Coronavirus/COVID19 - Resources and Updates
In an attempt to drive data-based decisions versus further actions of fear or panic, GNDC has created this info and response page. Serving as a hub to update North Dakota business, industry, and individuals of ongoing impacts at the local level and beyond to the world market.
On the Agenda: Press Conference/Meetings Summaries
Federal Government Response and Legislation
Phase I: Coronavirus Preparedness and Response Supplemental Appropriations Act
Phase II: Families First Coronavirus Response Act (FFCRA)
Defense Production Act
On March 20, 2020, President Trump made the announcement that the federal government has started utilizing the Defense Production Act. He can utilize this authority to direct US companies to produce the emergency supplies needed. Through Executive Order, President Trump issued Prioritizing and Allocating Health and Medical Resources to respond to the virus spread. This EO directs that critical medical resources needed to respond to COVID-19 are properly distributed to the US healthcare system.
Phase III: Coronavirus Aid, Relief and Economic Security Act: CARES Act
- CARES Act summary
- Emergency Loans - Small Business Guide and Checklist
- National Small Business Town Hall presented in partnership with Inc.
- Guide to SBA’s Economic Injury Disaster Loans (EIDL)
- Guide to the Employee Retention Tax Credit
- Guide to PPP Forgiveness
- SBA final guidance
- Small Business and Loan Resources
- PPP Loans Frequently Asked Questions
- Application for both Economic Injury Disaster Loan (EIDL) and $10K advance.
- Email to check on loan status: firstname.lastname@example.org
The US Dept of the Treasury's page provides resources and information including state aid guidance. Included in the original CARES Act, $454 billion was given for loans, loan guarantees, and investments in support of facilities established by the Federal Reserve. The Fed announced an expansion of their Main Street Lending Program. Established under Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, the Treasury will provide $75 billion for the program using funds from the CARES Act.
New CARES Act Funding
April 24: Signed by President
The $480B bill will:
- replenish funds for emergency small business lending programs
- $310B for PPP with $60B of this for small business without existing bank relationships
- $60B for EIDL fund from SBA
- shore up national virus testing and assist hospitals
- $75B for healthcare facilities to assist with costs obtained by virus response
- $25B for testing with $11B to state/local governments to expand testing
- Deadline extension granted to August 8
PPP Flexibility Act Summary
As an attempt to address shortfalls from the CARES Act, President Trump signed this bill into law on June 5. Here are the main points of what this new act does:
- Businesses utilizing PPP can extend their eight-week loan forgiveness period to 24 weeks.
- The covered period can’t extend beyond Dec. 31, 2020.
- This flexibility should make it easier for more PPP borrowers to reach their full forgiveness.
- The payroll expense requirement was reduced from 75% to 60%.
- PPP borrowers must spend at least 60% on payroll, or none of the loan will be forgiven. Yet 40% can be utilized for other expenses such as rent and utilities.
- The previous PPP would allow a sliding scale if the 75% payroll expense wasn’t met, but it seems that it was left out of this bill.
- This means that it is all or nothing for the loan forgiveness. Reports indicate that technical tweaks can be made to have this provision reinstated.
- Borrowers can use the 24-week period to restore their workforce and wages to pre-pandemic levels as required for full forgiveness.
- This must be completed by Dec. 31, 2020.
- The previous deadline was June 30, 2020.
- The Act will now allow borrowers to receive the full PPP loan forgiveness, even if they are unable to fully restore their workforce.
- Previously PPP borrowers were allowed to exclude employees who turned down good-faith offers to be rehired.
- This bill will now allow borrowers reporting adjustments if they could not find qualified employees or were unable to restore business operations to Feb. 15, 2020, levels due to COVID-19 operational restrictions.
- The loan repayment period was extended to five years from two for new borrowers.
- Existing PPP loans can be extended up to five years under agreement from the lender and borrower.
- The 1% interest rate stayed the same.
President Trump's Executive Actions
On Aug 8, President Trump issued three memoranda and one executive order to provide temporary relief created by coronavirus pandemic.
- $400 per week for unemployed workers ($100 coming from state unemployment insurance funds)
- a payroll tax deferral
- Addressed/included in $900B Covid Relief Bill by Congress Dec 21
- suspension of student loan payments
- Extended until EOM, January 2021
- eviction moratorium
- Addressed/included in $900B Covid Relief Bill by Congress Dec 21
$900B Covid Relief Bill - NEW -
December 28: Approved by Congress and President Trump
- Paycheck Protection Program (PPP) Provisions
- Additional funding round
- Relaxed forgiveness criteria for PPP loans up to $150,000
- Updated information on the deductibility of expenses paid with previous PPP loans
- $600 stimulus checks
- $300/week supplemental unemployment insurance assistance
- Direct funds to support industries impacted by COVID-19 - i.e. healthcare
US Chamber Resources:
U.S. Chamber of Commerce Efforts
The U.S. Chamber of Commerce is working closely with the White House, US government agencies and foreign government officials to inform and equip businesses with the most important and up-to-date information to ensure we are all adequately prepared to protect Americans at home and abroad. Along with informational pages for resources, response, and impact, the U.S. Chamber of Commerce has created a toolkit and resources for businesses to utilize to help promote the message of safety:
- Response and Social Media Resources
- Customizable Workplace Flyer
- Coronavirus Small Business Guide
- Memo on Implementing a National Return to Work Plan
- Backgrounder on Health Coverage Options
Save Small Business Initiative - a nationwide program to provide supplemental funding, resources and webinars, research, and advocacy for American small business.
Dept of Commerce Business Briefings, hosted by GNDC
GNDC partnered with ND Dept of Commerce to host a series of business briefings. The content was specific to resources and guidance available from federal resources. Slidedecks and recordings are available for each call.
3/26/20: Emergency Business Financing recording
- Three-Step Process
- Resource Partners
- PDF SBA Paycheck Protect Act vs Small Business Disaster Relief Program
- ND SBDC Announces 4R Project - Recover, Re-open, Re-invent, (be) Resilient
Available Brass Tacks Blog Posts to assist businesses in the application process:
Data and fact sites to assist communities, businesses, and individuals
Dashboards, Data Sites, and Maps
Additional Resources and Best Practices
The Greater North Dakota Chamber seeks to provide access to recommendations, regulations, services and expertise to its members. During the COVID-19 pandemic, this mission remains constant. Prior to acting, members should consult their own professional advisors for information and counsel specific to the individual and unique situations faced by organizations, individuals and corporations. The opinions, interpretations and recommendations of the Greater North Dakota Chamber are informational only and should not be relied upon by the recipient as legal or professional advice. The Greater North Dakota Chamber makes no representations as to the accuracy or reliability of the content contained herein. Users of this information accept any and all risks associated with the use of such information and agree that the Greater North Dakota Chamber has no liability to user.