Small Business Response to COVID-19
Latest updates on funding as of 4/7/2020 5:16pm: From SBA Webinar
3/25/2020 – Force Majeure: We’re fielding lots of calls from people looking to invoke a force majeure clause (that may or may not even exist in their contract) in light of the pandemic and non-essential businesses being unable to deliver contracted-for services. We couldn’t have said it better than our colleagues at Brownstein Hyatt Farber Schreck.
We are also uploading documents and releases we receive that we can’t find anywhere else online to our COVID-19 Google Drive.
Update 3/18/2020 8:30am: Despite fully intending to continue patronizing our small businesses, the Nevada Governor has issued a shutdown of all “non-essential” businesses and cautioned against any gatherings of more than 10 people. Major sporting events are cancelled, there are no shows at The Smith Center, and every business I know has gone virtual to the extent they can. As Gwen Stefani so eloquently put it, this shit is bananas. B-A-N-A-N-A-S.
We will continue to update this article with resources we’ve found for fellow small businesses and circulate via social media.
3/16/2020: Even if you believe the Coronavirus has been wildly overblown as a result of the 24-hour news cycle and the spread of misinformation via social media, the public’s reaction is what it is and small businesses especially are feeling the gut-punch. From event cancellations in the tradeshow and hospitality industry, to people refusing to go to Chinatown because, apparently, they believe consuming Asian cuisine somehow makes you more susceptible to illness, our clients are hurting. Badly.
We personally are continuing to go out, eat at restaurants, patronize small businesses, and stay informed. Here are some resources we’ve pulled together, vetted for credibility, and from as close to the horse’s mouth as we could find. Wash your hands. Don’t touch your face. And remember we’re all in this together.
From: Vannozzi, Michael <Michael.Vannozzi@mail.house.gov>
Sent: Friday, March 27, 2020 6:36 AM
Subject: FW: Small Business Guide to the CARES Act
Hello all – here’s a handy guide that the Small Business committee put together on the CARES Act (the stimulus bill we’ll pass this morning). Please feel free to share far and wide, and if our office can be of assistance to you or any of your members, please don’t hesitate to reach out!
Rep. Susie Lee (NV-03)
CARES Act aka Payroll Protection Act (must contact your own bank) – Breakdown by US Chamber of Commerce
These loans will be made directly by the SBA and won’t include a bank.
Small Businesses can get up to $2MM in loans with maturities up to 30 years
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
Interest rates will be 3.75%
The online application and all forms are available in the Disaster Loan Application Portal https://disasterloan.sba.gov/ela/
For program questions or assistance in completing the application online, businesses can contact SBA Customer Service Center at 1-800-659-2955 or the Nevada District Office at 702-388-6611.
Nevada Contact for SBA:
Joseph P. Amato
Nevada District Office
Nevada Department of Public Safety Press Release (includes list of essential and non-essential businesses)
Executive Order prohibiting residential and commercial evictions for the duration of the state of emergency.
Don’t forget to check with your own banker for resources they may have access to during this time.
Finally, from a CPA who’s been around the bend: make sure you retain all business records. “Around 18 months from now at both the State and Federal level they are going to go crazy with enforcement to try and pay for everything. There will be more IRS audits, more regulatory review and fines, and they will be mean and nasty. So tell your clients to be sure and safeguard their records for 2019, 2020 etc. In times of crises people tend to forget the compliance issues, if your business location closes do not throw away your bank records and receipts etc.”