Where Business Meets Opportunity
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Central Vermont
Chamber of Commerce
BusinessWise eNews
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Greetings!
Thank you
for visiting, staying, working and being a part of the solution to growing prosperity and commerce in Central Vermont.
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Weathering COVID-19 Impact
As the healthcare industry works to battle the illnesses caused by COVID-19, your Chamber of Commerce is working to battle the economic impact it is having on businesses.
There's a lot of information out there and new resources for businesses are being provided everyday. We will do our best to keep you informed and help your business weather this storm. New information is updated on our website's
COVID-19 Resource page.
These are unprecedented and challenging times for everyone. Please remember that we are here for you and encourage your collaboration on this effort because together we are stronger. #CentralVTStrong!
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Details on New Legislation
SBA ECONOMIC INJURY DISASTER LOAN &
EMERGENCY GRANT (EIDL)
Overview
The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19. To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.
Eligibility
In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:
- Business entities with 500 or fewer employees:
- Sole proprietorships, with or without employees
- Independent contractors
- Cooperatives and employee owned businesses
- Tribal small businesses
- Private non-profits of any size.
Additionally, you must have been in business as of January 31, 2020. Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020.
How to Apply
- You can apply for an EIDL online with the SBA.
- When you apply, you can request an emergency grant up to $10,000.
- You will not have to repay the grant, even if your application for a loan is denied.
- You can visit an SBA resource partner who can help guide you through the loan application process. You can find your nearest Small Business Administration (SBA) here.
Can I apply for other SBA loan programs?
If you apply for an EIDL and the grant, you can still apply for a Paycheck Protection loan. However the amount forgiven under a Paycheck Protection loan will be decreased by the EIDL grant awarded.
More Information
For more information about SBA loan programs, please visit the
Small Business Administration
. More information about small business programs in the CARES Act can be found on the U.S. Senate Committee on Small Business and Entrepreneurship
website
.
SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
Overview
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
How the Program Works
Paycheck Protection loans will come from private banks. Currently, the SBA guarantees small business loans that are given out by a network of more than 800 lenders across the U.S. The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June and expands the network beyond SBA so that more banks, credit unions and lenders can issue those loans. The basic purpose is to incentivize small businesses to not lay off workers and to rehire laid-off workers that lost jobs due to COVID-19 disruptions.
Loan Amount
The maximum loan amount under the Paycheck Protection Act is $10 million, with an interest rate no higher than 4%. No personal guarantee or collateral is required for the loan. The lenders are expected to defer fees, principal and interest for no less than six months and no more than one year.
Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. Banks are still getting the program up and running so check with your local bank to see if they have the program in place. Banks that are already approved SBA lenders may be quicker to get the loan program in place. The Treasury Department has released more details on the loans
here
. You can also see the loan application
here
. You will apply for the loan at your bank.
A list of participating lenders as well as additional information and full terms can be found at
www.sba.gov
.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit
www.sba.gov
or
www.coronavirus.gov
for more information.
Can a business get both an EIDL and a Paycheck Protection Program loan?
Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.
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How Can We Help??
In order to better assist you during this difficult time, we need to know what your specific business is doing, how you are dealing with everything, and what we can do to help. Please fill out
this survey by clicking here
to provide us with the guidance we need to better serve you and your business at this time. Staff is also calling on businesses to get input. We appreciate you taking the time to provide us with this valuable information.
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Families First Coronavirus Response Act:
Employer Paid Leave Requirements
The
Families First Coronavirus Response Act
(FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.
[1]
The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.
Click here
for detailed information on the FFCRA and how it effects your business.
Have ideas or questions regarding FFCRA?
Click here
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This issue of BusinessWise is gladly sponsored by:
Your ad or logo here
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VFW Post 792
Mike Choquette
1 Pioneer St.
Montpelier, VT 05602
802-229-9028
The Veterans of Foreign Wars of the U.S. is a nonprofit veterans service organization comprised of combat veterans and eligible military service members from the active, Guard and Reserve forces. Founded in 1899 and chartered by Congress in 1936, the VFW is the nation's largest organization of war veterans and its oldest major veterans organization. With nearly 1.9 million VFW and Auxiliary members located in more than 6,800 Posts worldwide, “NO ONE DOES MORE FOR VETERANS.” The VFW and its Auxiliaries are dedicated to veterans’ service, legislative advocacy, and military and community service programs worldwide.
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Martha Sanborn
114 N. Main St.
Barre, VT 05641
802-476-4413
We operate a clothing consignment shop providing store credit and free clothing to low income and poor women and children. We serve many individuals in central Vermont as well as the local high school, a homeless shelter & a battered women's shelter.
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MEMBER NEWS & ANNOUNCEMENTS
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WNOC-RRCC
(Washington and Northern Orange Counties Regional Response Command Center)
WNOC-RRCC (Washington and Northern Orange Counties Regional Response Command Center) is a unified community response of local social service organizations from THRIVE, Central Vermont’s Accountable Community for Health group.
