BUSINESS COMMUNITY – NEED TO KNOW INFO
To our business community-
We are experiencing an unprecedented health and economic crisis in our country. We have aggressively communicated the urgency to pass legislation to come to the aid of business owners. At the very heart of our mission is to be a conduit between government and business to enable them to keep the lights on and retain as many of their employees as possible.
We have been working to advocate and compile as much factual information with links to share with our business community. Below are the most up-to-date resources to help you navigate the current events in our state and in Washington.
For the most recent executive orders, visit https://www.sos.ms.gov/Pages/News-Archive.aspx.
A. Unemployment benefits available to Mississippi workers affected by COVID-19 – Governor Reeves Executive Order #1462:
· Executive Order 1462 may be found at: https://www.sos.ms.gov/Education-Publications/ExecutiveOrders/1462.pdf
B. Families First Coronavirus Response Act (FFCRA) takes effect on April 1, 2020:
· FFCRA is an Amendment to FMLA. This information is listed in the link below along with a link with an Employers Fact Sheet link from the Department of Labor website that was co-authored by the Treasury Department regarding COVID-19 leaves of absence.
· FFCRA will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employee’s funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will ensure that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus while at the same time reimbursing businesses.
· Fact sheets for employers and employees as well as a Q&A:
C. Small Business Administration: online ishttps://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resourcesor you may fill out the attached docs and email them
If you are having trouble with online submission, attached are the forms you will need to submit for a disaster loan due to economic injury as a result of COVID-19. In addition to these forms, you will also need to submit the most recently filed tax returns for the business or a justification if not available.
Sole Proprietors are required to complete the “Sole Proprietor Loan Application Form 5C”. All others will complete the one titled “SBA Business Loan Application 2020” which is the Form 5.
· You may return to our Processing and Disbursement Center by way of the following:
Mail – U.S. Small Business Application
Attn: Loan Processing
14925 Kingsport Road
Ft. Worth, TX 76155
Fax – 202-481-1505
· Please remember to include a copy of your most recently filed tax returns with your business application. The online system is busy, so if you decide to use online: get everything ready. Complete the paper documents, assemble everything and apply during off-peak hours, if necessary, which are 7:00 PM- 7:00 AM.
If you need further assistance or have additional questions, please contact our Disaster Customer Service Center at 1-800-659-2955or, for people with speech or hearing impairments, call 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm Eastern Time) or email us at: email@example.com.
D. Stimulus summary: $2 Trillion of Federal Relief Package Includes Aid for Businesses, Individuals
|· The third phase of federal relief for businesses, states, and individuals passed the U.S. Senate late Wednesday evening. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $2 trillion of relief. The U.S. House of Representatives is expected to take action on the bill on Friday. Among the provisions in the bill are · $130 Billion for hospitals · $150 Billion for state & local governments · $500 Billion that can be used to back loans and assistance to companies · $350 Billion to aid small businesses · $600 per week add-on to state unemployment benefits · $1,200 for lower and middle-income adults and $500 per child. · $24 Billion for agriculture stabilization · Ban on stock buybacks to any company receiving government loans through the term of the loan plus one additional year · Payroll tax deferral of a share of 2020 payroll tax · $30 Billion for education funding|
Ø Click here for a full summary of the bill: https://msmec.com/wp-content/uploads/2020/03/Phase_3_Summary.pdf
· The first phase of relief included $8.3 billion for boosting vaccine research and improving preparedness and prevention. It also provides seniors greater access to telehealth options.
· The second bill temporarily requires paid sick and family medical leave, increases unemployment benefits, increases access to coronavirus testing, and provides funds for a variety of other financial support for programs expected to see increased demand due to the coronavirus.
Looking for a job? Check out https://www.mississippiworks.org/!
To check the status of your stimulus check, go to https://www.irs.gov/coronavirus/economic-impact-payments.