Coronavirus Convenience Store Loans & Grants


Cares Act of 2020 Economic Injury Disaster Loan (EIDL) Paycheck Protection Program (PPP)

We know this is a challenging and uncertain time for you and your business. We are going to be with you all the way through – fighting with you for your fair share. Here are some government sponsored funding assistance we encourage store owners to apply for.

Paycheck Protection Program: Store Owners can work with SBA qualified lenders to secure loans equal to 2.5-times their monthly payroll. Most major banks are SBA qualified and are racing to make online resources available to loan applicants. There is an expedited approval process and easier eligibility requirements. The loan balances are reduced by the amount that the borrower/small businesses pay in payroll during the 8-week period following loan origination. Generally, headcount needs to be restored by June 30th 2020, for full loan forgiveness. Interest on the loans is around 1% and they carry a two-year term. You can learn more and begin the application process by visiting the SBA website and reviewing the application that will need to be filed directly with a bank. We caution that some banks are prioritizing their existing customers or requiring certain types of bank accounts to be open.

There is other aid out there we encourage you to review:

  • Economic Injury Disaster Loan (EIDL): The SBA has said convenience store owners qualify for assistance under the EIDL program. Visit the SBA website. The first $10,000 can be forgiven if the proceeds are used for payroll.
  • Federal Payroll Tax Deferral: Employers can defer payment of the 6.2% federal payroll tax until January 1, 2021. Employers who defer payment are required to pay back the deferred payroll taxes in the following manner: 50% in 2021 and 50% in 2022.

Other Points to Remember

  • You can apply at SBA-approved banks
  • Loan amounts can be obtained up to two-and-a-half (2.5) times your payroll
  • If you use at least 75% of the borrowed amount to fund payroll, then portions of the loan can be forgiven
  • Expenses like payroll utilities mortgages and interest can all be used to reduce the loan amount
  • You can also roll the EIDL funds you received into the PPP


Where Can I Find an SBA Lender?

  • Store Owners can contact any bank where they have a business or personal account to determine whether that institution provides SBA lending programs and is taking applications for PPP. Many banks are only taking applications from current account holders, so starting with the bank where you maintain personal or business accounts will often be the quickest and easiest path.

What information is required on the SBA Loan Application When Applying for PPP?

  • Business name and contact information
  • Business Tax ID Number (EIN or Social Security Number)
  • Average 2019 Monthly Payroll
  • Number of Employees as of February 15, 2020
  • Owner Information (Names, ownership percentages, TIN / SSN, etc.)
  • NAIC number 44

Link to Application:–paycheck-protection-program-ppp-sample-application-form-0

What supporting documentation will be required by my lender?

  • What supporting documentation will be required by my lender?
  • Most lenders will require 2019 payroll documentation (payroll reports, payroll tax filing documents, etc.)
  • 2019 IRS Payroll tax reports (940, 941, 944, W3)
  • Payroll reports for a twelve-month period
  • Health insurance premiums paid (if applicable)Company retirement plan funding (if applicable)


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