The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to overcome the temporary loss of revenue they are experiencing. You apply through the SBA.

Small business owners (≤500 FTEs) in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

Reminders:

  • There’s no immediate deadline to apply.
  • There’s no fee to apply.
  • No credit card information is required.

 

The Paycheck Protection Program is a cornerstone of aid offered to provide small business loans on favorable terms to borrowers impacted by the current state of economic uncertainty. Specifically, the program is designed to help small businesses keep their workforce employed. The new loan program will be available retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

 

All small businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries are eligible.

 

  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 1%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

Here’s a Paycheck Protection Program Loan FAQ from the SBA

 

Here’s a Paycheck Protection Program FAQ from the Utah COVID-19 Economic Response Task Force.

Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process and view this interactive map to show the aid available to small businesses on a state-by-state basis.

  • 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 Utah Economic Response Task Force has created a Rapid Response Team to ensure Utah businesses and individuals understand and utilize federal programs designed to help businesses during the coronavirus pandemic. If you have questions regarding the SBA Paycheck Protection Program, the SBA Economic Injury Disaster Loan program, or other programs on this page, please send an inquiry to the Utah Economic Task Force Rapid Response Team. CLICK HERE.

CARES Act

The President signed the CARES Act, a $2 trillion aid program to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. Click here to learn how the CARES Act will benefit you.

Internal Revenue Service

March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. Learn more here.

COVID-19 Requests

  • What it is? FEMA has issued guidance for businesses that are able to provide medical supplies or equipment to the coronavirus response efforts. Information is also also available for businesses that are able to start producing a product related to the COVID-19 response.
  • Who is eligible?
    • To sell medical supplies or equipment to the federal government, please submit a price quote under the COVID-19 PPE and Medical Supplies Request for QuotationFull details can be found in the solicitation (Notice ID 70FA2020R00000011)
    • This solicitation requires registration with the System for Award Management (SAM) in order to be considered for award, pursuant to applicable regulations and guidelines. Registration information can be found at www.sam.gov. Registration must be “ACTIVE” at the time of award.
      • If you have medical supplies or equipment to donate, please provide us detailson what you are offering.
      • If you have a private company that wants to produce a product related to the COVID response please email nbeoc@max.gov
      • If you are a hospital or healthcare provider in need of medical supplies, please contact your state, local, tribal or territory department of public health and/or emergency management agency.
      • If you are interested in doing business with FEMA and supporting the response to COVID- 19 with your company’s non-medical goods and/or services, please submit your inquiry to the Department of Homeland Security (DHS) Procurement Action Innovative Response Team (PAIR) team at DHSIndustryLiaison@hq.dhs.gov.

          Designating Products to be Declared an Emergency Use

            • Information from FDA about how to designate a medical product as an Emergency Use. This information is relevant for importing products.
            • US Customs and Border Protection – importing: The U.S. Food and Drug Administration is providing an update to CSMS message 42124872 for instructions to the import community regarding the submission of entry information for personal protective equipment and certain other devices. Following the instructions below will help facilitate the import process for all; especially for products related to the Coronavirus Disease-2019 (COVID-19) public health emergency. It is in the best interest of the U.S. to facilitate and expedite the importation of products into the U.S. market that address immediate, urgent public health needs. 
            • Non-FDA-regulated general purpose personal protective equipment (masks, respirators, gloves, etc.)
              • Personal protective equipment for general purpose or industrial use (that is, products that are not intended for use to prevent disease or illness) is not regulated by FDA.
              • For these types of products, entry information should not be transmitted to FDA. At the time of entry for these products, Importers should transmit entry information to US Customs and Border Protection (CBP) using an appropriate HTS code with no FD Flag; or using an appropriate HTS code with an FD1 flag and do a ‘disclaim’ for FDA.
              • Products authorized for emergency use pursuant to an Emergency Use Authorization (EUA)
              • When importing such products, entry information should be submitted to FDA; however reduced FDA information is required for review.
              • At the time of entry, Importers should transmit an Intended Use Code of 940.000: Compassionate Use/Emergency Use Device, and an appropriate FDA product code. Under this Intended Use Code, the Affirmations of Compliance for medical devices (such as the Registration, Listing, and Premarket numbers) are optional in ACE.
              • Below is a list of products and the appropriate product codes that are currently authorized by an EUA:
                • Diagnostic tests:  83QKP, 83QKO, 83QJR    
                • Masks/Respirators: 80NZJ

            The highest priority of any business is to protect the health, safety, and life of employees and clients. Every decision emanates from that single objective, including guidelines employees have within their places of business, the flexibility and encouragement they are given to attend to their own health needs — as well as those of their families — and a supportive workplace environment that has considered and prepared for disruptions in services, manufacturing, marketing, sales, and supply chains.  

