RETOOL OR ADAPT YOUR MANUFACTURING PROCESS WITH DELTA TECHNOLOGY
If you are considering retooling or adapting your manufacturing process, Delta Technology stands ready to help. Delta Technology has a highly skilled team of engineers and technicians willing to do what it takes to help your company adapt. Additionally, they have fully functioning machine shops in both Arizona and Mexico to help with even the most demanding application retool. Learn more here.
PAYCHECK PROTECTION PROGRAM
Available through June 30, 2020, the Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. Read more or learn how to apply for this program.
ASSISTANCE FOR SMALL BUSINESSES: U.S. Department of the Treasury
The U.S. Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. Through the CARES Act, the Treasury Department is keeping American workers paid and employed, offering small business job retention loans, providing assistance with economic impact payments, tax rebates and credits, and expanded unemployment insurance. Learn more how the various programs can help stabilize your business.
6 TIPS TO HELP NON-FOR-PROFITS MANAGE CORONAVIRUS IMPACT
Repercussions from the COVID-19 virus affect almost every facet of your not-for-profit’s operations, from the delivery of your services to managing your workforce. Many cultural organizations and educational institutions must grapple with the public health safety measures that may have temporarily shuttered their operations. Visit here to to learn more from CBIZ, a firm that delivers top-level financial, benefits and insurance services to organizations of all sizes, as well as individual clients, by providing national-caliber expertise combined with highly personalized service delivered at the local level.
EVICTION PROTECTION FOR BUSINESSES TIMPACTED BY COVID-19
Arizona Gov. Doug Ducey announced new steps to help protect small businesses from eviction amid the coronavirus outbreak in the state. Banks are suspending evictions and foreclosures for at least 60 days under the agreement. That period could be extended under the state’s emergency declaration. Additionally, banks are working to deliver small business loans under the Paycheck Protection Program. The program will allow banks to loan up to $10 million to small business and sole proprietors who have been affected by coronavirus. Learn more here.
ELECTRIC UTILITY RELIEF PACKAGE
Governor Doug Ducey announced on March 26, 2020, a cooperative agreement with the state’s largest electric utilities to continue to provide reliable electricity to homes, hospitals, and businesses while making sure that Arizona residents facing financial difficulties will have choice, assistance, and reliable access to electricity. Under the agreement, Arizona Public Service (APS), Salt River Project (SRP), Tucson Electric Power (TEP) and six electric cooperatives have all agreed to a list of innovative solutions and services to protect customers during the COVID-19 pandemic. Read more about Gov. Ducey’s commitment to working with Arizona utilities to ensure customers remain safe and connected to power and water.
ARIZONA BUSINESS RESOURCES
Under Governor Doug Ducey’s leadership, the State of Arizona is prioritizing the health and safety of its residents. Businesses in the state are adhering closely to the latest guidance from the Centers for Disease Control and Prevention and the Arizona Department of Health Services. The Arizona Commerce Authority has gathered resources to support businesses and employees as they help combat the spread of COVID-19. This site will be updated regularly as new information becomes available. Contact the ACA COVID-19 Response Team at firstname.lastname@example.org. Visit here to find valuable resources: www.azcommerce.com/covid-1 9
CORONAVIRUS GUIDE FOR SMALL BUSINESSES
The coronavirus pandemic is affecting small businesses in a variety of ways. From loss of business to remote work, things are changing fast during the COVID-19 outbreak and businesses are being forced to adapt. Here are some of the best resources and information to help you navigate this challenging time: https://www.uschamber.com/co/small-business-coronavirus
STATEWIDE INITIATIVES TO HELP SMALL BUSINESSES
So far, the coronavirus has had a varying effect across different states and responses have also varied by state and even local government.
Since each state’s plan to assist small businesses varies, the best thing small business owners can do is check with their local governor’s office for the latest on state specific assistance, resources and updates. You can also check in with local small business organizations and agencies. Here is a list of state- and local-level small business resources to consult:
- List of local Chambers of Commerce listed by state: https://www.uschamber.com/co/chambers
- Local SBA office finder: https://www.sba.gov/local-assistance/find
- List of SCORE organizations by state: https://www.score.org/find-location
SCORE, a nonprofit organization, is dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship.
ASSISTANCE FROM BANKS AND CREDIT CARD COMPANIES
Citi, Capital One and Wells Fargo have all issued statements indicating that they are willing to work with customers that experience financial difficulties. Citi issued a statement that for 30 days, small business customers are eligible to have their monthly service fees waived.
Citi is also waiving the fees on early CD withdrawals. Wells Fargo donated $6.25 million in aid to help the public relief effort. The bank also encouraged customers that are experiencing financial hardship to contact customer service for assistance.
DISASTER ASSISTANCE LOANS FROM THE SBA
The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay. However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%.
The SBA’s Office of Disaster Assistance will coordinate with state governors that submit relief requests. Once a state or territory is approved, these affected businesses will receive more information. You can find a regularly updated list of states where disaster assistance is being offered HERE.
Even if your state is not yet offering disaster assistance you can begin to prepare to apply by looking over the information required. You can get that information HERE. For more info on how to apply for a disaster loan, visit https://disasterloan.sba.gov/ela/Information/ApplyOnline.
Please view the SBA Disaster Assistance Resources for Businesses in English and Spanish:
SBA Disaster Assistance_Resources for BusinessesPDF Download
Asistencia de Desastre de la SBA en Respuesta al CoronavirusPDF Download
For more information on Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19), please VISIT HERE or contact the SBA Disaster Assistance Division at 1-800-659-2955 (TTY: 1-800-877-8339) or email@example.com. Businesses can apply for the disaster loan online at the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/.
GRANTS AND OTHER ASSISTANCE FROM COMPANIES & ORGANIZATIONS
Facebook has launched a grant program for small businesses. A little financial support can go a long way, and now Facebook is offering $100M in cash grants and ad credits to help during this challenging time. To learn who’s eligible and how the program can help your business, visit https://www.facebook.com/business/boost/grant.
FEDERAL RESERVE SUPPORT FOR HOUSEHOLDS AND SMALL BUSINESSES
To support the credit needs of American households and businesses, the Federal Reserve Board announced on March 17, 2020, that it will establish a Primary Dealer Credit Facility (PDCF). The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and term funding with maturities up to 90 days and will be available on March 20, 2020. It will be in place for at least six months and may be extended as conditions warrant. Credit extended to primary dealers under this facility may be collateralized by a broad range of investment grade debt securities, including commercial paper and municipal bonds, and a broad range of equity securities. Learn more HERE.