What about my shop employees?

What about my shop employees?

Ensuring the survival of your business as well as supporting the livelihood of your employees is complicated.

Signed into law on March 18, the Families First Coronavirus Response Act (FFCRA) is designed to provide assistance to covered employees and households with eligible children affected by COVID-19. This affects small businesses in two key ways:

  • Paid sick and family leave. The law requires all private businesses with fewer than 500 employees to provide emergency paid sick or family leave for employees affected by the coronavirus outbreak.
  • Employer tax credits. The law provides employers with fewer than 500 employees with refundable payroll tax credits to cover the cost of providing the paid sick leave and the paid FMLA leave to their employees. Specifically, the law states that:
        • Employers will receive 100% tax credit against their payroll tax liability up to the capped amount of benefits they must pay.
        • Health insurance costs are also included in the credit.
        • Self-employed individuals receive an equivalent credit.If an employer is owed more than the capped amount and a refund is owed, the IRS will send the refund as quickly as possible.
        • Reimbursement will be quick and easy to obtain.

For the full text, visit Congress.gov here. For more info on the mandatory emergency paid sick leave, see this detailed guide provided by the U.S. Department of Labor.

More information on filing for unemployment assistance can be found at the U.S. Department of Labor, though you or your employees will need to file through your state’s unemployment program.

What about my customers? Tools for outreach during the outbreak.

What about my customers? Tools for outreach during the outbreak.

Another crucial aspect of the outbreak is keeping your clientele in the loop. Here are some features that will help keep the communication channels between you + your customers strong.

The U.S. Chambers of Commerce released a Coronavrius Response Toolkit – which, we know sounds stuffy, but it’s actually full of great resources including…

    • Spread prevention techniques for businesses
    • Ready-made social media graphics
    • Business preparedness checklists, etc. 

Click here for a customizable flyer to alert your community to the outbreak.

 

UPDATED: Don’t qualify for formal aid? Alternative funding is also available.

UPDATED: Don’t qualify for formal aid? Alternative funding is also available.

Perhaps, your business isn’t a fit for federal or state funding, don’t worry – there are alternative avenues.

FACEBOOK

The social media company is offering $100 million in cash grants and ad credits to help struggling businesses during the outbreak. For more info, click here.

VERIZON

Verizon has launched a Small Business Recovery Fund, which is a direct grant program – round one has closed, but round two will open shortly.

 

 

Who is eligible?

 

      • Grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.

What can it be used for?

 

 

    • Paying rent and utilities
    • Meeting payroll
    • Paying outstanding debts to vendors

 

Click here for more info. 

 

GOOGLE

In the wake of the outbreak, Google has unveiled a $340 million grant program to help small businesses.

    • $340 million in credits for Google Ads that can be used during 2020 across any of Google’s advertising platforms, “to alleviate some of the cost of staying in touch with their customers.”

There’s no signup or application process. Instead, credits will automatically be added to active Google Ads accounts.

WEFUNDER

Launching their own Disaster Loan Program, they’re offering payments ($20K to $1 million) deferred until 2021.

For more info, visit their website here.

 

LIFT FUND

For financial consultation, you can chat with Lift Fund experts here.

 

 

Find out here if local banks in your area are taking steps to help during COVID-19.

For WHO resources, click here.

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The SBA also has a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hoursCheck it out here

 

We will update this post as more opportunities present themselves.