Quick answers! Do you need:
• Financial Assistance for a business? View resources available as of October 2020.
• A quick infusion of a smaller amount of cash to cover you right now?
Read about EIDLs.
• Versatile financing options? Small Business Debt Relief may be right for you.
Insurance and Tax Questions
• NEW: Employer Tax Credits. And does your business insurance cover financial losses due to COVID-19?
• What does the Families First Act require of employers?
Reopening: Health and the Human Side
• Supporting employee mental health when reopening the workplace (article from the American Psychological Association)
Financial Assistance, Grants, and Business Loans
October 2020 update:
Vermont Hazard Pay Grant Program
The State of Vermont has opened applications for millions more in hazard pay available to frontline workers.
This round of grants expands the different types of employees who are eligible, including grocery store workers.
Employers in newly qualified sectors may be eligible to apply for $1,200 or $2,000 per employee, including former employees that worked during March 13 - May 15, 2020.
Economic Recovery Grants for certain business types:
Contact your lender and regional business assistance providers for alternative loan products and funding sources, as well as access to free technical assistance for help navigating options currently available including:
Emergency Economic Injury Disaster Loans (EIDLs)
Quick Influx of Cash may be Available to you
The US Small Businesses Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
The EIDL program offers long-term, low interest loans for small businesses and nonprofits that can be used to cover payroll and inventory, pay debt, or fund other expenses. The EIDL Advance program will provide up to $10,000 of emergency economic relief grants to businesses that are currently experiencing temporary difficulties.
Debt Relief Program
Non-disaster SBA loans
This program will provide immediate relief to small businesses through non-disaster SBA loans, in particular 7(a), 504, and microloans.
Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law
Business Income Insurance and Tax Credits
Does your business insurance cover pandemic losses?
The Department of Financial Regulation has developed a guidance overview of whether business insurance will cover loss of income and other issues caused by COVID-19. The NAIC has also posted an Insurance Brief (COVID-19 and Insurance) that provides a good overview of how different types of policies respond to losses related to COVID-19, including Travel, Health, Life, Annuities, Business Interruption, Workers' Compensation, and other insurance.
NEW: Employer Tax Credits
Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit.
Laid off? Make sure to use the new online initial enrollment form, found here.
Pandemic Unemployment Assistance (PUA) System Still Accepting Applications
Vermonters who are self-employed, independent contractors, and other individuals who are not eligible for traditional unemployment insurance benefits may now apply online for the new Pandemic Unemployment Assistance (PUA) program.
Families First Coronavirus Response Act (FFCRA)
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from the effective date through December 31, 2020.
What does it mean for employers?
Employer Support for Working Parents
Now that the school year is here, many of your employees are struggling to balance the need for their children to be in a safe, stable environment and their own careers. Our homes haven't become just our office for some — they're our childcare centers and our school classrooms.
Vermont Childcare Hubs for Remote Students: Info and Parent Survey
As an employer or manager, you want to be supportive while encouraging productivity. Where do you begin?
Questions to consider:
1. Do current workplace policies provide sufficient support during COVID-19 to employees and their families?
3. How can employers communicate best with working parents to facilitate open and honest conversations?
3. How can you offer flexibility and creative solutions as a way to support workers and maximize productivity?
4. What is your organizational preparation plan for the inevitable disruptions of quarantines or lockdowns? For instance, employers can develop back-up staffing plans and cross-train employees to perform essential functions.
Our management consultation hotline is available to you! Call us at 888-392-0050 to strategize solutions for your company.