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COVID-19 Recovery Resources – breaking news on loans, shut-down order

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Posted by: Main Line Chamber on Friday, April 3, 2020 at 9:00:00 am
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Friday marks the last day for businesses to apply for shutdown waiver
Friday, April 3 is the last day for businesses to seek an exemption from the Pennsylvania Department of Community and Economic Development to orders to close the physical locations of non-life sustaining businesses to slow the spread of the COVID-19 virus. The online form, which can be found here, must be submitted to the DCED by 5 p.m. Businesses thinking of applying for an exemption should read the state’s Life Sustaining Business Frequently Asked Questions before doing so. The DCED said it had received 32,474 exemption requests as of the close of business March 31 and was working to process them as quickly as possible.


State official confirms Chamber guidance for non-life sustaining businesses
Pennsylvania DCED Secretary Dennis Davin this week confirmed to the Montgomery County Commerce Department that rules first reported by The Main Line Chamber of Commerce’s COVID-19 Recovery Resources e-newsletter remain in effect. Non-life sustaining businesses operating remotely are able to enter closed offices to get equipment and supplies, maintain security, open mail, pay bills and process payroll or insurance claims in cases in which that work can’t be done remotely. Social distancing guidelines must be followed and telework should be employed whenever possible. Compliance with guidelines put in place by auditors to ensure accountability may also be taken into consideration. Additional information about business operations are part of the state’s Life Sustaining Business Frequently Asked Questions.


SBA offers noon-time webinars daily, along with links to loan programs
As applications for the Payroll Protection Program open Friday April 3, the Small Business Administration Eastern Pennsylvania District Office is now offering webinars at noon Monday through Friday in partnership with the SCORE Chester Delaware Counties. Participants don’t need to sign up in advance but can click on the link at the pre-arranged time: https://score.zoom.us/j/723846010. Fortune magazine offers eight things to know about the Paycheck Protection Program, including thoughts on whether a company should apply. SBA emergency capital programs include:

• Paycheck Protection Program Loans: For small businesses needing funds to pay up to 8 weeks of payroll costs including benefits. May also be used to pay interest on mortgages, rent, and utilities. These are loans available through lenders that may be fully forgiven. Additional information about this program is available at www.sba.gov/coronavirus.

• Economic Injury Disaster Loans (low-interest, long-term loans up to $2 million): The first payment is deferred for 12 months. The application has been simplified and can be completed 100 percent online through the SBA web portal https://covid19relief.sba.gov/#/.

• Economic Injury Disaster Loan Advance up to $10,000: The form to apply is part of the Economic Injury Disaster Loan application noted above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. Businesses that did not originally apply for the advance may apply now.

• SBA Disaster Assistance Customer Service Center: can be reached at 1-800-659-2955 (TTY: 1-800-877-8339) and disastercustomerservice@sba.gov for questions and guidance on the Economic Injury Disaster Loan and Disaster Loan Advance loan application process, including business eligibility. Wait times are lengthy due to the high level of interest.

• SBA Express Bridge Loan allows small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can be a term loan or used to bridge the gap while applying for SBA Economic Injury Disaster Loan funding.

• Current SBA 7(a) loans, 504 loans, or Microloans: Payments will be deferred for 6 months by the lender.


Small business owner’s guide to CARES Act available from U.S. Senate committee
The U.S. Senate Committee on Small Business & Entrepreneurship has released The Small Business Owner’s Guide to the CARES Act. The downloadable guide provides information about the major programs and initiatives that are or will soon be available from the Small Business Administration under the Coronavirus Aid, Relief and Economic Security (CARES) Act for small businesses, certain nonprofits and other employers. It also has information on some additional tax provisions outside the scope of the act.


Dreamit video provides guide to CARES Act for startups
Startups interested in what the CARES Act can do for them can get that information from a roughly hour-long Dreamit Ventures video. In the video, Dreamit Managing Partner Steve Barsh is joined by Duncan Davidson, a general partner of Bullpen Capital, who has combed through the act multiple times to see how startups can use it. Dreamit indexed the video so viewers can skip to parts that are most relevant to them. Among many other things, Barsh and Davidson touch on who is entitled to funds from the act; the process of getting a loan through the act and how the loan turns into a grant; what startups with 15 or fewer employees should expect; four pieces of advice for startups on taking advantage of the CARES Act; and what you should avoid doing if you’re trying to get the loan. The Chamber picks up the story from the Technical.ly Philly news service.


Best regards-Be safe,
 
Bernie
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Bernard Dagenais
President & CEO
The Main Line Chamber of Commerce
BDagenais@mlcc.org

 




 

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