The COVID-19 crisis is creating hard-hitting fiscal challenges that require quick, yet smart action. The U.S. Chamber of Commerce and the U.S. Small Business Administration are offering options. The U.S. Government has expanded the definition of "disaster" so that help can be accessed by those affected by COVID-19. The following information is from two very credible sources. Please read and take action now. We will continue to provide topical e-blasts every few days as the COVID-19 crisis continues to wreak havoc. Stay safe, stay informed and know that we are here to help!
65% of businesses have NO financial disaster plan in place. With the rapid onset of COVID-19 and the already devastating impact on business, it is crucial that you take action as quickly as possible.There are options, you need to do the work to apply.
First, enact legislation cancelling the payment of all payroll taxes typically paid by employers for the months of March, April, and May.
Second, enact legislation expanding and streamlining loan programs for small businesses with fewer than 500 employees experiencing revenue loss as a result of the Coronavirus.
Third, enact legislation enabling the creation of credit facilities to provide loans and loan guarantees to employers with more than 500 employees experiencing significant revenue loss as a result of the Coronavirus.