Where To Find Info: CoronaVirus COVID-19 Resource
To assist you in finding the right information during these times, we have compiled an updated list of key resources to help you and your business.
Here are links to industry association websites with specific information:
Snowsports Industries Association: https://snowsports.org/covidhub/
Outdoor Industry Association: https://outdoorindustry.org/covid-19-resources-outdoor-industry/
Board Retailers Association: https://www.boardretailers.org/bra-covid-19-retailer-resource-guide-strategies-webinars-loans-and-more/
Council of Fashion Designers of America: https://cfda.com/news/cfda-resources-for-navigating-covid-19-coronavirus-business-challenges
National Retail Federation: https://nrf.com/resources/retail-safety-and-security-tools/coronavirus-resources-retailers
Retail Alliance: https://retailalliance.com/coronavirus-resources-for-retailers-2/
International Council of Shopping Centers: https://www.icsc.com/coronavirus
National Governors Association (on a per state update): https://www.nga.org/coronavirus/
Additional links from SIA:
American Apparel and Footwear Association: Important Resources
Employee Rights Guide/Family First Act Guide
How Businesses Are Responding to COVID-19
New York Times: Small Businesses Will Get Help Paying Workers, If They Can Wait
Senate Passes $2 Trillion Aid Package: 5 Things To Know
Senate Passes Coronavirus Bill Requiring Paid Leave
NPD How COVID-19 Is Impacting Consumer Spending
US Chamber of Commerce: Small Business Guide
National Governors Assn.: Coronavirus, What You Need To Know
Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees
CONTRACTS: FORCE MAJEURE CLAUSES
What Are Force Majeure Clauses and Why Are They Important Now?
During this very challenging time for businesses, you are well-advised to see if your contracts contain “force majeure” clauses. Force majeure loosely translated means “Acts of God” and these clauses can sometimes excuse or postpone performance of certain contractual obligations. The party seeking to excuse performance under these clauses must cite to a particular event such as fire, flood, war, pandemic, or governmental order that makes performance highly impracticable or impossible. Most clauses don’t include reference to medical emergencies such as the one that confronts us now, but they do routinely refer to situations where, for instance, governments ban business activities which impact performance. Please review your contracts with local counsel to determine if your agreements contain force majeure provisions.
WPIC China E-Commerce Accellerator Program
SNEWS: 10 Coronavirus Crisis Tips For Independent Retailers
National Retail Federation: Coronavirus Resources For Retailers
HBR: Lead Your Business Through The Coronavirus Crisis
Shop Eat Surf: Store Closures Mount, Independents Get Creative
Defending Retail Against The Coronavirus
Starbucks and the Coronavirus, Lessons For All Retailers
More information about Business Interruption Insurance
National Law Review: Insurance Coverage In The Time Of Coronavirus
3 Ways To Manage Coronavirus Risk In The Supply Chain
WPIC China E-Commerce Accellerator Program
Forbes: How To Prepare Your Supply Chain
Harvard Business Review: Prepare Your Supply Chain For The Coronavirus
Sloan/MIT: How Companies Can Respond To The Coronavirus
National Law Review: Important information about Business Information Insurance
SIA joins coalition to protect members and suspend China tariffs.
Let policy makers know how travel has impacted your business (USTravel.org)
FROM THE SBA:
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.
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, the SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
• Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, nonprofit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.
• The SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
• Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
++ The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
++ These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
++ The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
++ The SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
++ For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail [email protected].
Areas eligible for SBA disaster loans
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
Apply for the Loan Advance here.
Other Coronavirus Assistance
Due to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a loan advance of up to $10,000.
The SBA provides a debt relief to small businesses as they overcome the challenges created by this health crisis.
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