TimePayment is here to help your business survive this unprecedented time. We remain open and ready to support your business, while our team works from home to help flatten the curve. We have identified 4 types of relief programs that most affected businesses will qualify for. Your company should evaluate all four areas below:
Paycheck Protection Program
The PPP is a federally guaranteed loan intended to keep America’s businesses going during the temporary turmoil of the global pandemic. The SBA empowers businesses to borrow money based on the average cost of their monthly payroll. The money can be used for payroll costs, employee benefits, insurance premiums, mortgage interest, rent, utilities and more.
- 100% Forgiveness available
- Get 2.5x your monthly payroll (10 wks), up to $10MM
- Use it for payroll and other bills like rent and utilities
- Small businesses with 500 or fewer employees are eligible
- No personal guarantee or collateral needed
Economic Injury Disaster Loan and Advance
The EIDL provides small businesses affected by the pandemic with a working capital loan up to $2 million, and an advance of up to $10,000. The loan advance will not have to be repaid and recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility.
- Loan advance up to $10,000 can be fully forgiven
- Working capital loan up to $2 million and up to a 30 year term
- Apply through the Small Business Administration website
- Business owners economically impacted by the pandemic are eligible to apply
- Intended to help businesses overcome the temporary loss of revenue
State & Local Relief Programs
States, localities, and communities of people have stepped up alongside our federal government to offer relief where they know the need is great. Grants and special term loans from $1,000 up to $200,000 are available to keep business owners going – until they can start growing again.
- Find the information you need about your state’s programs.
- Connect directly with your state and local funding programs.
- We are continually working to update this page with the best information available so please check back often for changes.
Additional Resources
Other Federal relief programs you may qualify for:
- IRS Tax Extension for special payment relief: Special tax filing and payment relief to individuals and businesses affected by the pandemic.
- SBA Express Bridge Loans: Businesses who currently have a business relationship with an SBA Express Lender are able to access up to $25,000 quickly.
- SBA Debt Relief: Financial reprieve available during the pandemic including reduced principal, interest, and fees on some business debt.
U.S. Chamber of Commerce Resources:
The Bottom Line
We’re all in this together, and TimePayment is here to help you succeed as a business. We are here to help you work through today’s challenges and access the funding you need to help you get through and move forward.
If you are a current TimePayment customer, speak with a team member to learn about TimePayment assistance programs you may qualify for. Easily access the latest information for your account in the MyAccount Manager portal.
Call 877-868-3800 or email [email protected]
We extend our fullest well wishes for the health and safety of you, your employees, and your family.
