COVID-19 Webinar: Small Business Support to Boost Economic Recovery

Speakers: Burl Kelton, U.S. SBA and Frances Padilla, Colorado SBA District Director

If you are a small business owner, you know that the last few weeks (just barely a month!) have been anxious, frustrating and hopeful.

Congress has charged the U. S. Small Business Administration with the huge task of funneling sustaining funds of billions of dollars to small businesses and employees alike, in an effort to sustain them in a difficult and nearly impossible situation. Using the traditional SBA and bank partnership and the Disaster Assistance Office, the agency revamped programs in just days, and the billions of dollars of funding could move directly into the economy in a historical effort unmatched in the more than 50 years of the agency.

Learn how the agency is supporting small business.

 

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Additional Resources and FAQ

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SBA CARES Act Paycheck Protection Program

Best resource: www.sba.gov/coronavirus

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Does applying for the EIDL preclude a business from the PPProgram?

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No.

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Can businesses apply for BOTH the EIDL loan and the PPP loan?

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Yes. Apply for the short term emergency SBA Disaster Assistance EIDL (SBA.GOV), the long term SBA Disaster Assistance EIDL (updated website pending) and the Paycheck Protection Program (PPP) (local financial provider or bank).

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Can a business apply for a PPP and use that for payroll/payables/utilities and have that forgiven if it meets the criteria, then apply for an EIDL to buy components for the coming season?

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Visit sba.gov /coronavirus.

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If you take advantage of the cares act $10,000 loan can you still apply for the PPP?

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Yes.

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When will the PPP loan will be active and do you apply thru the SBA website similar to the 10K loan?

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You can apply through your local financial provider or bank after April 3, 2020.

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When will local SBA-preferred lenders be receiving guidance on PPP?

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Lenders may begin participating April 3, 2020.

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How will Shareholder Distribution be counted as income for the PPP grant/loan?

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Consult with your CPA.

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Are sole proprietor LLC’s or S-Corps with one employee(the owner) eligible for the EIDL or the PPP program?” template=”basic/accordion” attribute-data=”name:heading;type:text;label:Heading|name:template;type:text;label:Block”]
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Apply with the short term SBA Disaster COVID EIDL at, www.sba.gov using the link at top of the screen. Be sure to also consult your PPP banker and information at, www.sba.gov/coronavirus.

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Consult with Your PPP Financial Provider, Banker and/or CPA for details regarding these questions.

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  • The PPP states from Feb 15 to June 15 – and that it’s a grant if I keep all employees. What if the number of employees decreases due to not having the income to support this. Will the grant turn into a loan? Example – I had 5 employees on payroll in March but I will most likely have 3 by June – If I take the PPP loan and pay for payroll April, May and June will I be accountable to pay this back in a loan or will it be under the grant?
  • Regarding PPP, if we already had layoffs, and don’t intend to replace those employee’s for reasons not linked to Covid-19, how does the forgiveness work?
  • If rent is paid using a company’s credit card, what type of documentation is necessary to satisfy forgiveness under PPP?
  • Should I apply for the PPP for employees and the CARES act SBA loan for rent etc? Or just CARES loan?
  • PPP is intended to support cash flow in order to maintain payroll. But is it applicable to support just a portion of my employees who are still on the payroll?
  • If you take a loan out that is only enough to cover the 8 week period of payroll, rent and utilities, will that loan in its entirety be forgiven?
  • How do we access the paycheck protection program?
  • Should I keep employees on payroll, even though we’ve let them all go from the Ski shop?
  • If hours for employees are reducedcould we still be eligible for the payroll loan?

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Visit sba.gov /coronavirus for answers to these questions and more.

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  • For the PPP loan program, how should seasonal businesses (like ski resorts) address the payrolls and loan forgiveness impact of seasonal employees.
  • Our company is owned by a company in Europe. We are incorporated in the US and employ 20 full time US staff. Are we eligible for PPP and EIDL?
  • For PPP loans, are independent reps considered employees (1099), or temps hired through an agency?
  • When do we expect more detail on the payroll protection plan?
  • Is a private organization registered as a nonprofit (non-charity) eligible for PPP?
  • Where can I find the most updated information on Paycheck Protection Loan vs Standard 7(a) SBA Loan?

