March 31 from ACCD: Important
Posted by MXVT Carla Wuthrich on March 31, 2020 3:25 PM EDT
ACCD guidelines to assist suppliers with becoming engaged
COVID-19 GUIDANCE FOR VERMONT BUSINESSES
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If you have questions about whether your business meet the definition of “critical to public health and safety, as well as economic and national security” as per Governor Scott's Executive Order, please review our Stay Home, Stay Safe FAQs and Sector Specific Guidance.
For public health information, visit: healthvermont.gov/covid19
Employees with COVID-19 related concerns in the workplace can contact the Vermont Occupational Safety and Health Administration (VOSHA). Employees can submit a safety complaint form on VOSHA's website, or call toll free at 1-800-287-2765.
To stay informed when new information becomes available, please sign-up for our COVID-19 Economic and Community Response Newsletter.
Financial Assistance for Small Businesses
On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to assist business owners with immediate financial needs.
The Small Business Owners Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. A comprehensive list of Frequently Asked Questions is also now available. The guide is organized in Question and Answer format to help businesses find the resources that might be most helpful including:
- Payment Protection Program (PPP) Loans to provide cash-flow assistance to employers who maintain their payroll during this emergency.
- Small Business Debt Relief Program for immediate relief to small businesses with existing non-disaster SBA loans, in particular 7(a), 504, and microloans. The SBA also recently announced automatic deferments for borrowers still paying back SBA loans from previous disasters.
- Economic Injury Disaster Loans and Emergency Economic Injury Grants to provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).
More on SBA Economic Injury Disaster Loans
The Small Business Administration has approved Governor Scott’s request for a disaster declaration. Disaster assistance is available to businesses and non-profit organizations in all Vermont counties.
SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations, which are also eligible for EIDLs. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay, up to a maximum of 30 years. Small businesses with credit available elsewhere may not be eligible.
To apply online, visit https://covid19relief.sba.gov/#/. Documents that may be requested when applying include recent federal tax return, profit-and-loss statement and balance sheet. For more information, call the SBA disaster assistance customer service center at 1-800-659-2955 or e-mail email@example.com. For local SBA information, call 802-828-4422.
IRS Payroll Tax Credits
Payroll Tax Credits, designed to immediately and fully reimburse small and midsize employers, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees, have also been announced by the IRS. Additional guidance, including how to claim the credits in advance, is being prepared and will post to the IRS Coronavirus Tax Relief page as soon as it is available.
ACCD encourages businesses to seek professional business counseling and technical assistance before taking on additional debt and to help navigate the various programs and resources available. Vermont has a robust business technical assistance provider network, including the Vermont Small Business Development Center (VtSBDC). Click here to learn more and to request assistance from VtSBDC’s team of advisors.
In the wake of Tropical Storm Irene, the VtSBDC created a Disaster Recovery Guide for Businesses, available on their website. This document may also help you begin your recovery. More resources and technical assistance providers can be found in the Business and Economic Resources section.
CDC Interim Guidance for Businesses and Employers
For the full list of employer and business guidelines from the U.S. Centers for Disease Control (CDC), please visit: https://www.cdc.gov/coronavirus/2019-ncov/specific-groups/guidance-business-response.html