First formed in 2017, THRIVE has been in continuous pursuit of establishing partnerships, building relationships, and pooling resources to address community needs around social isolation, transportation, and homelessness. As a result, WNOC-RRCC was formed as an extension of THRIVE to utilize the power of the collaborative to assist and maximize the response of state and local efforts.
Our mission is to address the needs of the most vulnerable, reduce the medical surge and flatten the curve, and to support and be an ally to state and local efforts.
Our region of focus mirrors Central Vermont Medical Center’s service area which, includes Washington County & the Northeast region of Orange County, including the communities of Brookfield, Orange, Washington, and Williamstown.
We are seeking cloth face coverings/masks!
300 cloth face coverings/masks are needed immediately. We are collecting cloth face coverings on behalf of Central Vermont Home, Health, and Hospice, the Good Samaritan Haven, Central Vermont Medical Center, and for our volunteers.
The following is a CDC link on how to properly make a cloth face-cover:
Donations may be drop off at Capstone Community Action located at 20 Gable Place, Barre. Open weekdays between 7:30 AM and 5:00 PM. Please ring the bell at the marked garage door.
For more information on what WNOC-RRCC is doing, how they can help you and how you can help them and our communities, read their
newsletter here
.
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Norwich University COVID-19 Experts
Norwich University faculty members are available to discuss the COVID-19 pandemic and related issues on these topics:
- Historical background on politics, political response to the pandemic and global human rights: Rowland Brucken
- Drug repurposing, using data science and predictive modeling to identify drugs that can treat certain COVID-19 symptoms: Ahmed Abdeen Hamed
- Environmental engineering and critical infrastructure, water and waste water systems, building sustainable communities: Tara Kulkarni
- Cybersecurity, working from home securely and cybersecurity related scams: George Silowash
- International relations and how other nation states are responding to the pandemic: Lasha Tchantouridzé
- Health and safety, nursing issues, workforce planning and needs, public health efforts, requests to Congress and the CARES Act: Paulette Thabault
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Thank you so much for supporting our business during this pandemic.
The required and responsible social distancing has created an economic upset for many of us in the food service and hospitality industries.
Your weekly orders are helping us to stay in touch with our business, as we navigate the devastating losses of catering, lodging and event cancellations that have occurred, along with the new restrictions mandated by the CDC and our governor.
We are grateful for loyal, supportive customers like
you, and we will continue, as long as we are permitted, to provide lovingly prepared meals for you and your families.
There are many families, however, who are struggling to provide for their own.
In response to this crisis, we decided to use the proceeds from our first week of prepared meals sales to donate 60, individually-packaged and labeled, servings of a baked pasta dish to CERV, the local food pantry in Northfield.
CERV opened at 9am, this past Saturday, and by 12pm all of our donated meals had been handed out.
We had no idea what an impact this donation would have, and how helpful it would be!
Based on this, we are now planning to continue it weekly, for as long as we are allowed and able to.
If you are looking for a way to help others in this time of crisis, please consider contributing to this much needed service.
To facilitate this, we have created a donation option, called “Feed a Friend”.
Every contribution will go toward the packaging and ingredients for the donated meals.
You do not have to place a food order to make this contribution, and your donation will be strictly used to help us continue to provide meals to our neighbors.
If you’d like to help, click the button below.
This week we will be making 80 +/- servings of Mac ‘n Cheese.
It’s our understanding that over 40 families, with an average of 4 members, accessed the Northfield CERV food shelf last weekend, so we are trying to bump up production.
Please share this with anyone who might be interested in helping others in Northfield and the surrounding area.
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Members
,
please send us the link to employment opportunities at your business and we will post it to our growing online list!
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As an essential food manufacturer, Vermont Creamery is increasing it's workforce during this time.
Click here
for more information on available positions and how to apply.
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rbTechnologies is Hiring
rbTechnologies is looking for another Network Engineer to join their great team as the business continues to grow.
Click here
for more information on rbTechnologies, the available position and to apply.
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This issue of BusinessWise is gladly sponsored by:
Your ad or logo here
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Ribbon Cuttings
Know of an upcoming ribbon cutting for a grand opening or re-opening in Central VT? Let us know as we can provide the ribbon, the giant scissors, promotions, photography and people to attend!
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This issue of BusinessWise is gladly sponsored by:
Your ad or logo here
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Get Your News Out There!
If you have an upcoming event, product promotion, or congratulations you would like to share, please send your press releases to The Chamber at
[email protected]
so we can update others on news and happenings with your business.
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Show Your Chamber Pride!
When you advertise your business in the local media, be sure to include that you are a proud member of the Central Vermont Chamber of Commerce!
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Thank you,
Central Vermont Chamber
802-229-5711
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