WASHINGTON COUNTY CHAMBER OF COMMERCE
Tuesday, April 7, 2:00-3:30pm
Navigating the Coronavirus Business Resources (Hosted by the Washington County Chamber of Commerce)
Your Chamber has put together this free webinar featuring guest speakers and a chance to ask the questions that matter most to you right now.
- Andrew Sargent, Senior Business Development Representative, Western Region
- Maryland Department of Commerce
- Topic: Maryland State Business Resources
- Fiona W. Ong, Attorney, Shawe Rosenthal, LLP
- Topic: the Families First Coronavirus Response Act
- Mark Harrell, President & CEO, CNB Bank, Inc.
- Topic: The Banking Industry and Lender Roles in Coronavirus Relief
- Debora Gilbert, Executive Director, Western MD Consortium
- Topic: Unemployment Insurance Program
- Nick Vaugh, U.S. Chamber of Commerce
- Topic: Economic Injury Disaster Loan program
- Paul Frey, President & CEO, Washington County Chamber of Commerce
Now that we’re weeks into this “new normal”, there are more and more resources to navigate your way through. You don’t have to do it alone. We’ve assembled this valuable panel to provide you with the best ways to charter towards relief during the COVID-19 pandemic.
UPDATES to SBA’s EIDL and CARES (PPP) COVID 19 Loans
Tuesday, April 7, 3:00-4:00 p.m. (Hosted by SBDC)
The SBDC will be doing a webinar to discuss SBA’s Disaster Economic Injury Disaster Loan, and current data on the CARES (PPP) Act, just passed. Please RSVP to this event and make sure that we have a valid email with your registration. Space is limited so they are requiring an RSVP- if they get an overwhelming response, they can schedule another webinar and also send out the recorded webinar. After registering you will receive the Zoom Meeting link to click on or dial in for the webinar. If you have specific questions that you would like addressed, please contact John Hickman
Employer Information on Federal Business Relief Programs
For a good overview of various federal loan, grant, and other relief programs, businesses can access and download their deck of slides used during a recent webinar from last week. The webinar was very informative, and the slide deck has a chart that nicely summarizes and compares the various programs offered:
The Washington County Chamber of Commerce is gathering stories, data, and recommendations from our member businesses to see how they are being impacted by the Coronavirus pandemic. We are in regular contact with our local, state, and federal officials and are sharing the impact of the steps taken to fight the spread of COVID-19 on area businesses, as well as advising them on programs and support services they should implement to assist businesses during these difficult economic times.
There are many support programs being considered at all levels of government and other organizations. Your feedback is critical to ensure that limited resources are being strategically provided to the areas businesses and their employees need most.
Application Process for Payroll Protection Program Loans (PPP) Now Open
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The application process for eligible businesses and nonprofits interested in the PPP Program started Friday, April 3rd, and is expected to start for independent contractors and those who are self-employed on April 10th. You must apply for these loans through a participating bank.
Please note, that the specifics and guiding documents behind the PPP program are a fluid issue and some things that are still being worked out. The banks just received the main guiding documents late Thursday evening and had more adjustments came Friday morning. Many banks will need time to sort through the information and educate their staff, so please be patient as these application processes are rolled out and refined.
The Department of the Treasury is advising small businesses “to apply as quickly as you can because there is a funding cap to the program” and the expectation for a significant volume of applications. It is also recommended that businesses and nonprofits first contact their bank to see if they are SBA certified, let them know their desire to apply, and learn about their bank’s internal process in handling customers for these loans. Due to expected volume, some banks are addressing their current customers prior to taking on any new ones. A list of participating lenders as well as additional information may be found at www.sba.gov
In addition, businesses should consider contacting their accountant for assistance with gathering the necessary information and paperwork, as well as advice on whether they are applying for the best SBA programs given their specific circumstances.
Finally, due to the number of visitors there could be breakdowns when accessing some pages on the SBA website or filling out online applications. Please be patient with your banks and SBA as they work to handle a volume of SBA business over ten times more than a normal year.
For more details:
The Governor released a 2 new Executive Orders over the weekend: