Notice: Lapse in Appropriations
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
COVID-19 DISASTER RESPONSE
Nevada COVID-19 Response
The Cares Act assists eligible businesses looking for payroll support to keep Americans working. The Cares Act
Are you struggling to figure out which small business financing is appropriate for you?
The programs and initiatives in the Coronavirus Aide, and Relief and Economic Security (CARES) Act that was recently passed by Congress are intended to assist business owners with whatever needs they are experiencing right now. The Nevada Small Business Development Center (Nevada SBDC) is your First Call for Business Recovery! For immediate assistance regarding SBA Disaster Loan options and current labor laws, please visit us at www.nevadasbdc.org or call us at 800-240-7094.
Quick FACTS on CARES Act
The U.S. Small Business Administration (U.S. SBA) has increased efforts to alleviate the hardship experienced by small businesses by offering a number of loan options, the U.S. SBA Economic Injury Disaster Loan (EIDL), the Paycheck Protection Program (PPP), and the U.S. SBA Debt Relief Program.
• Economic Injury Disaster Loan – EIDL This is the primary loan offered by the U.S. SBA, and allows qualifying entities to borrow up to $2 million at 3.75% interest for small businesses and 2.75% interest for non-profit organizations with terms up to 30 years. All Nevada counties have been declared eligible for EIDL. This loan also allows small businesses the opportunity for a 10k quick cash infusion advance. The 10k advance can be distributed 1-3 days after the completion of the EIDL and does not need to be paid back. The business owner is allowed to keep these funds regardless of the approval of the EIDL. The loan funds may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. EIDL is not intended to replace lost sales or profits, or for expansion.
• Paycheck Protection Program – PPP The Paycheck Protection Program provides small businesses with one .50% interest loan to pay up to 8 weeks of payroll costs (100% federally guaranteed through SBA local lenders). Payroll costs include all costs of an employee: salary or wages, commissions, bonuses, health insurance, retirement contributions, local and state payroll taxes, but cannot be used to compensate anyone in excess of an annualized salary of $100k per year, those residing outside US, or if already getting reimbursed for paid sick/family leave under the act passed two weeks ago. PPP funds can also be used to pay interest on mortgages, utilities and rent. The maximum loan size is 250% of average monthly payroll. This loan will be forgiven if staff and payroll are maintained. At least 75% of the forgiven amount must have been used for payroll.
*Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Early application is encouraged because there is a funding cap and lenders will need time to process loans.
• Small Business Debt Relief Program Under this program, the U.S. SBA will cover all payments on existing non-disaster U.S. SBA loans, including principal, interest and fees for six months. This relief will also be available to borrowers who take out U.S. SBA loans within six months of March 27th, 2020.
Updated Labor Information for Small Businesses
As of 04/01/2020, the U.S. Department of Labor is providing an exemption from the emergency paid leave provisions of the Families First Coronavirus Response Act (FFCRA) for small businesses.
What you need to know:
• “Employers with fewer than 50 employees may claim an exemption from the emergency paid leave provisions of the Families First Coronavirus Response Act (FFCRA), and the exemption applies specifically to leave taken for reasons of child care and school closures related to COVID-19, according to a U.S. Department of Labor (DOL) guidance updated March 28.
• Small businesses with fewer than 50 employees, including religious and nonprofit organizations, are exempt from two aspects of the FFCRA’s provisions — (1) paid sick leave due to school closure, place of care closure or child care provider unavailability for COVID-19 related reasons; and (2) emergency paid leave under the Family and Medical Leave Act (FMLA) — when doing so would jeopardize the viability of the business, DOL said. An "authorized officer" of the business must determine whether it meets this criteria, according to the guidance.
Beware of SCAMS!
Please be wary of scammers during this time. The U.S. SBA will NOT ask for money to complete a loan application and will NOT ask for personal information over email. All personal information is collected through U.S. SBA’s secure online portal. When in doubt, contact U.S. SBA’s Disaster Office for confirmation of any requests you receive.
U.S. SBA Disaster Office phone: 1-800-659-2955
U.S. SBA Disaster Office email: firstname.lastname@example.org
Manufacturing Retooling Repurposing for PPE
The Governor’s Office of Economic Development (GOED) and the state-designated Regional Development Authorities (RDAs) are assisting the Nevada COVID-19 Response, Relief and Recovery Task Force to secure needed medical supplies for the State’s battle against the COVID-19. The purpose of this survey is to provide manufacturers with the opportunity to support our Silver State’s medical needs with production capabilities, inventory, and/or repurposing/retooling of manufacturing processes to produce Nevada-specific health care in-demand products for fighting COVID-19.
If you missed or joined the March 31st Webinar, you can view it again.
We encourage you to share the information with your partners in the business To do so, we've recorded the webinar and are linking it here for your future use.
If you participated in the March 31st Webinar or missed it, you can view it at the link below.
Silver Rider Announces Additional Cross-River Trips for Laughlin Residents Following Closure of Aldapes Market in Laughlin
Food Distribution Site - Bennett Elementary School
As of Monday April 27, food distribution at Bennett Elementary in Laughlin, will be providing meals at a new time from 7:00 a.m until 10:00 a.m.
This will help ensure that the food is maintained at a proper temperature, and also to keep our valued team members out of the heat as much as possible.
Meals are available for all children ages 2-18.
By Aimee PicchiUpdated on: April 1, 2020 / 9:34 PM / MoneyWatchThe Treasury Department said late Wednesday that Americans on Social Security will not be required to file a "simple tax return" to receive a stimulus check from the U.S. government. The announcement reversed an earlier statement from the Internal Revenue Service that participants in the federal retirement program would need to file such a return to get the funds. The IRS directive would have impacted about 15 million people, including millions of seniors on Social Security, who aren't required to file tax returns, according to Chuck Marr, senior director of federal tax policy for the Center on Budget and Policy Priorities. Seniors who rely on Social Security for their sole source of income don't have to file tax returns. The Treasury's reversal comes after lawmakers including Senators Maggie Hassan of New Hampshire and Sherrod Brown of Ohio, both Democrats, expressed alarm over the guidance, saying in a letter on Wednesday to the IRS and Treasury that it will "place a significant burden on retired seniors and individuals who experience disabilities."
The IRS's guidance on Monday sought to provide more details about what Americans need to know about receiving a government check to help ease the massive blow from the virus on the economy, but also created concern and confusion with its statement that some seniors would have to file the "simple tax return."
This webinar will feature a presentation and Q&A opportunity with Corey Williams, Public Information Officer, SBA and Joe Amato, District Director for Nevada District Office, SBA.
Watch for a replay of the Webinar to be posted soon.
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