The small enterprise proprietor’s roadmap for coronavirus (COVID-19)

This information is meant to assist small companies navigate unsure instances within the midst of the Coronavirus (COVID-19) outbreak in 2020. We’re updating this information recurrently as extra useful assets, reduction applications, and laws come by way of. 

Necessary replace: whereas the preliminary funding ran out in a short time for small companies, Congress has permitted further funding for the Paycheck Safety Program as of April twenty fourth.

The toll of coronavirus on small companies hits house for us. Not solely are we a small enterprise, however the majority of our shoppers are as properly. And we’re in good firm—actually, 99.7% of U.S. employers are small companies. In accordance with the U.S. Small Enterprise Administration, there are 28.8 million small companies within the U.S. with a complete of 56.8 million staff. 

There are loads of nice assets floating round on the web proper now (and an equal quantity of unreliable content material and clickbait headlines), so we needed to carry collectively essentially the most useful data multi functional spot for our shoppers. Our hope is that if we share useful assets and assist each other, we are going to come out stronger on the opposite aspect.

What we’ll cowl on this information:

• Monetary reduction choices
• What Congress is doing about it 
• Instruments to assist distant workplaces 
• Coronavirus and medical insurance 
• FAQs

Small companies and coronavirus (COVID-19)

For some companies, obligatory quarantines and enterprise closures have been felt instantly. For others, it’d take just a little longer. Irrespective of your state of affairs, the results of this pandemic can be at the doorstep ultimately. Whereas money stream points comprise 82% of enterprise failures, the excellent news is that there’s help out there on a number of ranges to assist what you are promoting navigate this pandemic. 

Native, state and federal governments are rolling out assist applications to assist small enterprise homeowners on this time of disaster. Huge corporations are additionally doing their half to assist. 

Right here’s what to find out about emergency funding and assist from authorities entities. 

Federal emergency funding and reduction for small companies 

Tax deadline prolonged: The Treasury Division and IRS introduced a three-month delay for the federal tax deadline in addition to federal tax funds owed as much as $1 million (you’ll nonetheless have to pay these state taxes on time). This is applicable to particular person tax returns and likewise ought to cowl pass-through entities and small companies.

SBA Useful resource Web page: The Small Enterprise Administration revealed The Coronavirus Small Enterprise Steering & Mortgage Assets web page with all SBA instruments and assets, together with preparedness checklists and out there methods to entry wanted capital.

SBA Financial Harm Catastrophe Mortgage Program: Small enterprise homeowners within the following designated states are at present eligible to use for a low-interest mortgage as a result of Coronavirus: California, Connecticut, Delaware, Florida, Georgia, Indiana, Maine, Massachusetts, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, Utah, Washington D.C. and Washington. The SBA’s Financial Harm Catastrophe Mortgage program supplies small companies with working capital loans of as much as $2 million that may present important financial assist to small companies to assist overcome the short-term lack of income they’re experiencing. 

Discover extra data right here: SBA.gov/Catastrophe.

State-based and city-based reduction initiatives for small companies

Up to now, the coronavirus has had a various impact throughout totally different states and responses have additionally different by state and even native authorities. The NYC Division of Small Enterprise Companies, for instance, is providing monetary help within the type of loans and grants to native small companies. The San Francisco Chamber of Commerce plans to petition the federal government to waive charges for companies with low margins. One other instance, Washington state, may also provide no-interest loans for companies that encounter money stream issues. Chances are high your state or metropolis is doing one thing too. 

Since every state’s plan to help small companies varies, the very best factor small enterprise homeowners can do is verify with their native governor’s workplace for the most recent on state particular help, assets and updates. 

It’s also possible to search on the Small Enterprise Administration’s web site for assist close to you or verify the Nationwide Governors Affiliation’s listing of governors’ web sites to look by state. 

 

Companies stepping as much as assist with COVID-19 reduction

Fb: The social media platform introduced $100 million in grants for small companies. Particulars are TBD when it comes to eligibility, however they promise support to 30,000 eligible small companies in over 30 international locations the place they function. 

Amazon: The net retailer has introduced as much as $5 million in reduction for small companies within the Seattle space.

Microsoft:  The tech large introduced a $1 million reward to the COVID-19 Response Fund to assist nonprofits and group organizations within the Seattle group. 

Morgan Stanley: Donating $10 million money dedication in support to assist Coronavirus reduction efforts. Funding will assist crucial frontline medical responders globally in addition to group suppliers serving these economically impacted by the disaster. 

