Financial Resources

This page will be continuously updated. Because of the nature of the COVID-19 situation some information may become outdated before it’s removed or updated on this page. 

Call the Missouri Department of Health and Human Services 24-hour hotline at 877-435-8411, if you are need of immediate help.

If you have specific COVID-19 questions for Columbia/Boone County Public Health and Human Services email [email protected]

Consult your financial and legal advisers before taking advantage of any relief programs. 

June 16: SBA has reopened applications for the Economic Injury Disaster Loan program to all businesses & non-profits that meet the eligibility requirements. See below for additional information or visit https://covid19relief.sba.gov to apply. This is the SBA program that you apply for directly with SBA, so no bank is involved.

Trying to keep track of financial resources? Use this chart from the Missouri SBDC to compare available small business loans.

Missouri Department of Economic Development Small Business Disaster Loan Program

The Missouri Department of Economic Development Small Business Disaster Loan Program (https://ded.mo.gov/programs/business/small-business-disaster-loan-program) is available as a funding source for small businesses impacted by COVID-19.

See the website above for details, but a few highlights are:

  • Interest rate of 3% with a 2-year deferral period or 1% without deferral period (borrower’s option)
  • Terms are typically 10 years or less
  • Repayment is quarterly payments of principal & interest
  • Minimum loan amount is $2,500 and maximum is $50,000
  • Companies must be 100% Missouri owned & 100% Missouri located
  • Companies cannot have more than 15 employees total (full & part time combined)
  • Proceeds may be used for working capital, inventory, equipment purchase, real property improvements (if owned by the borrower), but cannot be used for refinancing of existing debt or for outstanding debt payments.

CARES Act 

What is included: 

Unemployment Benefits:  While the previous phase of relief extended unemployment benefits and fast tracked the process, this Act makes it so that those receiving unemployment benefits as a result of COVID-19 will get an extra $600 per week for up to four months. The additional benefit will be on top of whatever state benefits they may already receive. Congress’ goal here is to have unemployment benefits make up for 100 percent of lost wages.

Direct Cash Infusion:  All U.S. residents with adjusted gross income up to $75,000 ($150,000 for married couples) will get a $1,200 ($2,400 for couples) one time “rebate” payment.

Business Tax Credit:  Businesses will get a tax credit for keeping workers on their payrolls during the coronavirus pandemic. To qualify, businesses have to prove they took a 50 percent loss compared to the same quarter in years past. They would get a refund for half of what they spend on wages, up to $5,000 per worker. Employers won’t be able to get special SBA loans if they opt for the tax credit.

Social Security Payroll Tax:  Employers and self-employed individuals will get to defer the 6.2 percent tax they pay on wages that is used to fund Social Security. The deferred tax would have to be paid over the following two years: half by Dec. 31, 2021, and the other half by Dec. 31, 2022.

Retail Tax Fix:  Retailers, restaurateurs and hotels will be able to immediately deduct from their taxes what they spend on property improvements. This write-off ability was supposed to occur in the 2017 tax overhaul. The fix will help by letting businesses file amended refunds from prior years.

Paycheck Protection Program:  This new loan program, known as the Paycheck Protection Program (PPP), is based on the SBA’s existing 7(a) loan program and will make forgivable loans of up to $10 million available to qualifying small businesses. Unlike other 7(a) loans, applicants are not required to show that credit is unavailable elsewhere or demonstrate repayment ability. PPP loans are backed by a 100% guaranty from SBA. The PPP is an attempt to avoid mass unemployment, the effort includes funding to cover payroll, rent and utilities. The program aims to cover eight weeks of these costs. A business can receive up to 250 percent of its average monthly payroll. This program is open to businesses with fewer than 500 workers, including nonprofits and those who are self-employed. The money will initially be a loan, but portions may be forgiven and become a grant if the company uses the loan solely for payroll, rent or utility costs. This program is retroactive to February 15, 2020 and is available until June 30, 2020.  If a business has received an Economic Injury Disaster Loan thru the SBA, they may still receive a PPP loan to the extent that the disaster loan was used for a purpose other than those permitted for PPP loans.

Paycheck Protection Program

COMO Helps

During times of crisis like this, it is important for nonprofits, businesses and government to work together quickly and efficiently to provide vital services and support needed. CoMoHelps is a joint effort of Heart of Missouri United Way, City of Columbia, Boone County and Community Foundation of Central Missouri, offering assistance to those who are struggling in the COVID-19 pandemic and to those who wish to help. For more information visit their webpage here. 

Nonprofit Funding:

Organizations adapting to public health recommendations for mitigating the spread of COVID-19 and/or serving emergent community needs stemming from the COVID-19 pandemic are encouraged to apply for COVID-19 funds. Apply now.

Local Lenders

Your bank may be able to offer you other options, such as micro-loans or lines of credit.  Please note that getting a local disaster-related loan may prohibit you from receiving an SBA Disaster Loan. Ask your bank for details.