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Preparing your Small Business and Employees for the effects of COVID-19
Small Business Administration (SBA) Assistance
The SBA’s working goal is to avoid having any businesses fail as a result of the slowdown caused by COVID-19. The Economic Injury Disaster Loan Program (EIDL) is a longstanding program administered by the SBA, and has been leveraged by businesses harmed by natural disasters in the past. These loans are provided directly from the agency. An SBA administrator will issue an EIDL declaration under the Small Business Act, upon certification from a state governor, in the event that at least five small businesses have suffered substantial economic injury as a result of a disaster. All states have already begun this process (with many having finished it already).
This week, in addition to the SBA’s Economic Injury Disaster Loan Program, there have been two additional programs announced to help small business owners. The Express Bridge Loan Program and an assistance program by the USDA.
A downloadable version of the ACA’s COVID-19 Arizona Business Resources Guide, highlighting information on funding opportunities, workforce assistance, manufacturing support and more is now available
U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET – ECONOMIC INJURY DISASTER LOANS
There are many financial relief programs available for Arizona small businesses with less than 50 employees launched this week.
The BBB Pacific Southwest’s microgrant program offers $500 to $1,000 to recipients https://www.bbb.org/pacific-southwest/main-st.-matters/
Additionally, the Federal Reserve announced it will expand the scope and eligibility for the Main Street Lending Program. This includes creating a third loan option, lowering the minimum loan size and expanding the pool of businesses eligible to borrow
“Welcome Back to the Table: Restaurant Guidance on Reopening Dining Room Operations.”
Restaurants choosing to reopen will need to implement protocols and best practices for guarding against the spread of the Coranavirus. To assist restaurants in this process, the Arizona Restaurant Association has developed this document contains the guidance from the Centers for Disease Control (CDC), Arizona Department of Health Services (ADHS) as part of the Governor’s order, as well as a series of best practices. https://azrestaurant.org/wp-content/uploads/2020/05/Welcome-Back-to-the-Table-Reopening-Guidance-Final-5.4.2020.pdf