COVID-19 BUSINESS ASSISTANCE FOR PHARMACIES

COVID-19 business resources for pharmacies

Keeping a pharmacy running is hard enough these days without the additional stress of 24/7 patient needs and increased under-reimbursements due to the COVID-19 pandemic.

Below is a listing of Small Business Association (SBA) and other applicable resources that are available for local businesses, especially pharmacies, in an effort to keep independently-owned companies alive throughout this crisis. We will continue to update this page as new information becomes available.

Economic Injury Disaster Grants

The SBA's Economic Injury Disaster Grants are considered 'Emergency Advances' within the Economic Injury Disaster Loan (EIDL) process. These fully-forgiven advances are up to $10K and are available for any small business with up to 500 employees including sole proprietorships, independent contractors, and the self-employed. Funds will be available within days of successful application.

For more information and a list of guidelines when applying click here. To access a EIDL Emergency Advance application click here.

Paycheck Protection Plan Loans

Paycheck Protection Plan Loans are SBA loans that could be the perfect option to cover basics like payroll, mortgage, and utilities during this fiscally stressful time. The loans carry a 1% interest rate with payments deferred for 6 months and no collateral required. These loans will also be fully forgiven if basic requirements like keeping employees on payroll and maintaining salary levels are met.

For more information on specific lender requirements click here. To access the SBA's information page including links for applications click here. For a copy of the SBA & Treasury Dept's newly updated FAQ regarding PPP Loans click here.
CLICK HERE FOR UPDATED GUIDANCE FROM THE SBA AS OF APRIL 2, 2020

Economic Injury Disaster Loans

Deferred Payroll Tax Credits

The SBA's Economic Injury Disaster Loan (EIDL) program allows for up to $2 million per small business to be borrowed. The loans carry a 3.75% interest rate and are repayable over a period of up to 30 years. Application is a 3-step process and businesses must complete an IRS form 4506-T before applying.

For more information on the SBA's EIDL program click here.
To see an overview of the SBA EIDL 3-step application process click here.
To apply for a SBA Economic Injury Disaster Loan click here.

The Payroll Tax Deferral portion of the CARES Act allows employers to defer payment of the employer portion of the Social Security tax (6.2%) that would otherwise be due December 31, 2020. Both small businesses and self-employed individuals are eligible for this credit, but it cannot be combined with a Paycheck Protection Program (PPP) Loan.

For more information on the CARES Act payroll tax credits click here.

As you determine which SBA or CARES Act assistance option is best for your pharmacy, keep in mind that businesses may either receive a payroll loan or a tax credit, not both. As always, please be sure to consult with your accountant before reducing your business' tax payments.

Education: COVID-19 CE Course

This continuing education course from Power-Pak is designed for pharmacists and pharmacy technicians and is extremely well-rounded and thorough. To access the course and accompanying documentation click here.

Additional Documentation

In the event that you have extra time on your hands and wish to use it reading the most recent COVID-19 Small Business Relief documents as approved by the Trump Administration, we have them listed below.