Coronavirus Business Resources

 

In an effort to assist our business community during this Coronavirus season, we have compiled the following helpful information and resources. If you have a question or need assistance, please contact us at 817-837-1000 or Email. We're happy to help or connect you with the right resource.

Business Reopening Digital Resource Center:

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Workplace Safety Recommendations:

Steps to Navigate Business Impact:

 

For your business: Prepare for negative economic impacts. 

 

  • Capital: Businesses should prepare by exploring and testing their capital access options so they have what they need when they need it. Create, confirm, or expand your line of credit. Explore the Small Business Administration's capital access resources.

 

  • Staffing: Develop staffing plans for varying levels of customers and revenue (what does an 80% scenario plan look like?). The US Dept of Labor provides information on common issues employers and employees face when responding to public health emergencies, and their effects on wages and hours worked. Fair Labor Standards Act Q & A | Family and Medical Leave Act Q &A

 

  • Insurance: Now is the time to contact your insurance agent to review your policy to understand precisely what you are and are not covered for in the event of an extended incident.

 

  • Inventory and Supply Chain Shortfalls: While the possibility could be remote, it is a prudent preparedness measure to ensure you have either adequate supplies of inventory for a sustained period and/or diversify your distributor sources in the event one supplier cannot meet an order request.

 

For your customers: Make your place of business as hygienic as possible and communicate what you are doing to customers so they feel comfortable visiting. Promotional incentives might help during this time.

 

For your employees: Check, modify, and communicate HR policies regarding remote working, sick-leave, and compensation during health crisis. Try to ensure your policies are as flexible and non-punitive as possible. Sick employees and employees with sick family members should be encouraged to stay home. 

 

For your workflow: Cross-train employees for key functions so that daily schedules can continue relatively uninterrupted by potential employee absences. Where relevant, consider staggering start and end times to reduce large numbers of people coming together at the same time; and create and test remote employee collaboration systems (consider apps such as Slack, Zoom and Microsoft Teams).

 

For your cashflow: Communicate with your landlord (or tenants) and lenders about expectations and request flexibility (better to have that conversation now).

Financial Assistance for Businesses:

 

The federal government has provided several programs for seeking financial assistance during these unprecedented times. The US Chamber of Commerce has created checklists and guides to help businesses obtain these resources.

Emergency Loans Small Business Guide and Checklist

 

The U.S. Chamber's Coronavirus Emergency Loans Small Business Guide and Checklist is a comprehensive step-by-step tool to help small businesses, independent contractors, gig economy workers and other qualifying individuals prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

UPDATE: Congress recently approved an additional $310 billion in funding to restore the PPP Program.

Main Street Lending Program

 

As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act, the Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses.

Economic Injury Disaster Assistance Loan

 

The CARES Act expanded the Small Business Administration’s long-standing Economic Injury Disaster Loan (EIDL) program. The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. The program is applicable to small businesses and most small nonprofits (less than 500 employees), sole proprietors and independent contractors. The guide helps you check eligibility, understand loan parameters, and find out how to access $10,000 emergency grants. 

Employee Retention Tax Credit Guide


The CARES Act also created a new employee retention tax credit—that does not have size restrictions—for employers who are closed, partially closed, or experiencing significant revenue losses as a result of the coronavirus pandemic. The guide helps businesses check eligibility, calculate their credit, understand which employees count toward eligibility and more.

Temporary Paid Leave and Family Medical Leave Guide

 

The Families First Coronavirus Response Act created new temporary paid sick leave and paid Family and Medical Leave Act (FMLA) programs that are 100% reimbursable by the federal government. The effective date of both programs is April 1 and they expire on December 31, 2020. 
Both programs are in addition to any leave you already offer. The guide provides information on requirements, employee eligibility, paid leave calculations and exemptions.

How To Support Small Business: