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Thursday, April 2, 2020
Chamber Member,

We will be sending you important updates twice a week for the immediate future with resources and links for businesses that are being affected by the COVID-19 crisis. Our goal is to provide you the most current information and helpful resources from the US Chamber of Commerce, Small Business Administration (SBA) and other government agencies. Below you will find updated information on the Small Business Paycheck Protection Program, Economic Injury Disaster Loans, Employee Retention Tax Credit, and more. From the links below, you can open, print or download these informative PDF reference guides for your use or to share with other business owners.

On behalf of our Board of Directors, Staff and the Amarillo business community we want to thank you for your continued support of the Amarillo Chamber of Commerce over the past year. We look forward to serving you now and in the future, and please let us know what we can do to help your business through this trying time.

Gary Molberg
President & CEO
Amarillo Chamber of Commerce
806.373.7800
806.342.2001 direct
SMALL BUSINESS PAYCHECK PROTECTION PROGRAM 

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.
 
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. 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. 
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET


BORROWERS

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for
non-payroll costs.

Loan payments will be deferred for 6 months.

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Where can I apply? You can apply through any existing SBA 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. Visit www.sba.gov for a list of SBA lenders.

Who can apply? All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries ( Click Here for additional detail).

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries ( Click Here for NAICS code 72 to confirm); or (2) that are franchises in the SBA’s Franchise Directory ( Click Here to check); or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

What do I need to apply? You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020. Click Here for the application.

What other documents will I need to include in my application? You will need to provide your lender with payroll documentation.

Do I need to first look for other funds before applying to this program? No. We are waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources (i.e., we are waiving the Credit Elsewhere requirement).

How long will this program last? Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program? Only one.

What can I use these loans for? You should use the proceeds from these loans on your:
  • Payroll costs, including benefits;
  • Interest on mortgage obligations, incurred before February 15, 2020;
  • Rent, under lease agreements in force before February 15, 2020; and
  • Utilities, for which service began before February 15, 2020.

What counts as payroll costs? Payroll costs include:
  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

How large can my loan be? Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven? You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How can I request loan forgiveness? You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

What is my interest rate? 0.50% fixed rate.

When do I need to start paying interest on my loan? All payments are deferred for 6 months; however, interest will continue to accrue over this period.

When is my loan due? In 2 years.

Can I pay my loan earlier than 2 years? Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans? No. No collateral is required.

Do I need to personally guarantee this loan? No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***

What do I need to certify? As part of your application, you need to certify in good faith that:

  • Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
  • You have not and will not receive another loan under this program.
  • You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan.
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law. 
  • You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.
Senator Cornyn has been working to provide economic relief for hotels and restaurants in Texas that have been drastically impacted by the COVID-19 pandemic. After hearing from his constituents across Texas, Sen. Cornyn has successfully delivered multiple legislative solutions to allow Texas’ hospitality and restaurant industries to better retain their workforce and be in a position to bounce back following this period of uncertainty. Click the button below for more information on the Coronavirus Aid, Relief, and Economic Security (CARES) Act and information from Senator Cornyn.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The administration has released initial guidelines; they are available at www.treasury.gov. The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan.

Small businesses and sole proprietors can begin applying on April 3. Independent contractors and self-employed individuals can apply beginning on April 10. Click here or the graphic above to view, download or print the emergency Loans Small Business Guide & Checklist.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. Click here or the graphic above to view, download or print the Economic Injury Disaster Loans guide.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. Click here or the graphic above to view, download or print the Employee Retention Tax Credit Guide.
 Employers Facing Paid Leave and Compensation Issues

You are invited to a Littler Webinar from Texas Association of Business : Practical Advice for Employers Facing Paid Leave and Compensation Issues During the COVID-19 Pandemic.

