We will continue to update information on SBA Disaster Assistance that comes out. Please scroll through this page to see past updates on this subject. Most recent news will be at the top!
An Update as of 3/23/2020:
As you may have heard, lawmakers are working on a relief bill in response to COVID-19. We are watching news around this closely and will keep you up to date as we learn more. We expect to know more early this week. With all the changes taking place and information out there, we are working on gathering and understanding the facts and getting them to you timely. ATLAS will continue to be your trusted partner, your advisor and your advocate during these unprecedented times.
Here is what we know at this time for business owners and employers:
- Small Businesses Impacted by COVID-19 can seek individual small business loans up to $2 Million.
- Eligibility information for Colorado found here.
- Eligibility information for Arizona found here. (these are by state as an example, but each state will have their own eligibility information)
- Apply here.
Emergency Paid Sick Leave Act (In effect April 2, 2020):
- All employees of employers with fewer than 500 employees, regardless of the length of their tenure, are eligible for paid sick leave.
- Information found here.
- Actual bill found here.
Emergency Family and Medical Leave (In effect April 2, 2020):
- All employees of employers with fewer than 500 employees, who have worked with an employer for at least 30 days, are eligible.
- Information found here.
- Actual bill found here.
Employee Work Share Program
- Alternative to laying off your employees, this allows you to let your employees keep working, but with fewer hours.
- Information found here. (this link is specific to Colorado, for an example, but each state will have their own information regarding this program)
As an additional note, we did learn this update on travel:
The State Department has set up a website to stay informed on what flights are cancelled and additional information on travel. See the link and contact information below.
Smart Traveler Enrollment Program: 1-888-407-4747
We will continue to send updates and news as this is a fluid situation. If you have any questions or concerns, please do not hesitate to contact your ATLAS office.
AN UPDATE AS OF 3/19/2020 for AZ Small Businesses:
As a follow up to information we recently sent about disaster assistance, there is a recent update for AZ small businesses. AZ Governor Ducey has approved the Small Business Administration Disaster Loan for Arizona businesses affected by COVID-19. Individual businesses can be eligible for up to $2 million through the program. See information from the Small Business Administration below.
Additional information can be found here.
Click the link below to read the full letter from Governor Ducey.
Small Business Administration Loan
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED:
1. Loan application (SBA Form 5), completed and signed (this is electronic/online in the portal)
2. Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
3. Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
4. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
5. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)
One note: Now is a great time to contact your insurance advisor to discuss your coverage and policies you have in place. It is always better to be up to date and aware!
We are all in this together! Wishing you health and positivity.
Onward. Upward. Beyond,
Your ATLAS Team
We will continue to post updates and new information on COVID-19 on our blog, through email and on our social media sites as we learn more. Please do not hesitate to give your ATLAS office a call with questions or concerns.
The coronavirus pandemic has prompted public health agencies to establish protections for individuals against the illness, but we also have agencies focused on protections for small businesses.
If you own, operate or provide managerial functions for a small business, please be aware of provisions announced Friday (3/13/2020) by the Small Business Administration.
Most specifically, the SBA plans to make low-interest (3.75%) disaster recovery loans available to any small business enterprise that has experienced a severe impact from the pandemic. The loans of up to $2 million are designed to cover payroll, inventory, fixed debts or other expenses.
The SBA has a dedicated web page set up with information:
This webpage has a list of areas that already qualify for assistance. We expect additional areas to be added to this list. Please watch this page for updates and we will continue to send updates as often as possible. You can also call your local ATLAS office if you have questions or need guidance.