesforce Care Small Business Grant Program
Salesforce is offering $10,000 grants to U.S. small businesses to provide capital to help them weather this crisis. To be eligible to apply, companies must be a for-profit company, and have between 2 and 50 employees, been in business for 2 full years as of March 2020, an annual revenue between $250,000 and $2 million and experienced challenges from COVID-19. Arizona applications open April 27 at 8 a.m. and close May 4 at 11:59 p.m.
Arizona Complete Health
Arizona Complete Health and Care1st have partnered to offer one-time, unrestricted general operating support grants to 501(c)(3), 501(c)(19), government entities or contracted AzCH/CAre1st providers. Award amounts vary. The grant application window closes Friday, May 8 at 5 p.m.
Better Business Bureau
BBB Serving the Pacific Southwest launched the Main St. Matters program to offer emergency grants in the form of $500 or $1,000 awards for businesses that have been financially impacted during the COVID-19 crisis. The grant is open to qualified small businesses that are in good standing with the BBB. Applications from all sized small businesses are accepted, but with a prioritization on businesses with 5 - 20 employees. The grant is open through the next four months.
Tucson Resiliency Direct Loan Program
The Tucson City Council authorized a $1,000,000 total contribution as part of the We Are One Resiliency Fund. Eligible businesses must be located within Tucson city limits, and have a valid City of Tucson business license or be registered with the Arizona Corporation Commission in good standing. Direct loans at 0% interest will be available to small businesses, sole proprietors, 1099 contractors and 501(c)(3) nonprofits that meet the eligibility criteria.
Growth Partners Arizona
Kiva Tucson crowdfunded loans
The Kiva Tucson loan is a no-interest, no-fee, community-backed business loan ranging from $1,000 to $15,000. Kiva determines the loan amount based on a variety of factors, including finances, social media presence and quality of narrative. Companies must be a legal business (excluding multi-level marketing businesses) at least 18 years old and not currently in bankruptcy or foreclosure. For more information, visit Kiva’s website or contact firstname.lastname@example.org.
Small Business Success Loan
Small Business Success Loans are for small businesses needing to borrow larger loan amounts for business growth and expansion, equipment, long-term working capital, tenant improvements and consolidation of more expensive debt. This loan ranges from $10,000 - $75,000 and is available to small businesses doing business in Arizona with annual revenue exceeding $50,000 with a minimum FICO score of 660 and have been in business for at least two tax filing periods. For more information, visit the website.
Chicanos por la Causa Prestamos
The Chicanos por la causa Prestamos division, a Community Development Financial Institution (CFDI), is offering a microloan of up to $25,000 for payroll, rent and monthly liabilities. There are no pre-payment penalties and the interest rate may be as low as 6.5 percent. Apply here.
Local First Arizona Foundation
The Graham & Greenlee County Micro-Loan program through the Local First Arizona, Freeport McMoRan and the Graham & Greenlee County Leadership Cohort, offers loans to local businesses in the Graham and Greenlee Counties to help them stay competitive. Businesses and startups in all industries located in Graham County or Greenlee County can apply for loans. Apply here.
PPEP Microbusiness & Housing Development Corporation (PMHDC)
PMHDC offers a range of microloans to small businesses in southern Arizona that reside in Yuma, Cochise, Santa Cruz, Pima, Pinal, Maricopa, Gila and Graham Counties. The loan amount is determined following a meeting with a business counselor. More information here.
U.S. Department of Agriculture Coronavirus Food Assistance Program (CFAP)
The USDA will provide up to $16 billion in direct payments to deliver relief to farmers and ranchers that face price declines and additional marketing costs due to COVID-19 through the Coronavirus Food Assistance Program.
Funding is made available through the CARES Act which compensates farmers for losses due to price declines and specialty crops that spoiled from mid-January 2020 to mid-April 2020 and the Commodity Credit Corporation Charter Act to compensate producers for losses due to on-going market disruptions.
Who is eligible?
Non-specialty crops, wool, livestock, dairy and speciality crop producers that have faced a 5 percent or greater price decline and substantial marketing costs for inventories.
While the application process has not started, you can start gathering/understanding your farm’s recent sales and inventory. When the application opens, a payment calculator will be available. For now, refer to this video preview of the payment calculator. Upon application approval, producers will receive 80 percent of their maximum total payment and the remaining portion will be paid at a later date as funds remain available.
Applications open May 26 and will close August 28, 2020. To apply, contact a FSA county office to schedule an appointment. Find your local FSA office here and scroll to the bottom of the page. While FSA offices are open by phone appointment only, staff will work with you via phone, email, fax, mail, or online tools to receive your application.
USDA Emergency Farm Loan
The Emergency Farm Loan program helps producers who suffer qualifying farm related losses directly caused by the disaster. Funds may be used to restore or replace essential property, pay all or part of production costs associated with the disaster year, pay essential family living expenses, reorganize the farming operation or refinance certain debts.