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CARES Act SBA Disaster Emergency EIDL

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How does the loan become a grant?

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If you demonstrate the business meets the requirements and make request.

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Would we be *required* to bring everyone back?

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See www.sba.gov/coronavirus and consult with your PPP banker or CPA.

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If you apply for PPP and still have to furlough SOME employees, is the forgiveness just proportional to who you were able to keep employed?

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Visit sba.gov/coronavirus for more details.

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Are 1099 employees eligible for the payroll grant?

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Independent contractors are eligible to apply for the short term SBA Disaster Assistance emergency EIDL loan/grant. Apply at, sba.gov and click on the yellow banner link at the top of the website.

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Should we reduce our payroll totals from 2019 by employee contributions to health care premiums?

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Consult with your CPA after reviewing the program at sba.gov/coronavirus.

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If I am the only full-time employee of my business and all of my employees are part-time, how does this affect the loan amount or loan forgiveness?

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Please visit sba.gov/coronavirus for more details about employee break downs.

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As a ski shop, my staffing needs cyclically decline at this time every year. How is that factored into the loan forgiveness?

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Visit sba.gov/coronavirus about the EIDL and for more information on the PPP consult your banker or CPA.

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Are both the Economic Injury Loan and the Paycheck Protection Program dually available or is it only one per business?

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Businesses may apply for one, two, or all three programs: PPP, short term emergency disaster assistance EIDL and long term disaster assistance EIDL.

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If my Sales Agencies has 1099 contractor what can I do for them? Can the Payroll Program work?

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Independent contractors may apply individually.

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The summary of the program that was communicated to me was that we can borrow up to 2.5x our average monthly payroll. If we maintain our payroll until June 30th the principal will be forgiven. I know there are specific requirements, but is that a general summary of the program?

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That is one aspect of the PPP. Visit sba.gov/coronavirus for more details.

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SBA Disaster short-term emergency EIDL

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Why does it say that the $ 10,000 loan from EIDL does not need to be repaid?

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The loan can be converted to a grant if all fund usage requirements are met.

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Can you clarify the $10,000 program under CARES?

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It is a short term SBA administered emergency economic injury loan up to $10,000 based on the number of employees in the business. It is intended to be used for payroll and operating expenses. It may be converted to a grant if all requirements are met.

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For EIDLs, is early payback an option? Is there a penalty for early payback?

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There is no prepayment or early repayment penalty.

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Can you access the emergency economic injury grant funds even if you aren’t eligible for an EIDL loan?

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There are two SBA Disaster Assistance EIDL loans. They may be applied for separately, but you do need to be qualified and not an ineligible applicant. The long-term Disaster Assistance EIDL online portal is still being updated and will be available soon. The short-term Disaster Assistance emergency EIDL can be reached at: www.sba.gov with the link at the top of the screen.

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SBA Disaster long term COVID EIDL

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How does the SBA determine the amount of an EIDL loan, and how do they determine the length of the term?

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The long-term SBA Disaster EIDL loan amount and term is set by SBA based on all available financial information from the business and in discussion with the owner.

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Does current Tax status affect eligibility?

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Discuss this with your Loan Officer in processing.

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Do you consider charitable organizations the same as non-profit organizations? Are non-profits of any kind eligible for EIDL?

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Charitable organizations and public non-profits (government or government services) are not eligible.

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Do 501(c)3 organizations qualify?

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Private non-profits are eligible. Church non-profits can only be of secular non-religious activity. Discuss with a Loan Officer if you have questions.

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We applied last week but did not receive an application number because of the SBA web portal issues. Should we re-apply?

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For the long term SBA Disaster EIDL loan status, call: 800-659-2955, or email: disastercustomerservice@sba.gov, until the website is available. You do not need to re-apply if your application is in the processing system.

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Would the long-term loan be forgivable? Such as a grant?

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At this time, the long-term SBA Disaster Assistance EIDL loan does not have a forgiveness component.

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Are assets pledged to secure the long-term loan?

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Collateral is not required in Phase I.

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Does a savings account that we have built up over time as a business exclude us from receiving approval?

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Generally, no. The Loan Officer can discuss any concerns you have about current savings.

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What are the rates and terms of EIDL loans?

