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We're Here for You

We're Here for You American Electric Power is committed to the health and safety of our customers, communities and employees as we closely monitor the COVID-19 pandemic. Learn more

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We'll move forward together

hg0088As we begin to recover from the effects of COVID-19, we’re here to help you renew and restart, so when your doors swing open you’ll stand strong. Whether you’re a sole proprietor or employ scores of colleagues, we can help find the right AEP payment assistance plan and guide you to the programs offered by the Small Business Administration that fit your needs.

hg0088See the programs below or call one of our regional Business Solutions Centers:

Coronavirus Relief for Small Businesses

Federal Resources

The federal government offers relief to businesses hurt by the coronavirus pandemic. Provided through organizations like the Small Business Administration (SBA), these programs help maintain your operations.

hg0088The PPP provides potentially forgivable loans to small businesses to help pay employees and cover operating expenses during the pandemic. The loans are made through participating lenders and are backed by the SBA. On June 4, Congress made key changes to make PPP loans more accessible and to increase loan forgiveness potential. Changes include:

  • Borrowers can now use up to 40% of the loan for expenses such as rent, mortgage and utility payments. At least 60% should be spent on payroll for the loan to be forgiven.
  • The time period to use the funds is extended from 8 to 24 weeks.
  • The June 30 deadline to rehire workers is extended to December 31, 2020.
  • There is more flexibility on loan forgiveness for business owners who show they could not rehire workers or reopen due to safety standards.
  • In the event the loan is partially or fully unforgivable, the repayment term is extended from 2 to 5 years. The loan repayment deferral period is also extended.
  • Companies eligible for loan forgiveness can defer Social Security payroll taxes.

The PPP application deadline has been extended to August 8, 2020.

The SBA reopened its EIDL loan and advance grant program on June 15, offering low interest disaster loans and grants for working capital to eligible small businesses, nonprofit organizations and agricultural businesses. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL advance can provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.

The loan advance application deadline is December 16, 2020.

  • – provides extensive resources and relief information for small businesses.
  • – The CARES Act increases the maximum SBA Express loan—a loan whose application SBA will process in 36 hours—from $350,000 to $1 million through December 31, 2020.
  • – This allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. It can be a term loan or used to bridge the gap while applying and waiting for a direct SBA Economic Injury Disaster loan.
  • – As part of SBA's debt relief efforts, it will automatically pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
  • – The IRS offers help for small businesses and tax-exempt organizations, including tax credits, payroll tax deferral, and new federal tax filing and payment deadlines.
  • A resource partner of the SBA, SCORE is offering free, personalized assistance to help small businesses adapt their business models, navigate financial challenges and get help in applying for SBA disaster assistance loans.
  • – SBDCs are local offices sponsored by the SBA to help small businesses that are offering extensive help to small businesses throughout America.
  • – EXIM is offering a number of relief measures and financing flexibility for exporters, including a bridge financing program, supply chain financing guarantee program and a working capital guarantee program.
  • – The Department of Agriculture offers loan guarantees for rural businesses.
  • Commercial Programs – Some lenders are offering loan payment deferment or discounted loan programs to small businesses. Check with your business’s bank about your options. Also, several corporations are offering small business assistance programs, including .

State and Local Resources

hg0088Help may be available through your state or local agencies. Select an operating company to see regional information on COVID-19.