Monthly news & updates
March 2020
SBA Offers Low-Interest Economic Injury Disaster Loans
The U.S. Small Business Administration is offering designated states (California is a designated state) and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

To download AmPac's Cheat Sheet with quick information regarding SBA disaster loans, CLICK HERE ! All of these resources are also summarized on the AmPac website .
Looking for Good Out of COVID-19
Personal Reflections from Hilda Kennedy

With the billions of social media posts, the news bulletins and countless conversations of panic, I decided I would look for the good:

  • My young adult children are home, and we can turn off devices and play games like they did when they were children. I am planning a family room picnic--either ordering from a local restaurant to help a small business or cooking a healthy meal together. I have asked my son to plan our family workout schedule both in-house circuits and outside on the walking trail.
  • Excited to see the innovation of entrepreneurs and their resilience. These are the people that we serve--the backbone of our communities and our country---the small businesses. I loved the article I read where in Rock Stream, NY, the local winery began to make hand sanitizer from wine. Using his chemistry background, he used ninety percent ethyl alcohol, and then mixed it with aloe and tea tree oil.
  • Because the local gyms are closed, I am seeing neighbors I have not seen in years, outside walking and couples walking together. We may have to social distance, but we can still be social with a wave, or blowing a kiss across the walking trail or a wide smile that says, "I am so happy to see you." Personal trainers have a great opportunity for one-on-one or one-on-five outdoor training sessions.
  • Since we are saving on time to drive, my CEO group will have some Zoom meetings to share our best practices and to encourage each other through these unusual times.
  • Neighbors are helping neighbors. My friend shared that her neighbors came by to see if she had enough water and food because her husband is out of town. A deacon at my church called to check on me before going home after being out checking on the sick and elderly to make sure they had all of the groceries they needed.
  • And let me not forget the incredible commitment and passion that comes out of our employees and the support we have for one another. I got a late night text from one of our employees that brought utter joy to my heart. The employee wrote, "Hi Hilda, sorry for the late text. I know we are in unchartered waters and you must be so overwhelmed with thoughts and worries about your family and your business...If for a second you're even doubting yourself, know your team supports all of your decisions. Thank you for being you."

A pandemic brings tough news and thoughts of fear and panic, but I encourage all of us to journal the good and be a contributor to positivity. I treasure the biblical truth recorded in Romans 8:28 at times like these.
Family-Owned, Woman-Led Automotive Business Obtains SBA 504 Loan to Buy Out Partner
Tax Filing Deadline Extended
The IRS is extending the federal income tax filing deadline to July 15 as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced today. The move gives Americans three months more than they normally would have to file their income tax returns for the 2019 tax year, without incurring interest or penalties. Previously, the Treasury Secretary had pushed the tax payment requirement to July 15 with no penalties or interest. Now the tax filing requirement has also been pushed to July 15 as well with no penalties and interest.