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The short-term SBA Disaster emergency loan, if not converted to a grant, and the long-term SBA Disaster loans have interest rates of 3.75% for business and 2.75% for private non-profits. Both are simple, annual rates.

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What Financials are required for SBA disaster assistance?

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The short-term SBA Disaster emergency loan asks for previous year’s revenue total and previous year’s cost of goods. Also, additional income from other sources. No documentation is required with the application. The long-term requirements are being updated and will be available soon.

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What is the time limit on the application process?

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Deadline to apply is Dec. 31, 2020.

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If the same officer runs an S-Corp and a Non-Profit, can they each apply?

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Yes. They must be separate business entities.

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Can a foreign entity apply for the long-term loan? Would the size of the foreign HQ entity be added to the U.S. entities?

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The applying entity must be a U. S. company. You will need to discuss size limits and ownership issues with the Loan Officer.

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How quickly will funds disperse after application is approved?

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The short-term SBA Disaster emergency EIDL has a target turnaround of a few days for eligible funds. We will be working to disburse as soon as possible for the long-term SBA Disaster EIDL loans, once the site is operating with new CARES Act features.

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Seasonal Employers

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In a seasonal business, employees have been on unemployment. When I ask them to return, some are choosing to stay home. They are looking for unemployment and the $600 weekly. At that point, no unemployment, correct?

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We don’t have any information about state unemployment programs. Contact your state agency.

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What if you are a seasonal business that will open May 15 but it appears that may not happen due to business closures for social distancing reasons?

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If you have employees and operating expenses to remain viable as a business, apply to all three programs, after consulting with your banker and/or CPA for the PPP.

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We employ 1099 contractors, are we allowed to pay them for lost work using an EIDL loan?

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Independent contractors may apply to both the short term and long term SBA Disaster EIDL.

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What if you employ both seasonal and non-seasonal employees?

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Visit sba.gov/coronavirus for more details about employee classifications.

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Other FAQs

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Can a recently started business (less than one year old) qualify for any of this?

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Yes, if in business on Jan. 31, 2020.

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Is there a way to apply other than online? We have a member of our LLC with a more than 20% interest that is a non US national so they have an ITIN rather than a SSN for taxes. The SBA site keeps registering the ITIN as an error and I cannot proceed with the application.

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Consult the Loan Officer if you are applying for the long-term SBA EIDL. Information may be added during loan processing.

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What are the declared disaster areas? Isn’t the entire country in the disaster area based on the President’s National Emergency decree?

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A separate disaster declaration is required for each state individually, requested by the Governor.

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What if this goes longer than June?

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The long-term SBA Disaster EIDL is designed for long term recovery. The deadline for application for the long-term EIDL is December 31, 2020.

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Should employees/owners be filing for state unemployment, and how would that effect any assistance going forward? Assuming all/most employees would be retained.

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Consult with your state agency regarding unemployment programs and visit sba.gov/coronavirus.

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Can you use disaster assistance loan for a termination of lease/eviction negotiation?

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That would be the business owner’s decision.

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COVID-19 Webinar: Protect Your Bottom Line – Relief from China 301 duties and a 90-day tariff deferral

Speakers: Rich Harper, Manager of International Trade, Outdoor Industry Association
Nicole Schude, Of Counsel, Sorini Samet & Associates
Megan Costello, Vice President, Trade & Customs Policy, Sorini Samet & Associates

As they deal with the COVID-19 crisis, outdoor companies may be able to utilize two programs to secure much-needed tariff relief.

If you are a U.S. importer of an impacted product, you could be eligible for retroactive duty refunds from the China 301 tariffs. The Office of the United States Trade Representative (USTR) has granted many product-specific exclusions from these duties, and many requests are still pending. If your product is eligible, additional action needs to be taken to ensure your ability to obtain a full retroactive refund.

Additionally, the Trump administration announced last week that it would grant a 90-day deferral on all tariffs, taxes and fees on a select group of products imported into the U.S. in March and April of 2020 for companies impacted by COVID-19.

Learn how your company can utilize these programs to protect your bottom line.

