GSSCC "Viral" Updates
Important Information Regarding Silver Spring's Recovery from COVID-19
Good Afternoon:

As the leading advocate for businesses in Silver Spring, and for those who care about Silver Spring's economy, the Chamber is committed to bringing you the information and resources you need to support your business through these challenging times.

Today, I'm writing to remind you of a number of programs that can provide financial support for your operations, and to let you know about some upcoming initiatives that the Chamber is advancing.

SBA Economic Injury Disaster Loans (EIDL) = Free Money

The U.S. Small Business Administration (SBA) reopened its EIDL program earlier this month. If you haven't already applied, you should consider this opportunity. It provides virtually FREE MONEY! The program has two components that you can access through one application.

  • The ADVANCE - $1,000 per employee. The "advance" is actually a GRANT. All businesses, including sole proprietors, are eligible.
  • The LOAN - It is a standard 30-year loan with a very low interest rate.

To get the ADVANCE/GRANT, you need to complete the LOAN application and check the box that asks whether you want the advance. But here's the good news: Accepting the advance/grant does not obligate you to take the loan. Even better news, we hear that members who apply are finding the grants in their bank accounts very quickly, sometimes the next day.

If you have any questions, don't hesitate to contact me.

Pay Check Protection Program closes June 30

Money is still available through this Federal program which you can access through your bank or other financial institution. Recent changes --including a longer time to spend the money, and that more can be used for non-payroll expenses -- make the program more attractive for some. But applications will no longer be accepted after June 30. Apply here .

Employee Retention Tax Credit Worth Considering

This is a tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. The refundable credit is applied against the employer portion of payroll taxes. Here's a helpful guide published by the U.S. Chamber. Note: This is available only to those employers who did not apply for a PPP.

Reopen Montgomery Grants Coming Soon

As our County began moving into the various reopening phases, GSSCC recognized that getting back to business for most of you brings additional costs to purchase the necessary personal protection equipment and cover other costs of complying with the State and County’s reopening requirements. That's why, in the past few weeks, we reached out to County leaders to suggest a program similar to the recent telework grant program.

This week, under the leadership of Councilmember Andrew Friedson, Council proposed a $14 million " Reopen Montgomery " grant program to help businesses with these kinds of costs. A public hearing on the proposal is scheduled for July 7, when Council returns from recess. We'll be there testifying in support of this initiative.

More Reopening Information

As part of GSSCC's effort to be your advocate to County government officials, especially as often confusing reopening guidance is issued, I volunteered to serve on two Montgomery County Economic Recovery Task Force Workgroups -- Small Business and Restaurants & Retail. The groups meet weekly, so I encourage you to reach out to me with your questions and concerns so that I can help you to be heard. Among things discussed this past week:

  • All businesses that reopen to the public or to bring staff back must follow the General Operating Requirements, found here, and print and display this document in a clear and visible location.

  • Office Space Requirements - There has been much confusion about what is required for offices to reopen to employees and clients. While the County still recommends telework when possible, we learned this week that the only requirements for offices to reopen are the "General Operating Requirements" (linked above). Many of you had questions about the long list of things include on the County web page for "Offices Spaces," linked here. Note that these are now recommendations, not requirements. Subsequent to our meeting, this was updated on the County site.

This is a point worth noting. When you look at the County's website to find reopening guidance for your business, make sure you read closely whether different items are requirements or recommendations .

And, of course, if you have questions of challenges with reopening, please reach out to me. I'm here to help.

Stay safe, stay strong, and please stay in touch.

Jane
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