The COVID-19 pandemic has significantly impacted today's workforce, creating numerous issues that must be quickly addressed by employers. Circumstances and legal guidance change on at least a daily basis, making it difficult for employers to stay abreast of the issues and maintain legal compliance. This webinar will assist employers in identifying key areas of concern related to paid leave and compensation, provide an update on the most recent legal obligations, and offer strategies for managing a workforce during the pandemic.  Click here or the blue button below to register.
Click here to see a list of restaurants providing curbside takeaway, delivery, and drive thru options in Amarillo. This page has multiple sources for restaurant lists from Facebook groups, the Panhandle Restaurant Association, other websites, and the Convention & Visitor Council's list that our office maintains.

If you have a food service business that offers delivery, curbside or carryout options, please email Braley@visitamarillo.com if you are not already on the list and would like to be included for free.
We encourage you to take a  brief survey  about how COVID-19 is affecting your business.
The Chamber has compiled a list of links to helpful resources on our Chamber website. From our homepage, simply click the Learn More button under the COVID-19 Resources section or go directly to the page at https://www.amarillo-chamber.org/covid-19-info--resources.html.

Not only is this site updated daily with the City of Amarillo's daily report card, but we are regularly adding new links from local, state and national sources. We've highlighted some key resources further down.
Find the above links and more on our COVID-19 Resource page .
Chamber & Convention & Visitor Council Staff
President/CEO
 
 Executive VP Governmental Affairs
 
VP of Membership & Business Development
 
Senior Director of Communications
 
Membership Director

Database Administrator
 
Business Development Coordinator
 
Director of First Impressions
CVC Deputy Director
 
CVC Executive Assistant
 
CVC Director of Convention Services
 
CVC Director of Brand Management
 
CVC Tourism Coordinator
 
CVC Senior Sales Manager
 
CVC Sales Manager
 
CVC Administrative Assistant
See our Staff Directory with photos, direct phone numbers and more on our Contact Us page of the website.
2019-20 Chamber Board of Directors
EXECUTIVE COMMITTEE


Dusty Doyle - Chair
Casey Carpet One Floor & Home
Chris Reed - Chair-Elect
Reed Beverage

John Luciano - Finance Chair
Street Volkswagen

Michelle Reichert - Past Chair
CNS Pantex
Gary Molberg - President & CEO
Amarillo Chamber of Commerce
Brandy Sanchez - Membership Chair
KAMR/KCIT/KCPN-TV
Wes Wright - Business Chair
Wright Law TX, PLLC
 
Bob Murray - Governmental Affairs Chair
AimBank
Leon Church - Agriculture Chair
Potter County Commission

Stephanie Price - Quality of Life Chair
Panhandle-Plains Historical Museum

Angela Knapp Eggers - Convention & Visitor Chair
Laura W. Bush Institute for Women’s Health

Ginger Nelson - Mayor
City of Amarillo


DIRECTORS

Tyler Andrews, Andrews & Associates / cat.man.du
Blaine Baker, Denton & Baker Agency
David Bishop, Amarillo ISD
Lew Bradshaw, Pat Davis Properties
Lloyd Brown, Amarillo EDC
Kevin Carter, Amarillo EDC
Ryan Chandler, Northwest Texas Healthcare
Richard Constancio, Shiver-Megert & Associates
Joe Graham, Graham Brothers Jewelers
Jason Henderson, Bell
Mark Hodges, FirstCapital Bank of Texas
Julie Imke, WTAMU Amarillo Center
Charles Leard, M&R Liquor
Trent Morris, Workforce Solutions Panhandle
Ed Nichols, Brown, Graham & Company, P.C.
Joseph Peterson, Edward Jones
Aaron Sage, Sage Oil Vac
Doug Street, Affiliated Foods
Wendi Swope, Double U Marketing
Ronnie Walker, Xcel Energy
Peter Warrick, Atmos Energy
Mikel Williamson, Happy State Bank
Lance Wolff, Insurica DFB


Learn more about our Board of Directors
on our website

The Chamber cannot guarantee your success or your profitability, but it can guarantee the right business climate for you to succeed.   

                                                    –  Author Unknown
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