UPDATED: AUGUST 13 at 9:46 AM
Emergency Legislation Provides COVID-19 Relief to Small Businesses
Emergency Legislation Overview
Three pieces of emergency legislation passed Congress and were signed into law in the last three weeks. There was also a COVID-19 disaster declared which made available SBA disaster loan assistance. A lot has been written about each and it is easy to confuse them. The links which follow give information on each program available to help small businesses without regard to which piece of legislation created them.
If you are a small business, defined as having fewer than 500 employees, or a 501(C)(3) non-profit, you qualify for all of these programs.
Paycheck Protection Program
The Paycheck Protection Program’s $350 billion in small business loans will be issued by private banks. The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June. The basic purpose of the Paycheck Protection Program is to incentivize small businesses to not lay off workers and/or to rehire laid-off workers that lost jobs due to COVID-19 disruptions.
US Department of the Treasury | Topline Overview
US Department of the Treasury | More Information for Borrowers
US Chamber of Commerce | How to Get a Paycheck Protection Loan
SBA Disaster Loans
COVID-19 disaster loan available through the federal government. 30 year fixed, no fees, low-cost loan to keep your business afloat during difficult times.
PDF: SBA | Step-by-Step Guide to Apply for a Disaster Loan
PDF: SBA | Three-Step Process for SBA Disaster Loans
PDF: SBA | Disaster Assistance in Response to the Coronavirus
Employment & Labor Laws
US Department of Labor | Employer Fact Sheet
US Department of Labor | FFCRA Q&A
Texas Workforce Commission | COVID-19 Employer Resources
US Department of Labor | Tax Credits for Small & Midsize Businesses
PDF: US Department of Labor | Employee Rights Poster
PDF: HOPS HR | FFCRA Administrative Compliance Packet
From the Business Leaders Series Online
PDF: Employment Law: Coronavirus Update
Upcoming Webinars:
August 11: Chamber Update with PResident & CEO Michael Jacobson
August 13: Strategic Partnerships: A Case Study of Together, We Succeed. with Beth Owens, Brandera
Professional Development Trainings
Working from home? Take some time to learn! Use this page as a resource for you and your business to succeed during troubling times. Click on any of the PDFs, PowerPoint Presentations or blog posts to get FREE resources for your business.
- Crisis Averted: 11 Steps You Need to Take NOW
- A Pandemic Business Checklist
- Crisis Communication Tip Sheet
- How to Ensure Your Virtual Meeting is a Success
- ActionCOACH March 2020 Newsletter - Crisis Management
- Coronavirus Survival Guide for Small Businesses (Advent Trinity Marketing)
- COVID-19 pandemic: How to prepare your business (Insperity)
Interesting Reads from Our Members
Our membership spans the entire business industry spectrum. If you're looking for a break, here's a list of interesting reads submitted by our members.
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