Bank card corporations: In some instances, small companies could also be eligible for a lowered rate of interest from their card carriers. Give them a name, as they assess every request on a case by case foundation.

Native banks: Name your banker or seek for your financial institution on the American Bankers Affiliation’s ongoing A-Z listing of coronavirus response applications.  

  

What Congress is doing about COVID-19

There have been three items of laws to fight the results of COVID-19. 

1. $8.3 billion spending package deal: The majority of funding is designated to companies answerable for prevention and care. The invoice has handed each the Home and Senate and signed into legislation by President Trump.
2. Household First Coronavirus Response Act: This invoice responds to the coronavirus outbreak by offering emergency paid sick depart and free coronavirus testing, increasing meals help and unemployment advantages, and requiring employers to offer further protections for well being care staff. It additionally particulars out there tax credit and attainable employer exemptions. The legislation will take impact on April 2nd, so there’s nonetheless time to work out the main points and decide how what you are promoting can be affected. Learn our Households First FAQ for small companies put up to be taught extra. 
3. CARES Act: the $2 trillion Coronavirus Help, Reduction, and Financial Safety Act represents Section 3 of Congressional Coronavirus reduction efforts and after failing preliminary votes within the Senate, Congress has reached a bipartisan settlement. The CARES Act will ship the next reduction efforts: direct money funds to Individuals; 100% forgivable loans to small companies to cowl payroll, worker depart, hire and different bills; reduction for distressed corporations in arduous hit sectors of the economic system, like air journey and hospitality; expanded unemployment insurance coverage with waivers of the atypical necessities that candidates search for work or undergo a ready interval to get advantages; and lastly, funding for hospitals and healthcare suppliers.  Learn our put up on how the CARES Act helps small companies right here. 

Distant workplace assist

Our staff at Take Command is accustomed to working remotely infrequently. A few of our staff members truly make money working from home full-time, some are out of state, and one labored from Sweden (sure, Sweden!) for a 12 months. We use every kind of video conferencing instruments and communication instruments to assist us collaborate even once we aren’t in the identical room. The listing under consists of among the instruments we use daily to do our greatest work. If working from house is new to you, take a couple of minutes to discover a few of these product choices. 

Zoom Fundamental Plan: We love Zoom at TC! Host as much as 100 contributors in a gathering and maintain limitless one-on-one conferences with the video-conference supplier’s complimentary plan. This does present a 40-minute restrict on group conferences, although you’re not restricted to the variety of conferences.

Dropbox Paper: We actually, actually like this too. This enables us to edit, share, and think about paperwork along with every kind of cool options and shortcuts. 

Google Hangouts: Hangouts brings conversations to life with photographs, emoji, and even group video calls without cost.

Microsoft Groups freemium: Take pleasure in limitless chat, built-in group and one-on-one audio or video calling, 10 GB of staff file storage and a couple of GB of private file storage per person. You additionally get real-time collaboration with the Workplace apps for internet, together with Phrase, Excel, PowerPoint, and OneNote.

PandaDoc: The doc automation software program for small and medium-sized companies has launched a free e-signature plan to assist companies preserve working whereas they swap to distant working. 

Sq.: The cost processor is refunding all software program subscription charges for the month of March for present sellers who at present use Sq. Appointments, Retail, Eating places, Loyalty, Workforce Administration, Payroll, Advertising, and Sq. On-line Retailer. Sq. will handle the method for you—there’s no have to do something. 

LogMeIn:  Now providing “Emergency Distant Work Kits” out there without cost for 3 months. These kits are designed for nonprofits, colleges, and well being care organizations that are not already clients

Cisco:  Now providing the free model of its Webex service with no time restrictions. It permits as much as 100 assembly contributors and has added toll-free dial-in options with a  90-day license for companies that aren’t already clients.

Small enterprise medical insurance and COVID-19

Excellent news. When you or your staff get coronavirus, the care can be lined simply the identical as every other sickness, as testing and medically crucial look after you or your staff would fall beneath what most particular person and small enterprise plans name Important Well being Advantages. It additionally would come with physician visits, hospitalization and assist remedy for the signs of the an infection. There are not any limitations and restrictions surrounding the precise situation. 

Just a few states, like New York and Washington, have directed state-regulated well being insurer carriers to waive any copayments or deductibles for sufferers who want exams for the coronavirus. Some carriers have agreed to waive member cost-sharing or copays. 

However bear in mind, protection doesn’t suggest no out of pocket bills. The most effective factor to do is to grasp your individual insurance coverage plan and assist your staff perceive theirs, together with deductibles and max out of pocket limits. In case you are having hassle, name your supplier and they’ll stroll you thru it. Higher to know forward of time, we all the time say. 

