Office of the Texas Governor Announces Plan to Open Texas
The Texas Governor, Greg Abbott has kept the state informed and updated of his plans to safely navigate the re-opening of the state. The office of the Governor has released a checklist for businesses to prepare for re-opening. Use the link below to view the checklist as of May 5, 2020.
Economic Injury Loans Available
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due COVID-19.Here are a few things to have ready when filling out an application:
- Business tax returns for the two most recent years filed
- 2019 year-end financial statements
- Personal financial statements for any owner with over 20% interest in the entity
- Current Note Schedule (Lender, Balance, Payment, Terms, Collateral)
Payroll Protection Plan
Families First Coronavirus Response Act
The Families First Coronavirus Response Act expands access to emergency paid sick leave and provides families with critical protections to ensure that workers can care for their children without sacrificing their paycheck.
The U.S. Department of Labor published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
Natalie Rougeux with Rougeux & Associates PLLC, provides us with some FAQs that address many of the questions that our local employers are likely to have when determining how to respond to the COVID-19 crisis.
Internal Revenue Service (IRS)
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.
The Internal Revenue Service (IRS) issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns.
U.S. Travel Association
There are many ways that the travel industry can tap into federal assistance through the CARES Act. It is important to note that while we will be urging the federal agencies to expedite their regulations to ensure impacted businesses can access loans immediately, processes will evolve. The link below will help direct you to the type of assistance for which your organization may be eligible.
U.S. Chamber of Commerce
The U.S. Chamber is working closely with the White House, U.S. government agencies, and foreign government officials to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. View the Small Business Guide and Checklist for Emergency Loans below.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. View the Guide to SBA's Economic Injury Disaster Loans below.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. View the Guide to the Employee Retention Tax Credit below.
U.S. Centers for Disease Control Resources for Businesses & Employers
The U.S. CDC has developed interim guidance that may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.
Texas Association of Business Resources
The Texas Association of Business has also compiled resources for Texas businesses with the latest information from the Centers for Disease Control, Texas Department for of State Health Services and the White House.
Texas Workforce Commission Resources for Employers
The Texas Workforce Commission has put together a resource page for employers dealing with effects of COVID-19 including information on unemployment benefits, precautions for employers, layoffs and shared work programs, and reducing employee hours.
Workforce Solutions Alamo Resource for Businesses
Workforce Solutions Alamo provides no-cost services are for companies of all sizes. If your business is facing a layoff or closure, they can offer you and your employees’ transition and re-employment services at no cost. Workforce Solutions Alamo has resources for layoff aversion and layoff assistance,
Coronavirus: 8 Things Your Small Business Needs to Do