Coronavirus Update
To our Valued Customers:
 
In such a short time, COVID-19 has changed nearly every part of our lives; the way we live, work, play, and socialize. Social distancing has physically kept people apart, but there is evidence everywhere of how this pandemic has brought people, families and friends closer together. We must not lose sight of the silver linings.
 
We feel this daily at S. G. Torrice! We're committed to using this time to improve and increase our capabilities, focus on our customers' needs and provide them with outstanding service with a positive attitude. Our customers are more than essential - they're critical to the health and safety of our communities. Yes, we are all in this together, and when this is over, we'll be stronger!
 
Our national leaders have responded to the COVID-19 pandemic with two acts that likely impact your business. As your distributor partner, we want to provide you with some resources to help you sort through the information. Please consult with financial or legal counsel as to what, if any, benefits you are eligible to apply for.
 
CARES Act (Coronavirus Aid, Relief and Economic Security Act)

The main features of the CARES Act for small businesses are loan programs and emergency grants for companies with 500 or fewer employees. There are also changes to rules for expenses and deductions meant to make it easier for companies to keep employees on the payroll and stay open in the near-term. The programs included are as follows: 
  • Paycheck Protection Program (PPP)
  • Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL)
  • SBA EIDL Emergency Grants
Here's a  comparison guide of the programs.
 
What you can do:
  • Funding will flow through the SBA. Find out if your bank is an SBA 7(a) approved lender or visit www.sba.gov for a list of SBA lenders.
  • You may also find assistance with SCORE, a non-profit organization and resource partner of the U. S. Small Business Administration.

 
FFCRA (Family First Coronavirus Response Act)

FFCRA helps combat the workplace effects of COVID-19 by reimbursing private employers that have fewer than 500 employees with tax credits for the cost of providing employees with paid leave taken for specified reasons related to COVID-19. The law enables employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.
  • Effective April 1, 2020 through December 31, 2020
  • There are some differences and possible exemptions for businesses with fewer than 50 employees
  • More information can be found here.
What businesses MUST do:
 
The U.S. Chamber of Commerce has a  continuously updated guide   to help small businesses through this crisis. We've found it to be a good resource. If there's anything our team can do to help you during this time, please don't hesitate to reach out.

Stay safe and healthy!

Sincerely,

Matt Bedard
CEO
617-592-5069
mbedard@sgtorrice.com