Boise thrives on small businesses, it’s how we remain the unique city we are! We want to see you all succeed far past the current climate of our nation. The Idaho Department of Commerce has been working closely with the US Small Business Association (SBA) to bring Economic Injury Disaster Loans to Idaho businesses.
As Idaho businesses continue to open their doors, our state’s economic rebounds depends on getting the workforce back to work safely. Governor Brad Little just announced that Idaho set aside $100 million in Federal Coronavirus Relief Funds to help get workers back.
Idaho will be offering Return to Work bonuses counteracting enhanced federal benefits that disincentivize workers returning to jobs. Officials believe this will strengthen our workforce in Idaho, continuing strong economic rebound and save taxpayer dollars in the long run. You can find details about the resource here:
Return to Work Bonuses
A few other resources Idaho has available:
- One Idaho Pledge Help keep the economy open, by taking the pledge to protect the health and safety of employees and patrons, by following proven measures to slow the spread of coronavirus in our state. Take the Pledge
- Idaho offers the Idaho Rebound Cash Grant to small businesses, Idaho Rebound Cash Grant
- Small businesses can also take advantage of a 30-day supply of personal protective equipment to keep workers and customers safe. Orders can be places at Protective Equipment
Governor Brad Little announced plans to help more than 30,000 Idaho small businesses as Idaho enters Stage 1 of reopening the state. The cash grants are a $300 million investment in Idaho's small business employers.
According to Governor Little, "Small businesses are the backbone of our economy", cash grants of up to $100,000 will be available to small businesses. Businesses that have received an SBA-backed Payroll Protection loan or received less than $100,000 in such a loan will be deemed eligible.
Transparency regarding public money is important to Idaho and Governor Little, which is why all recipients of the Idaho Rebound cash grants will be displayed at Transparent.Idaho.Gov.
To apply, small businesses must create an account through the Tax Commission. Information on creating an account and applying for Rebound Tax Grants is available here: https://rebound.idaho.gov/idaho-rebound-cash-grants-for-small-businesses/.
Small Business Association
According to the SBA “The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.”
Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Economic Injury Disaster Loans are available statewide to small businesses and private, nonprofit organizations to help ease economic injury caused by the Coronavirus.
The loans can be used to pay:
- Fixed Debts
- Accounts Payable
- Other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses and 2.75% for non-profits. The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-to-case basis, based upon each borrower's ability to repay.
Idaho Small Business Development Center
The Idaho Small Business Development Center (SBDC) is another great resource for local businesses. They have consultants prepared to help answer questions, work with your business, and provide the necessary resources to ensure your business continues after the COVID-19 pandemic ends. Centers across the state are available for virtual appointments via phone call or video conference. If you’re an Idaho small business impacted by COVID-19 see how the SBDC can help you:
For Idaho businesses who employ one or more employees, the state of Idaho requires business owners to maintain a workers’ compensation insurance policy. Workers’ compensation is no-fault insurance, which means it provides compensation for missed work, permanent injuries, and rehabilitation in the event an employee is injured on the job, essential for businesses during the COVID-19 pandemic. Workers’ compensation protects business owners from paying costly medical bills and defending against lawsuits no matter who is at fault. Make sure you can secure your employees’ safety through worker’s comp insurance. Cerity is an option for Idaho Businesses.
Idaho Local Lender List:
Local Lender List
Idaho Business Resources: COVID-19 Resources