As a partner to your business, we are trying to provide you with as much information as possible to prepare you for the future. Earlier this week I designated our team member Karen Speer as our 'business recovery information coordinator' to help filter through the existing and new disaster business assistance programs to help you through this time. Karen is, under normal circumstances, our Events Coordinator but has an extensive background at State Farm as a claims adjuster and is accustomed to working within the policy sphere. In the coming weeks we hope to host and/or share informative webinars we attend to help remove the noise and make it easy for you to connect to the resources you need. Below are a few updates for you on existing business assistance programs and pending legislation.
State Assistance Programs
Federal Assistance Programs
As you have heard by now, the US Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and it now goes onto the House for a vote on Friday. It is expected to pass with very few revisions. Once passed, Treasury Secretary Steve Mnuchin set some ambitious goals to have the new small business loan program ready for application within a week. We will let you know when guidance comes out on how to do that. He also stated that the payments for individuals would go out within 3 weeks of passage. We have posted an indepth analysis on our website of this bill, but here are a few snapshot takeaways on how it affects the business community:
As I mentioned yesterday, the Families First Coronavirus Response Act, signed into law on March 18, affects small businesses in two key ways:
US Congressman Darren Soto, representative for Winter Haven, is asking for feedback from the business community to find out how his office can specifically assist you. Please take a moment to fill out this survey from his office.
We still have much to learn and even more new things coming down the pipeline with the CARES Act and future legislation. If you have specific questions we can try to get answers on, please do not hesitate to reach out to us. We know one very important question out there is, "What about sole proprietors" and we are told this new federal act has some tax provisions that help as well as the potential to be addressed in future legislation at the state and federal level. As always, we will keep you informed.
All my best -
Katie Worthington Decker
Your Chamber President