Paid Sick Leave and Child Care Leave Tax Credits
The Paid Sick Leave and Child Care Leave Tax Credits under the Families First Coronavirus Response Act are refundable payroll tax credits to immediately reimburse employers for the cost of providing coronavirus-related leave to their employees. Employers receive 100% reimbursement for paid leave, including health insurance costs. Employers will not face a payroll tax liability. Self-employed individuals may also receive an equivalent credit.
Employee Retention Credit
The Employee Retention Credit through the CARES Act is a fully refundable tax credit for employers who have closed or partially closed due to COVID-19 and have not received a Paycheck Protection Program loan. This tax credit is 50 percent of qualified wages that eligible employers pay their employees, up to $10,000 per employee. The credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The refundable credits are applied toward the employer portion of payroll taxes.
Federal Tax Extension
The U.S. Treasury Department has announced that the federal tax-filing deadline has been extended from April 15 to July 15, 2020. Individuals and corporations can also delay their tax payments for 90 days. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline.
Taxpayers have until July 15, 2020, to respond to the IRS to verify that they qualify for the Earned Income Tax Credit or to verify their income. These taxpayers are encouraged to exercise their best efforts to obtain and submit all requested information, and if unable to do so, please reach out to the IRS indicating the reason such information is not available. Until July 15, 2020, the IRS will not deny these credits for a failure to provide requested information. Visit the Internal Revenue Service for guidance on tax filing and payment deadlines, as well as additional resources at the Coronavirus Tax Relief page.
Arizona Tax Extension
In accordance with the extended federal tax return deadline of July 15, 2020, Governor Ducey has instructed ADOR to move the deadline for filing and paying state income taxes to July 15, 2020. Taxpayers submitting payments after the previous April 15th deadline will not be penalized.
IRS People First Initiative
The IRS announced the People First Initiative to limit enforcement actions and postpone payment due under existing tools to enable taxpayers to pay taxes when they are unable to pay the full amount of their liability. The tools, Installment Payment Agreements and Offers in Compromise, are suspended and will not default, effective from April 1 to July 15, 2020.
Governor Ducey issued an Executive Order on March 26 to help licensed professionals in Arizona stay licensed by deferring certain requirements for six months. State agencies and boards will defer requirements to renew licenses that have an expiration date between March 1, 2020 and September 1, 2020 by six months from the expiration date, unless those requirements can be completed online. Additionally, they will defer requirements to complete continuing education by six months, unless those requirements can be completed online.
The order applied only to the following agencies or boards listed below:
- Acupuncture Board of Examiners
- Department of Agriculture
- Arizona Board of Osteopathic Examiners in Medicine and Surgery
- Arizona Board of Technical Registration
- Arizona Medical Board
- Arizona Regulatory Board of Physician Assistants
- Arizona Board of Nursing
- Arizona State Board of Pharmacy
- Arizona State Veterinary Medical Examining Board
- Board of Athletic Training
- Board of Behavioral Health Examiners
- Board of Barbers
- Board of Certified Public Accountants
- Board of Cosmetology
- Board of Examiners of Nursing Care Institution Administrators and Facility Managers
- Board of Homeopathic and Integrated Medical Examiners
- Board of Massage Therapy
- Board of Occupational Therapy Examiners
- Board of Physical Therapy
- Board of Respiratory Care Examiners
- Department of Environmental Quality
- Department of Insurance
- Department of Financial Institutions
- Department of Real Estate
- Department of Liquor Licenses and Control
- Naturopathic Physicians Medical Board
- Department of Public Safety
- Registrar of Contractors
- State Board of Chiropractic Examiners
- State Board of Dental Examiners
- State Board of Dispensing Opticians
- State Board of Funeral Directors and Embalmers
- State Board of Optometry
- State Board of Podiatry Examiners
- State Board of Psychologist Examiner
- Department of Transportation
All liquor licensing fees will be deferred in the 90 days following the March 31 announcement by Governor Ducey and the Arizona Department of Liquor Licenses and Control. This action provides financial relief to establishments and small businesses potentially facing the penalties of not being allowed to sell liquor or losing their license altogether.
Nearly 90 percent of the Department of Real Estate’s services, such as renewing or applying for licenses and filing complaints can be completed online through the Online License System or the Online ADRE Message Center. Licensees with upcoming expiration dates should search the ADRE public database for available online continuing education courses.
To slow the spread of COVID-19 the CDC and the Arizona Department of Health Services recommend employees and customers wear face masks. The CDC advises using simple face cloth coverings, not surgical masks or N-95 respirators which are critical supplies for healthcare workers and medical first responders.
Cloth face masks can be fashioned from household items or made at low cost. To learn more about how to fashion your own face covering, the CDC has a helpful guide.
To find a local retailer to buy face masks visit Local First Arizona’s list.