Last week, the phase 3 stimulus bill, CARE act was signed into law. Below is a summary of the bill from the US Chamber of Commerce and a summary from the SBA. We may expect a fourth bill coming up in late April. No word on what it will contain. If you are experiencing economic injury, please consider completing an application (see below for more info on that). There is a lot of confusing information out there. I am relying on the following sources: the SBA, the Or Dept of Employment and BOLI, the US Dept of Labor and the US Chamber.
You can apply for assistance through the SBA disaster loan (i.e. EIDL – economic injury disaster loans). Per the latest COVID stimulus package, the loans may be forgivable. Please refer to the attached documents (Read the US Chamber Coronavirus Emergency Loans Small Business Guide and Checklist first) as it has instructions on what you need to provide and how to calculate your payroll expenses. Also, there are websites linked below for more information.
- For the application and information on the SBA EIDL program go here: https://covid19relief.sba.gov/#/
- If you have a loan with a bank currently or already have a relationship with a banker, call them and ask if they can assist you. I was told that banks should be available with funds by Friday.
- SBA Disaster Loan FAQ: https://disasterloan.sba.gov/ela/Home/Questions
If you have employees and are seeking how to manage paid leave, furloughs, workshare or other situations, please refer to these sites. You may be eligible for loan forgiveness if you are able to keep your staff on payroll by applying for Paycheck Protection (see the document: phase_3_bipart_summary_final) for information on that portion of the bill.
- Oregon Workshare: https://www.oregon.gov/employ/Unemployment/Pages/Work-Share-Program.aspx
- Oregon Dept of Employment: https://govstatus.egov.com/ORUnemployment_COVID19
- Oregon BOLI: information for employers and employees re sick leave: https://www.oregon.gov/BOLI/Pages/index.aspx
- US Dept of Labor, re paid family leave: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
CARES Act Small Business Adminstration summary (002)
COVID-19 OED Resources for Employers and Workers
U.S. Chamber of Commerce_Coronavirus Emergency Loans_Small Business Guide and Checklist