27 March 2020
Many businesses have been asking what they can do to get the necessary funds they need to keep their businesses in operation. Many have also asked if they should "lay off" all of their employees, or if they have other potential options.
The purpose of this post is to provide you with a few potential options in dealing with the above issues:
SBA Economic Injury Disaster Loans
As the coronavirus pandemic prompts disaster declarations at the state and county level, small businesses and not-for-profits in those areas can apply online for low-interest loans through the U.S. Small Business Administration (SBA).
An SBA Section 7(b) Economic Injury Disaster Loan provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost profits.
The interest rates for the loans are 3.75% for small businesses and 2.75% for not-for-profits. The SBA determines terms on a case-by-case basis, based on each borrower’s capacity for making monthly loan repayments. The maximum loan term is 30 years.
The loans also offer a one-year deferment on payments. This means that the first payment isn’t due until a year after the official date of the loan. However, interest starts accruing on the loan the moment the funds are disbursed.
Please click this link to learn more and apply SBA Loan Application
Employee Related Issues
Many clients have also asked what their options are with employees besides laying them off. The IRS is coming our with various tax credits to assist with the payment of workers impacted by the Corona Virus.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. We have been told that this page will be updated as new information is available. Please click this link to learn about these programs IRS Employee Wage Programs
Looming Tax Return Deadlines
At this point in time the IRS has also extended the due date of all income tax returns, and tax payments due on April 15, 2020 until July 15, 2020.
We hope that you follow the recommendations of health officials and stay safe through this unsettling time.
Questions? Contact NEHPBA.
Info from Napoleon/Christopher R. Lambert & Associates
18 March 2020
This was just sent out from HPBA:
The health and safety of HPBExpo attendees and exhibitors are of primary importance to us every year, and more so this year. We have been continuously monitoring the COVID-19 situation before, during and since HPBExpo in New Orleans.
We recently learned that there are presumptive cases of COVID-19 involving two members of an HPBExpo exhibitor's staff who were present at the Expo. Out of an abundance of caution, we want to share this information with you so you can take necessary steps to monitor your health and well-being.
We currently do not know whether these individuals had symptoms at the Expo or whether they attended during the COVID-19 incubation period. We are in contact with the relevant health authorities to provide them with this information and to obtain further guidance.
These are challenging and unprecedented times for our community. HPBA will continue to share updated information at HPBExpo.com, we encourage you to check this link for any updates. Our thoughts are with those affected and we wish them a full recovery.
If you have flu-like symptoms, reach out to your medical provider for advice on next steps. Please refer to the following CDC recommendations [mmsend34.com] for protecting yourself and others.
17 March 2020
HPBA is aware of the impact of COVID-19 closures on retailers, especially those who may still have Step 1 products in stock. As businesses limit operating hours, HPBA will be reaching out to Congress to urge relief due to these exceptional circumstances. It may be possible to get additional time for product sell-through, but we need your immediate help in order to do so.
What You Need to Do
Send an email to Rachel Feinstein (Feinstein@hpba.org) by 3:00 pm EDT Thursday, March 19 with the following information:
Unless and until any extension is passed, the legal deadline remains May 15, 2020. If you have any question, feel free to contact Northeast HPBA or HPBA.
5 March 2020
Relief is making its way to Nashville, Tennessee, in the form of food following deadly tornadoes that struck the state early Tuesday.
Team members from Midwest-based Operation BBQ Relief arrived in Nashville on Wednesday to feed thousands of people affected by the storm.
“As bad as they look, it’s nowhere close to really as bad as it is," Stan Hays, Operation BBQ Relief co-founder, said.
Looking at footage of the aftermath, Hays said he knew volunteers were needed.
“As long as this tornado was on the ground and the number of communities that it affected, the more we started to hear, the more we knew there was going to be a need,” Hays said. “We just didn’t know how much."
More than 20 people have died as a result of the tornadoes, which spanned four counties.
Volunteers set up shop at Nissan Stadium and began serving a community that Hays told 41 Action News looked all too familiar. Responding to the devastation in Nashville marked the organization’s 66th disaster since 2011.
The 2011 tornado that destroyed most of Joplin is what prompted a group of barbecue enthusiasts and competitors turned their hobby into a helpful effort, according to Hays.
“What was going to be three to four days and a few thousand meals turned into 11 days and 120,000 meals from a parking lot," Hays said.
Operation BBQ Relief drove several smokers to Nashville that can cook enough pork to make 2,000 pulled pork sandwiches at one time. Hays said it helps in their efforts to serve more than 20,000 meals a day.
“It also does a little bit more than just, you know, nurses the body, it nurses the soul as well as we’re doing that," Hays said.
Crews plan to be in the Nashville area for seven days, Hays said, but will monitor the situation on the ground and adjust as needed.
Source: kshb.com/image from Hearth & Home
Members of the Northeast Hearth, Patio & Barbecue Association (NEHPBA) and its regional Affiliates are the leading companies that produce, sell, or service appliances and accessories in the hearth and barbecue industries in North America. Join today to take advantage of all the benefits your company will receive.
JOIN NOWServicing Massachusetts, Connecticut, New Hampshire, Rhode Island, Vermont, Maine, New York
Copyright © 2024. Northeast Hearth, Patio and Barbecue Association | All rights reserved.