As you navigate the impact of COVID-19 on your business, Teleflora encourages you to consider several key federal, state, and local programs that can provide economic relief to support your businesses.

Federal Relief Programs for Small Businesses

SMALL BUSINESS ADMINISTRATION RELIEF (SBA)
The Small Business Administration is offering several federal relief options, which are summarized below. Small businesses may apply for all programs as long as the funds do not pay for the same expenses.

The Paycheck Protection Program (Click here for information)
This relief program provides a direct incentive for small businesses to retain their employees and maintain payroll.

- Up to 100% of the loan is forgivable if used for payroll, rent, mortgage interest, and utilities, and other certain restrictions are met, including:
- At least 75% must be used for payroll
- Forgiveness is based on maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease

- Eligible recipients may qualify for a loan up to $10 million, determined as 2.5x the borrower’s average monthly payroll costs (less any compensation over $100,000)
- Loan payments, to the extent not forgiven, will be deferred for six months
- Loan maturity, to the extent not forgiven, is two years
- The interest rate is 1%
- No collateral or personal guarantees are required
- Neither the government nor lenders will charge you any fees

Applications must be submitted directly through any SBA 7(a) lender. Please note that each lender has their own application form. Teleflora recommends that you act quickly as the program is filling up and lenders are receiving many applications. Click here to find a lender in your area.

Click here for Paycheck Protection Program FAQs

Economic Injury Disaster Loans and Loan Advance (click here to apply)
The Economic Injury Disaster Loan and Loan Advance program can help provide vital economic support to small businesses impacted by COVID-19. The program provides working capital loans of up to $2 million and an emergency loan advance of up to $10,000. Loan advance funds will be made available within three days of successful application and will not have to be repaid.

- 3.75% loan interest rate
- Loans may be used to cover accounts payable, debts, payroll, and other bills that COVID-19 has impacted a business’s ability to pay
- Loan repayment terms vary by applicant, up to a maximum of 30 years

CLICK HERE TO APPLY ONLINE

FEDERAL INCOME TAX FILING EXTENSION
The federal tax return filing deadline has been extended from April 15 to July 15, 2020, which may help with your business’s cash flow situation.

- If your business is owed a refund, the IRS urges you to file electronically with direct deposit as early as possible for faster processing and payment
- Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments
- A payroll tax credit is available for businesses that employ less than 500 employees, whose employees take paid leave under COVID II, and do not share common management with a larger business

State and Local Relief Assistance

State and local relief programs continue to be added daily. Teleflora recommends checking your governor’s website for up-to-date relief available in your area as programs are frequently changing. The National Governors Association offers a list of governors’ websites.

Below is a list of the relief programs on our radar.

New Jersey
- New Jersey Economic Development Authority (Click here for more information and to apply)
Several programs designed to support small businesses and workers facing economic hardship due to COVID-19

New York
- New York City Small Business Continuity Fund (Click here to submit an interest form)
Businesses with fewer than 100 employees can receive up to $75,000 in interest-free loans to cover revenue losses

If you have questions or if you are experiencing difficulty completing the Small Business Administration (SBA) application, please contact the SBA at 800-659-2955. You may also call Teleflora at 800-421-2815 (select option 4) and we can help you research your questions, as we are pleased to provide additional florist customer service support to help you during this challenging time.

We will get through this together. Stay safe, healthy, and strong.

Please be advised that the information provided in this communication is intended to help you seek timely and valuable assistance. Please understand that Teleflora is not providing legal or tax advice. Teleflora strongly encourages you to discuss the SBA and other loan forms with your lawyer or financial advisor.

Click here for Canadian Relief Programs