            While many, if not most, businesses may never experience an incident of coronavirus on their premises, almost all will feel the effects of the illness through disruptions in the stock market, a break in the supply chain, or legitimate concerns among employees. Businesses should also be aware of potential shortages for pharmaceutical supplies, health care supplies, and other resources that may be required for needs unrelated to coronavirus or may leave a company unprepared for subsequent emergencies. These are best addressed by advance planning, considering the resources and best practices that encourage healthy engagement and behaviors within the business environment, at the employee’s home, and support throughout the community.

            Best practices encouraged by business and health care experts separate into two categories, those who are not feeling well or suspect they have the coronavirus, and those who are feeling well and need to take precautions.

            Those who believe they may have been exposed to coronavirus or who are not feeling well should:

            • Be actively encouraged to remain at home except to receive health care.
            • Stay separate and apart from individuals and animals within the home.
            • Call the doctor before visiting to describe symptoms and receive instructions.
            • Wear a facemask in public and among household companions.
            • Cover coughs and sneezes.
            • Clean hands and wash often with soap and water for 20 seconds or an alcohol-based sanitizer.
            • Avoid sharing household items.
            • Clean all “high touch” surfaces every day.
            • Have clothing and bedding washed as frequently as possible.
            • Monitor symptoms and inform healthcare professionals, particularly if they worsen.
            • Confirm illness and contagion have passed before returning to work or public engagement.
            • CDC recommends that employees who appear to have acute respiratory illness symptoms (i.e. cough, shortness of breath) upon arrival to work or become sick during the day should be separated from other employees and be sent home immediately. Sick employees should cover their noses and mouths with a tissue when coughing or sneezing (or an elbow or shoulder if no tissue is available).

            Those who are feeling well and have no reason to believe they have been exposed to coronavirus should proceed as they would during any cold and flu season:

            • Perform hand hygiene frequently.
            • Avoid touching eyes, nose, and mouth with unwashed hands.
            • Try to remain in open spaces with good airflow.
            • Maintain a healthy diet and exercise.
            • Do not share dishes, drinking glasses, cups, eating utensils, towels, and clothing items with workmates.
            • Clean all “high-touch” surfaces, such as counters, desk- and tabletops, doorknobs, bathroom fixtures, toilets, phones, keyboards, and tablets, every day.
            • Sanitize workspaces and public transportation areas like handles and stabilizing bars in subway cars, as well as arm rests and tray tables in buses, trains, and airplanes.
            • Wash clothing regularly.
            • Maintain a comfortable distance in conversations and in tight working environments, such as where two or more are gathered around a computer.
            • Consider replacing a handshake with a fist bump or friendly salute.

            For additional information, please see Interim Guidance for Preventing the Spread of Coronavirus Disease 2019 (COVID-19).

            Around the office:

            • Place posters that encourage staying home when sick, cough and sneeze etiquette, and hand hygiene at the entrance to your workplace and in other workplace areas where they are likely to be seen.
            • Provide tissues and no-touch disposal receptacles for use by employees.
            • Instruct employees to clean their hands often with an alcohol-based hand sanitizer that contains at least 60-95% alcohol, or wash their hands with soap and water for at least 20 seconds. Soap and water should be used preferentially if hands are visibly dirty.
            • Provide soap and water and alcohol-based hand rubs in the workplace. Ensure that adequate supplies are maintained. Place hand rubs in multiple locations or in conference rooms to encourage hand hygiene.
            • Visit the coughing and sneezing etiquette and clean hands web page for more information.
            • Provide disposable wipes so that commonly used surfaces (for example, doorknobs, keyboards, remote controls, desks) can be wiped down by employees before each use.

