As the Coronavirus situation continues to evolve, it is important for all employers to monitor the outbreak and are prepared to implement strategies to protect their workforce while ensuring continuity of operations.
If you think your business is affected by COVID-19, this is what you need to know:
The SBA is offering low-interest disaster assistance loans up to $2 million for small businesses affected by crisis who do not have access to credit. These loans can be used for working capital, to pay off debt, maintain payroll, and pay any other bills that businesses are unable to pay.
Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%. Terms can be up to 30 years.
The SBA’s Office of Disaster Assistance will coordinate with The South Dakota Governor’s office to submit relief requests. Completed forms may be submitted by email to the State of South Dakota Governor’s Office of Economic Development. Please note, this is an initial survey form only – not an SBA loan application. When the EIDL program is activated, businesses will be contacted to apply directly to the SBA.
- Need additional SBA resources? Click page here.
- Wondering how to keep your employees safe? Click here.
- View the SBA Handout here
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), in response to the economic effects of the COVID-19 virus. This act implements Economic Disaster Relief Loans and Paycheck Proection programs.
Click here to see a great comparison of these two programs.
What about your workers who are affected or need leave because of COVID-19?
There is assistance in the form of refundable tax credits to provide paid sick and family leave for corona-virus related employment interruptions. The payroll tax credits would cover wages paid to employees while they take time off for sick leave and family leave programs, for up to 10 days.
The sick leave credit would be for wages up to $511/day or $200/day if the sick leave is to care for a family member or child following the child’s school closing.
The family leave credit would be for wages up to $200/day ($10,000/maximum) while the employee is receiving paid family leave. The credit could be claimed each quarter. The credit would not be available for employers receiving a credit for paid family and medical leave under the Tax Cut and Jobs Act.
Lost Your Job?
You may be eligible for unemployment/remployment insurance in repose to CVOID-19. Click here to see if you are eligible.
Rapid City to Go
Is your business offering curbside/carry-out/delivery services in response to social distancing precautions of the coronavirus? Be sure to join our Facebook Group and share! We created this group to help you share the message and encourage people to continue to support Rapid City businesses while also maintaining Social Distance. Need help with ideas of how your business can adapt? Contact us!
Lets Make Things Happen
Elevate Rapid City is an investment in your business and the environment in which your business operates. No other business organization is as deeply connected to what is happening in the Rapid City community. And no other organization brings together the decision-makers and leaders who make things happen.