Resources for Oregon Businesses

Published Monday, March 30, 2020


The U.S. Congress and other federal leaders are developing programs to assist businesses and workers impacted by the economic impacts of the COVID-19 crisis. We are tracking those programs as they are developed. Here is a short list of what is now available or in the works. Contact us at if you have any questions. 

Economic Injury Disaster Loan (EIDL) Program 

All 50 Governors, including Oregon Gov. Kate Brown, have worked with the federal government to declare official disasters in their states. Congress passed legislation earlier this month providing $7 billion in funds to the Economic Injury Disaster Loan (EIDL) program, which is available to every business in the country with 500 or fewer employees (determined by business location) through the US Small Business Administration. The loans can be up to $2 million per business to cover fixed debts, payroll, accounts payable and other operational expenses. 

This program is open for applications now. A few things to note about EIDL loans as it relates to COVID-19: 

  • The first payment will be deferred for one year upon approval
  • 75% interest rate (nonprofits 2.75% interest rate) for a 30-year term
  • Businesses are able receive $10,000 in advance of disbursement of loan funds, which will be forgiven if used to maintain personnel and protect wage levels (available three days after approved application) 

The program has expanded its eligibility:

  • Available even if businesses “have credit available elsewhere” which would typically disqualify them
  • The SBA is not requiring collateral
  • Eligibility is extended to 501c6 organizations, faith-based organizations, independent contractors and sole proprietors 

Paycheck Protection Program 

This is a new program outlined in the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act that was passed last week and signed into law on Friday, March 27. The program provides loans to businesses along the following guidelines: 

  • 500 or fewer employees
  • Loans up to the amount of 2.5x average monthly payroll for previous year, up to $10 million
  • You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool. We don’t know yet when funds will be available but Secretary Mnuchin has said within the next couple weeks. Click here for more information.
  • The first eight weeks of payroll, rent and utilities will be forgiven, if personnel is maintained and salaries not reduced by more than 25%.
  • For seasonal employers, the average total employees shall be calculated for the period between Feb. 15, 2019 and June 30, 2019.
  • The Treasury Department is working with lenders in every community to engage them in this program, in addition to lenders already approved through the SBA 7A Loan Program.
  • Businesses can apply for the loan program through June 30, 2020. 

Families First Coronavirus Response Act Information 

Congress passed the FFCRA in mid-March to help workers experiencing economic impacts of COVID-19 in an effort to protect their jobs should they or a family member contract the virus. Our partners at the National Federation of Independent Businesses have put together this high-level overview: 

  • Applies to businesses with fewer than 500 employees.
  • Mandates small businesses to provide paid sick leave and paid family and medical leave beginning April 1.
  • Provides payroll tax credits available beginning April 1.
  • Allows small business exemption process for businesses with fewer than 50 employees. 

You can find more information from the federal government here. OBI is also able to answer any questions you may have; send us an email at with questions.