In an effort to support business owners, here is the latest news about COVID-19 as it pertains to small business and I’ve included an updated list of resources. So, how does the US Small Business Association (SBA) define a small business…
A Small Business Is Defined As:
Depending on your industry, a small business could be defined as a business with a maximum of 250 employees or a maximum of 1,500 employees. They’re privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses.
For those of you in Georgia, Governor Brian Kemp announced yesterday that Georgia has received an official statewide disaster declaration from the U.S. Small Business Administration. This declaration will provide assistance in the form of SBA Economic Injury Disaster Loans (EIDL) to impacted small businesses in all 159 counties in Georgia.
This opens the door for small businesses and nonprofits in Georgia to now apply for economic injury disaster recovery loans. The loan can be up to $2 million per business to assist small businesses impacted by COVID-19.
The application is now live, and Georgia small business owners can go directly to the SBA for assistance and to access the application.
Not in Georgia… no worries, use this link for information and the application for every state that has received the disaster declaration from the SBA.
Required Documents for SBA for EIDL loans:
- Profit and Loss and Cash Flow Statements for 2019 and 2020 on annual basis and year to date basis.
- Tax returns from the past 3 years, both personal and business
Loans are available for small business and non-profit organizations. While terms will be established on a case-by-case basis, many will have a thirty-year repayment term with first payments not due for up to twelve months. Businesses should expect to provide a tax transcript, financial statements, and a profit and loss statement. Interest rates will range from 2.75% to 3.75%.
In addition to the above, I suggest you reach out to your lending institution to see if relief programs are being offered during this time: delaying payments; interest only payments.
To learn more about the EIDL program:
Join Small Business Roundtable with SBA Administrator Jovita Carranza and CEOs of the leading small business organizations. They will discuss the needs of small business owners during the economic fallout resulting from the COVID-19 outbreak.
Friday, March 20th, 2020 at 2:30 pm ET
****This Just In****
(1:15PM March 20th) At this time, due to some last minute scheduling issues, we are working to reschedule this webinar for another day and time. Our goal is to have something next week. Timing might be better as we expect to know more about the next round of legislation.
This is something every business owner should ask their staff who are working from home, before moving into the meeting agenda of the call. Discover what it is here.
Learn How to Manage a Manage a Work-From-Home
- TODAY – March 20: Learn from nationally recognized experts on How to Manage a Work-From-Home Workforce Teleconference with a FREE webinar. This resource is open to any business in the region and is hosted by Council for Quality Growth in partnership with Forsyth County Chamber. Register here.
- Next Week: Georgia Commute Options is hosting a Telework Webinar Series to share information about managing objectives and deliverables while teleworking, collaborating through technology, supporting good working habits and more.
IRS Tax Relief information
Guidance for Businesses and Employers with Regard to COVID-19
The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:
- Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Well that’s it for now…
But please leave a comment with any information and resources that you’ve found useful as you’ve navigated the COVID-19. And don’t forget to support the local small businesses in your area any way you can.