Resources for Small Businesses

New River Valley Public Health Task Force Resource: Working Smart. Working Safe. Re-opening Guidebook for Small/Local Business

 

Guides and Resources from the U.S. Chamber

• Coronavirus Emergency Loans Small Business Guide and Checklist
• Temporary Paid Leave and Family Medical Leave Guide
• Economic Injury Disaster Loan (EIDL) Program Guide
• Employee Retention Tax Credit Guide
• Coronavirus Small Business Guide
• Coronavirus Response Toolkit

The Dept. of the Treasury, has provided an updated Frequently Asked Questions (FAQ) on the Paycheck Protection Program.  The FAQ can be found here.

*4/1/2020 The U.S. Chamber has developed the following to assist businesses access resources created under the CARES Act (Phase III bill).  This includes an update to the guide we released several days ago on the Paycheck Protection Program.

• NEW - Guide to SBA’s Economic Injury Disaster Loans (EIDL) 
• NEW - Guide to the Employee Retention Tax Credit   
• UPDATED – Coronavirus Emergency Loans Small Business Guide and Checklist (Paycheck Protection Program)

Additionally, the U.S. Department of Treasury issued additional guidance yesterday regarding the Paycheck Protection Program.  Links to the resources provided by Treasury can be found, or on their webpage.

• A top-line overview of the program can be found here.
• If you’re a lender, more information can be found here.
• If you’re a borrower, more information can be found here.
• The application for borrowers can be found here.

 

SBA News Release from 03/31/2020 about mobilization effort to distribute funds

The Department of Labor (DOL) has recently enacted the Families First Coronavirus Response Act (FFCRA) which will, in most cases, require employers with less than 500 employees to provide their employees with paid sick leave and expanded family and medical leave for reasons related to COVID-19. These provisions apply from April 1, 2020 through December 31, 2020, according to the DOL.

Information related to this Act can be found on the DOL’s website:

FFCRA Requirements: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

FFCRA FAQs: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Lastly, all employers with less than 500 employees are required to post the linked notice from the DOL in a conspicuous place with other required workplace posters. https://selective.dmplocal.com/dsc/collateral/FFCRA_Poster_WH1422_Non_Federal.pdf

We recommend the notice be emailed to all employees and put on your company’s intranet; otherwise please mail a copy to your employees’ residence.

Be sure to review these new rules with your human resources department, payroll processor, and legal counsel to remain in compliance with the new law. Please stay safe and healthy.

 

For those interested in the CARES Act lending program, including the payroll protection loan, the Treasury Department released the program just a little bit ago. Scroll down to Assistance for Small Businesses and you'll find the information link and application link.

The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. For those wondering what The Treasury Department is doing to provide relief, including assistance to small businesses.

https://home.treasury.gov/cares

Make sure to check the section dedicated to assistance for small businesses, where you can find information for lenders, borrowers, and an application link found here: https://home.treasury.gov/system/files/136/Borrower%20Paycheck%20Protection%20Program%20Application%20%28v1%29.pdf

 

US Chamber’s Small Business Guide and Checklist for Coronavirus Emergency Loans

The Senate Small Business Committee has provided a small business guide to the CARES Act. 

https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act

 

Please see the following document from the Roanoke Regional SBA on information for SBA Economic Injury Disaster Loans: Eligibility and Application Requirements

 

On 3/18/2020, the Commonwealth of Virginia requested that the Administrator of the U.S. Small Business Administration (SBA) implement a Small Business Administrative declaration to provide assistance in the form of SBA Economic Injury Disaster Loans. As of 3/19/2020 that application was approved.

 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

 

You can find your local SBA Office in Roanoke, VA 

 

For a detailed explanation of SBA’s Disaster Loans, please see SBA’s Three Step Process Factsheet. That can be accessed here:

https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

Items Required for Applications

1. Loan application (SBA Form 5), completed and signed (this is electronic/online in the portal). To see what the form looks like, an example can be found here.

2. Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.

3. Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available

4. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member

5. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)

 

Additionally use the following for Small Business Guidance & Loan Resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

The Bureau of Insurance encourages you to read your business interruption insurance contract carefully to understand the coverage it provides. Business Interruption Insurance Coverage and COVID-19