            For more general workplace health and safety information, view the U.S. Chamber’s Coronavirus (COVID-19) Workplace Tips for Employees. You can also download an infographic about social distancing.

            Preparing Your Business

            As Utah does everything possible to limit the spread of COVID-19, the best remedy against serious outbreak is prevention. Businesses, no matter their size, can significantly influence their community’s readiness, awareness, resources, and engagement against the spread of COVID-19. This begins with organizational preparedness, including risk management teams and contingency plans.

             

            The CDC encourages all employers to implement strategies to protect their workforce. During a coronavirus outbreak, all sick employees should stay home and away from the workplace, respiratory etiquette and hand hygiene should be encouraged, and high-touch surfaces should be cleaned regularly.

            Outbreak Response Plan

            Employers should prepare an Outbreak Response Plan using the following process:

             

            • Ensure the plan is flexible and involves employees in development and review.
            • Conduct a focused discussion or exercise using the plan, to find out ahead of time whether the plan has gaps or problems that need to be corrected.
            • Share the plan with employees and explain what human resources policies, workplace and leave flexibilities, and pay and benefits will be available.
            • Share best practices with other businesses in the community (especially those within the supply chain), chambers of commerce, and associations to improve community response efforts.

            Nitin Nohria, dean of the Harvard Business School, said recently in the Harvard Business Review that a plan should be complemented by a company’s “ability to rapidly evaluate ongoing changes in the environment and develop responses based on simple principles.” The companies best capable of that evolution have:

             

            • Engaged and informed networks rather than hierarchical command and control.
            • Distributed leadership rather than centralized bureaucracy.
            • A less interdependent business structure among operating groups.
            • A dispersed workforce.
            • Cross-trained generalists rather than a few specialists.
            • Simple and flexible rules rather than procedure driven policies.

            Resilience in a Box

            The U.S. Chamber of Commerce Foundation, UPS Foundation, World Economic Forum (WEF) and Disaster Resistant Business (DRB) Toolkit Workgroup have developed a “Resilience in a Box” program based on best practices and designed to educate newcomers on business resilience. The program guides companies toward addressing preparedness issues while building in flexibility to handle potential business interruptions.

            Corporate Policy Recommendations

            The United States Department of Health and Human Services, along with the Centers For Disease Control, recommends companies:

             

            • Ensure sick leave policies are flexible and consistent with public health guidance and employees are aware of these policies.
            • Speak with vendors that provide contract or temporary employees about the importance of sick employees staying home and encourage them to develop non-punitive leave policies.
            • Do not require a health care provider’s note for employees who are sick with acute respiratory illness to validate their illness or return to work, as medical providers are extremely busy and likely unable to provide such documentation in a timely way.
            • Maintain flexible policies that permit employees to stay home to care for a sick family member. Employers should be aware that more employees may need to stay at home to care for sick children or other sick family members than is usual.

            For more information, view the U.S. Chamber’s Guidance for Employers to Plan and Respond to the Coronavirus (Covid-19).

            Remote Work

            Should an Emergency Remote Work Plan become necessary due to infection among employees, family members, or the community at large, Cali Williams Yost, CEO and founder of Flex+Strategy Group/Work+Life Fit recommends the following:

             

            1. Acknowledge the possibility that all or part of your workforce may need to work remotely.
            2. Map out jobs and tasks that could be affected.
            3. Audit available IT hardware and software, and close any gaps in access and adoption.  
            4. Set up a communications protocol in advance.
            5. Identify ways to measure performance that could inform broader change.

            Detailed information concerning these recommendations are included in “What’s Your Company’s Emergency Remote-Work Plan?” Harvard Business Review, February 28, 2020.

            Employees With Affected Family Members

            Employees who are well but who have a sick family member at home with coronavirus should notify their supervisor and refer to CDC guidance for how to conduct a risk assessment of their potential exposure. If an employee is confirmed to have coronavirus, employers should inform fellow employees of their possible exposure in the workplace but maintain confidentiality as required by the Americans with Disabilities Act (ADA).

            International Resources

            Check out Johns Hopkins University’s worldwide COVID-19 data visualization dashboard.

             

            Worldometer also has detailed information on confirmed COVID-19 cases and deaths by country.

            *This information has been gathered from various state and federal government websites to serve as an additional portal of information for Utahns dealing with the impact of COVID-19.