Times like these can be unnerving, and as a business owner it is smart to put plans in place for the different scenarios that could play out. Even in these unprecedented times, we want you to know you don’t have to go it alone. We want to visit with you, to walk through concerns or fears you have, provide an encouraging word or advice, or simply to serve as a sympathetic ear. As a customer, we have options we can discuss regarding your businesses finances. In addition to that, we have created this resource center to help you locate other financial resources that could assist your business. There is a constant flow of new information, but the following is our best efforts to keep you apprised as to the programs and initiatives that are currently available for your business specifically in the area of cash flow assistance and funding.
It has always been our desire to guide you through the defining moments and financial decisions that shape your life. Now is one of those times.
NEW! Johnson County CARES Grant
- Must be located in Johnson County. This must be documented with something official – business license, lease agreement, utility bill, etc.
- Must have between 1-50 employees. This must be documented with a simple list of first/last names.
- Must have EITHER $10,000+ in revenue loss between March 1 – October 30, 2020 when compared to the same timeframe of 2019….OR have $10,000+ of Covid-related expenses incurred between March 1 – December 30, 2020……. OR have combined revenue loss and Covid-related expenses of $10,000+ using the same timeframes. Of note – rent can be a Covid-related expenses if you have a revenue loss that makes paying rent difficult: for example, a revenue loss of $7500 and $2500 of rent expense.
- Each of the above 3 questions require ONE file to be attached to the form. For example, a 2019 P&L and a 2020 P&L that prove the $10,000 revenue loss should be scanned into ONE FILE. The form allows ONE attachment for each of the 3 questions above.
- If you received PPP, EIDL, SPARK, etc – you can still qualify, but you CANNOT claim the same losses for this grant as you did for those loans/grants. This must be an ADDITIONAL $10,000+ loss/expense.
- Distribution of the grant will be before the end of December. There are 1,350 businesses who will each receive $10,000 of unrestricted, no-payback required grant capital.
- Questions can be directed to firstname.lastname@example.org
- Sole proprietors can apply. Non-profits can apply. LLCs can apply. C-Corps can apply.
- APPLICATION: https://ecjc.formstack.com/forms/johnson_co_grant_application
Kansas Department of Commerce –
- Coronavirus Relief Grants – Multiple grant programs are available.
Paycheck Protection Program Loan –
- As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program will provide loans to businesses, which may be forgiven if the borrower maintains or restores their payrolls.
- If you are a current Landmark National Bank client, and need assistance with a PPP loan, please contact your commercial banker.
Small Business Administration – SBA provides low-interest, long-term loans for economic damage caused by a declared disaster such as the COVID-19 disaster. This program is serviced directly by the SBA and is provided to eligible disaster areas. An online application is available for small business owners in all U.S. states and territories.
- SBA Disaster Loans : The following items must be submitted for all applications. Forms are available online in both English and Spanish.
- Loan application (SBA Form 5), completed and signed – this is electronic/online in the portal.
- Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business.
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available.
- Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
- If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year.
- A current year-to-date profit–and-loss statement.
- Loan application (SBA Form 5), completed and signed – this is electronic/online in the portal.Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business.
- SBA Disaster Assistance Fact Sheet
- SBA Economic Injury Disaster Loan Application Tutorial
- SBA Express Bridge Loans: Small businesses who currently have a business relationship with an SBA Express Lender may be able to access a term or bridge loan while waiting for decision and disbursement on Economic Injury Disaster Loan. Contact a Landmark National Bank commercial banker to apply.
USDA – The Coronavirus Food Assistance Program (CFAP) will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers impacted by the coronavirus pandemic. Applications will be accepted beginning May 26, 2020. For additional details, or the application, visit farmers.gov/cfap.
Main Street Lending Program –
The Main Street Lending Program is a new offering created by the Federal Reserve to help businesses during the ongoing COVID-19 crisis and accompanying economic downturn. Companies that have already applied to the PPP are also eligible for loans through the Main Street Lending Program. The term of these loans is 4 years, with a minimum loan amount of $500,000. Landmark National Bank is not a participating lender in this program.
Internal Revenue Service –
- Deferred Tax Payments – Income tax payment deferment
- Tax Credits – Covering the cost of coronavirus-related leave
Black & Veatch COVID-19 Accelerator Grant – The Black & Veatch COVID-19 Response Accelerator grant is open to companies nationwide that can help reduce the severity of the coronavirus outbreak, but need help commercializing and rapidly deploying to fulfill a demonstrated and immediate market need.
Additional Resources for Employers –