COVID-19 Webinar: Real Estate Rights and Strategies for Business Owners–COVID-19

Speakers: Andy Ewald, Scott Peterson and Greg Mikrut, CBRE

CBRE’s panel of experts, who specialize in representing local and national business owners, will share strategies for and rights of business owners during the COVID-19 crisis. In order to relieve a short-term cash burden during a period of disrupted revenues, local and national tenants have pursued these strategies as a reaction to the economic shock from COVID-19. Their team will review the legal obligations within a lease document, outline the proper approach to secure rent relief, share how landlords are responding, and provide predictions for the future.  In addition, the CBRE team will provide an overview of what is happening at a high level in the capital markets, which effects the velocity of lending, and they’ll share how the market may react going forward. Finally, their finance team will discuss how this pandemic may impact valuations and how to protect the future value for business owners.

Cash flow relief is on the minds of business. On behalf of outdoor industry small and mid-sized business, OIA is exploring legislation that provides rent relief.

COVID-19 Webinar: Pivoting to Produce, Source and Donate PPE

When: Tuesday, April 14, 11:00 a.m. (MT)

Hosted By: Outdoor Industry Association and Snowsports Industries America

Panelists: Jason Duncan, VP Tactical and Innovation, Outdoor Research; Alex Adema, President & CEO, DPS Skis; Lyndi Bell, Consumer Experience Marketing Director, Chaco; Sarah Wood, Board Chair, North Carolina Recreation Coalition; Amy Allison, Director, North Carolina Office of Outdoor Recreation

Moderator: Kristin Carpenter, CEO, Verde Brand Communications

Countless outdoor and snowsport companies are stepping up to answer the call for rapid production and deployment of personal protective equipment (PPE) and medical devices to protect frontline workers from the spread of COVID-19. Hear from a few brands that were early out of the gate and successful in pivoting their operations. Find out how they quickly built relationships with local hospitals and frontline service providers to ensure products were getting into the right hands. Learn about key resources and important guidelines. Discover opportunities to collaborate with industry peers to take all of our efforts further faster.

COVID-19 Webinar: Insurance Coverage for Outdoor Retailers and Manufacturing Companies

Speaker: Perkins Coie LLP

Coronavirus loss estimates are already in the billions of dollars for retailers and tourism companies as state lockdowns are implemented and more retail chains are forced to shutter doors, send workers home and look for solutions to supply chain deficiencies. Are the losses covered? Unfortunately, it depends.

In this webinar, we will walk through business insurance policies that may provide coverage for coronavirus losses, including business interruption and contingent business interruption coverages, several standard property insurance coverage extensions, supply chain and trade disruption policies, cargo marine policies, event cancellation policies, liability policies and more. The speakers will identify what language your policy needs to contain (or not contain) for coverage to attach and will provide practical advice on what records companies should gather now to assist in any future insurance claims. In addition, the speakers will discuss when companies should provide notice or notice of circumstances under their current policies.

COVID-19 Webinar: Thriving in Chaotic Times – The Neuroscience Behind Our Distress

Speaker: Julie Auger, MOD

How is our brain perceiving and responding to the current threats? As leaders, what may we do to alleviate these threat responses for our employees and ourselves? This webinar provides a look into how our brain is reacting, how we may find our focus and how we may manage our emotions best to adapt to our new reality. There will be time for questions, discussion and connection. Together we can thrive.

 

About the Speaker
Julie holds a master’s in organizational development and leadership from Saybrook University and a bachelor’s degree from Florida International University in environmental science and biology. After working 13 years as a fisheries and wildlife biologist, Julie decided to integrate her knowledge of complex ecological systems into human system dynamics. For 14 years, she has facilitated both large- and small-scale change initiatives for a variety of organizations and communities. Julie is currently a trainer and consultant in the Employers Council Organizational Development and Learning Department, specializing in helping leaders and organizations thrive in today’s rapidly shifting landscape.

COVID-19 Webinar: Families First Coronavirus Response Act (FFCRA): What Are Your Obligations For Paid and Unpaid Leave?

Speaker: Jackson Lewis P.C.

Laws are changing fast in our ever-evolving response to the coronavirus pandemic – many of these laws affect the employer-employee relationship. Moreover, with states asking all but critical or essential businesses to shut down, how do your obligations as an employer change with the choices you are being forced to make, especially as we make quick decisions that affect our workforce? Through this webinar, we will explain the obligations set forth in this new law, along with how these obligations change as our workforce changes or ceases.