The outbreak of novel coronavirus (COVID-19) has touched all aspects of the local economy, especially our family business community, which is adjusting at an unprecedented pace to continue serving clients while also protecting staff.
Much is uncertain, and we know you have many questions about how your business will navigate this difficult time. That’s why we created this page, which includes some helpful links and resources from our partners and other official sources about tips and resources you can use to put your business in the best position to weather the storm.
First and foremost, taking care of yourself as a family business leader can help you remain healthy and capable of making decisions in the best interest of your family business. You can read more about leading your family business during crisis in a post from our friends at The Family Business Consulting Group, and consult the CDC’s latest guidelines for staying healthy.
In this post, find resources applicable to your family business about:
- CARES ACT
- SBA RESOURCES
- HR RESOURCES
- LEGAL RESOURCES
- ACCOUNTING RESOURCES
The CARES Act passed by Congress in March 2020 provides direct assistance to workers, families and businesses through the U.S. Treasury Department. The landmark act accounts for:
Assistance for Small Businesses
“The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Learn more about the program.
Preserving Jobs for American Industry
The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.
How much will be in my federal stimulus check?
Employees can calculate their estimated stimulus check using Kiplinger’s Stimulus Check Calculator.
Where’s my stimulus check?
You can check your status or eligibility for an economic stimulus check, or input your direct deposit information by visiting the IRS’ new Economic Impact Payments page.
SMALL BUSINESS ADMINISTRATION RESOURCES
The U.S. Small Business Administration (SBA) is offering loans designed to help your business keep employees on your payroll.
According to their website, “SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.”
Learn more details about these loans, SBA’s forgiveness program, who can apply and other SBA assistance HERE.
The SBA is also offering businesses, private non-profits, homeowners and renters COVID-19 Emergency Injury Disaster Loan Assistance through EIDL Applications.
View the application and learn if you qualify HERE.
Sharon Delay of GO-HR recent spoke with us about how to manage staff layoffs, what to do if employees become sick, how to navigate unemployment insurance, and much more on our recent blog post. If you have even more HR questions about your specific industry, register for Conway Center’s upcoming Live Webinar: HR and Coronavirus (free for members), or visit GO-HR’s COVID-19 Resource Center
If you have law related questions, our friends at Taft/ created a comprehensive COVID-19 Toolkit. This toolkit is frequently updated with the latest announcements and guidelines from federal and state authorities related to Paycheck Protection Programs, SBA loans, new legislation, stay-at-home orders, record-keeping requirements, and much, much more. Taft/ has conveniently organized all resources related to legal matters in your industry on their website.
For resources specific to Ohio, see Emens Wolper Jacobs & Jasin’s Family Business Resource Guide.
Visit these Service Provider websites for a wide range of resources detailing how your family business can plan for a prolonged “new normal,” and how new regulations like the CARES Act will impact your typical operations.
If you have banking related questions – contact your bank as many have adapted policies to better assist and prioritize existing customers. If you have an acute banking need, please contact our Executive Director for assistance.
Continue visiting this page for up-to-date links and information helping your family business navigate COVID-19.