Listed here are just a few different takeaways to assist: 

Out of pocket prices: When people obtain look after coronavirus, they’ll face out-of-pocket prices that come within the type of a co-pays, deductibles or coinsurance earlier than protection kicks in.

Lab work & diagnostics: All COVID-19 testing is taken into account an important well being profit. To see what your particular insurance coverage service is doing for its members, take a look at this useful hyperlink from AHIP. 

Telehealth: Many medical insurance plans companion with Telehealth companies (name your supplier to verify). Teladoc, a teleheatlh supplier, enables you to name a physician out of your sofa at house and by no means have to depart your sofa. That additionally signifies that germs are staying at your private home too. It is a fantastic complement to social distancing and it signifies that you will discuss to a physician and get care faster than for those who needed to make a physician’s appointment (it is also cheaper!). We love Teladoc at Take Command and embrace it in our Good Advantages package deal that you could purchase to your staff to allow them to name a physician anytime without cost. It could actually actually be a life saver. 

Open enrollment: Eleven states have agreed to let laid off uninsured people join Obamacare, as an alternative of getting to attend for open enrollment. These states embrace: California, Colorado, Connecticut, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont and Washington. 

Within the occasion your organization has needed to do layoffs, your staff have choices on the subject of discovering a brand new well being plan. Here’s a useful useful resource we put collectively for many who have misplaced their medical insurance as a result of coronavirus. 

 

Small enterprise Coronavirus FAQs

Does my insurance coverage cowl COVID-19 testing?

In case you have main medical insurance coverage then sure, COVID-19 testing can be lined as it’s required beneath the newly handed Households First Coronoavirus Response Act. As well as, some states have adopted related necessities for insurers. Different insurance coverage carriers are opting to voluntarily increase protection for testing. In case you are uncertain, double verify together with your service. 

Can I take my staff’ temperatures? 

Usually no you can not take your staff’ temperatures with out violating the Individuals with Disabilities Act (ADA). Nonetheless, particular steerage has been up to date by the EEOC concerning COVID-19 and employers could achieve this as a result of pandemic nature.  

Employers implementing a temperature screening program will need to guarantee they set up a constant course of. For more information, take a look at this put up. 

Do sharing ministries cowl COVID-19 testing?

Since healthcare sharing ministries aren’t thought-about insurance coverage, they’re exempt from having to cowl COVID-19 testing. That being mentioned, every ministry is updating its members on how they’ll cowl testing and therapy. In case you have protection beneath a sharing ministry it’s best to remain updated with their protection phrases throughout this time as issues are being up to date day by day. 

• MediShare: Free telemedicine visits; COVID-19 testing can be eligible for sharing after annual AHP is met; Some supplier price’s waived if you’re referred by MDLIVE to ER or doctor. 
• Samaritan: Exams and coverings are eligible for sharing
• Christian Healthcare ministries: Exams and coverings are eligible for sharing

Can I encourage my staff to make use of telemedicine companies? 

Sure! Because the hospitals and employees are being overrun with instances, it’s best for workers to make the most of telemedicine after they can so extreme instances can make the most of the ERs. 

Can I provide advantages to former staff within the occasion I need to do layoffs? 

Verify together with your state pointers and your profit adminstrator!

We’re seeing many employers who both want to cut back worker hours to half time or put staff on maintain briefly however plan on staff returning as soon as the pandemic has ended. Employers are requesting to amend their QSEHRA plan paperwork in order that their staff nonetheless obtain their HRA profit throughout this time and we’re blissful to conform. 

Am I required to maintain providing advantages?

Once more verify to see you probably have any particular state steerage. Are you planning on hiring staff again as soon as the pandemic has ended or is what you are promoting closing for good? 

Different useful COVID-19 assets

• Emergency Paid Depart Replace
• KFF: Key Details & Points
• Medicare & COVID-19
• CDC’s Steering for Companies and Employers 
• Harvard Enterprise Assessment’s Coronavirus doesn’t must result in layoffs
• Sensible ideas for small enterprise homeowners to reduce labor and employment threat from Coronavirus considerations 
• The US Chamber’s Small Enterprise Mortgage Guidelines 

 

We’ve obtained this.

Our staff is right here that will help you by way of this bizarre time. Be at liberty to speak with us on-line about QSEHRAs, ICHRAs or any of your different advantages questions. And bear in mind to assist the opposite small companies in your local people! We’re on this collectively.