COVID-19 Local Resource Guide

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Social services SBA approves $853 million in PPP loans to Vt. businesses in first round U.S. Sen. Leahy helped secure funding with the CARES Act in March, second round will bring more in May The U.S. Small Business Administration has approved more than $853 million in loans to 4,896 Vermont businesses, U.S. Senator Patrick Leahy announced on Wednesday, April 15. The assistance comes from the Paycheck Protection Program that was created as part of the CARES Act Congress passed in late March. The average loan size for businesses approved across the U.S. was $239,152. Leahy, the vice chair of the Senate Appropriations Committee, had a leading role in crafting the three emergency Covid-19 bills. “One of our top priorities in the CARES Act was to ensure businesses would have access to capital to help them persevere through this crisis,” said Leahy. “Our banks, credit unions and other lenders have done an extraordinary job under very trying circumstances to process these applications. Thanks to their hard work and partnership with SBA many Vermont businesses now have access to a lifeline,” he continued. The Paycheck Protection Program is designed to provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. While originally, loans were to be made available starting April 3 through June 30, 2020, the program ran out of money on Thursday, April 16 — just 13 days after it began. There had been $349 billion allotted for the program. At press time, lawmakers were working on a PPP extension bill that would provide an additional $310 billion to small businesses. Of that $60 billion would be allocated for smaller banking institutions and credit unions, to give smaller businesses a better shot at being approved. It was reported that larger banks prioritized larger businesses during the first round of PPP loans. For more information visit sba.gov. Courtesy SBA Top: dollars awarded by loan size categories. Bottom: number of loans and amounts by state. Made in VT Fair Haven Friday Nights Fair Have will be in downtown Fair Haven on August 28th at 6pm. VERMONT WINE, BEER AND SPIRITS PRODUCERS Among the many producers coming are: • St. John’s Distillery • Vermont Vines • Wild Heart Distillery There will be cheese donated by Cabot creamery and this year we have included cheese producers who will offer samples and sell goods. 16 • Covid-19 Local Guide • April 24, 2020
Social services Types of loans and grants available through the Small Business Administration Created in 1953, the U.S. Small Business Administration (SBA) helps small business owners and entrepreneurs start, grow, expand, or recover. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. 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 the following loan and grant programs. PPP The Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the coronavirus (Covid-19) crisis. PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. (Due to high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of two years and an interest rate of 1%. Small businesses can apply through any existing SBA 7(a) lender or through any federally insured depository Courtesy SBA Help is available through some loans with forgiveness. institution, federally insured credit union, and Farm Credit System institution that is participating. EIDL The Economic Injury Disaster Loan (EIDL) provides up to $10,000 for qualified small businesses. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. The EIDL provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the Covid-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by Covid-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. Bridge loans Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. This loan can be repaid in full or in part by proceeds from the EIDL loan. We are committed to our families and our community Every Day and When it matters most. 99 Allen Street, Rutland, VT 05701 802-775-2331 pinesrutland.com Skilled Nursing Care | Physical Therapy | Occupational Therapy Speech Therapy | Respiratory Therapy | Ventilator Unit | Respite Covid-19 Local Guide • April 24, 2020 • 17
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COVID-19 Local Resource Guide

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