Resources During COVID-19 Pandemic

Small Business Resources

SBA ECONOMIC INJURY DISASTER LOAN & EMERGENCY GRANT
 
Overview
The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments. 
 
Eligibility
In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:
  • Business entities with 500 or fewer employees
  • Sole proprietorships, with or without employees
  • Independent contractors
  • Cooperatives and employee owned businesses
  • Tribal small businesses
  • Private non-profits of any size.
Additionally, you must have been in business as of January 31, 2020. Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020.
 
How to Apply
  • You can apply for an EIDL online with the SBA.
  • When you apply, you can request an emergency grant of $10,000.
  • The SBA will provide the grant within 3 days of receiving your application.
  • You will not have to repay the grant, even if your application for a loan is denied.
  • You can visit an SBA resource partner who can help guide you through the loan application process. You can find your nearest Small Business Development Center (SBDC) or Women’s Business Center here.
 
Can I apply for other SBA loan programs?
If you apply for an EIDL and the grant, you can still apply for a Paycheck Protection loan. However the amount forgiven under a Paycheck Protection loan will be decreased by the $10,000 grant.
 
More Information
For more information about SBA loan programs, please visit the Small Business Administration . More information about small business programs in the CARES Act can be found on the U.S. Senate Committee on Small Business and Entrepreneurship  website.
 
If you need additional assistance, please reach out to your local Small Business Development CenterSCORE  chapter, or  SBA District Office.
 
 
SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
 
Overview
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
 
How the Program Works
Paycheck Protection loans will come from private banks. Currently, the SBA guarantees small business loans that are given out by a network of more than 800 lenders across the U.S. The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June and expands the network beyond SBA so that more banks, credit unions and lenders can issue those loans. The basic purpose is to incentivize small businesses to not lay off workers and to rehire laid-off workers that lost jobs due to COVID-19 disruptions.
 
Loan Amount
The maximum loan amount under the Paycheck Protection Act is $10 million, with an interest rate no higher than 4%. No personal guarantee or collateral is required for the loan. The lenders are expected to defer fees, principal and interest for no less than six months and no more than one year.
 
Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely 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.
 
Must Keep Employees on the Payroll—or Rehire Quickly
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.
 
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
 
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
 
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. Banks are still getting the program up and running so check with your local bank to see if they have the program in place. Banks that are already approved SBA lenders may be quicker to get the loan program in place. The Treasury Department has released more details on the loans here. You can also see the loan application here. You will apply for the loan at your bank.
A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

Can a business get an EIDL and a Paycheck Protection Program loan?

Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.

 

VT Agency of Commerce and Community Development COVID-19 Guidance for VT Businesses

US Department of Labor Families First Coronavirus Response Act: Employer Paid Leave Requirements

Additional Resources:

VT Small Business Development Center

America’s Small Business Development Center

U.S. Small Business Administration

VT Small Business Administration

Office of Governor Phil Scott

Vermont Chamber of Commerce

U.S. Chamber of Commerce

Association of Chamber of Commerce Executives

SCORE Vermont

National Restaurant Association

Central VT Restaurant, Retail, Grocery Statuses (to the best of our knowledge)

 

 

Health Information

Local:

UVM Health Network- Central Vermont Medical Center

State:

Vermont Department of Health

Office of Governor Phil Scott

Federal:

Centers for Disease Control & Prevention (CDC)

U.S. Department of Health & Human Services

U.S. White House

U.S. Food & Drug Administration

U.S. Environmental Protection Agency

Global:

World Health Organization (WHO)

Remote Working Tools

Articles:

5 Tips for Staying Productive While Working From Home

20 Tips for Working at Home

Work from Home 101

Accounting:

Quickbooks– $12-$75

Services Provide: Information Storage/Sharing / Project Management / Security/Encryption

Gusto– $6-$12 per user

Services Provide: Information Storage/Sharing / Project Management / Security/Encryption

All Inclusive:

Google Suite/Hangouts– $6-$25 per user*

Services Provided: Video Conferencing | Audio/Phone | Instant Messaging | Information Storage/Sharing | Project Management | Security/Encryption
*In response to COVID-19 through July 1:  free access to our advanced Hangouts Meet video-conferencing capabilities to all G Suite and G Suite for Education customers globally including larger meetings, for up to 250 participants per call, live streaming for up to 100,000 viewers within a domain, and the ability to record meetings and save them to Google Drive.

Office 365/ Teams– $0- $12.50 per user*

Services Provided: Video Conferencing | Instant Messaging | Information Storage/Sharing | Project Management | Security/Encryption
*In response to COVID-19: Beginning March 10, Microsoft is rolling out updates to the free version of Teams that will lift restrictions on user limits.

Communication:

Zoom– $0-$19.99*

Services Provided: Video Conferencing | Web Conferencing/Webinar | Security/Encryption
In response to COVID-19: free for educators to move toward virtual learning

Zoom Phone– $14.99

Services Provided: Audio/Phone | Security/Encryption

Slack– $0-$12.50

Services Provided: Video Conferencing | Instant Messaging | Information Storage/Sharing | Security/Encryption

Loom– $0-$5 per user*

Services Provided: Video Conferencing | Web Conferencing/Webinar |Instant Messaging
*In response to COVID-19 through July 1: free for educators, recording limit removed on the free plan, free trial extended to 30 days, Loom Pro price adjusted to $5/month

Ring Central– $24.99-$49.99 per user

Services Provided: Video Conferencing | Web Conferencing/Webinar | Audio/Phone | Instant Messaging
*In response to COVID-19: Three months free RingCentral Office for K12 educators, health providers and non-profits

GoToMeeting– $12-$16 per user*

Services Provided: Video Conferencing | Web Conferencing/Webinar | Audio/Phone | Instant Messaging
*In response to COVID-19: some organizations may be eligible for access to free emergency remote work toolkit. Can register here.

CRM:

Live Agent– $0-$39 per user

Services Provided: Project Management

Information Services:

Dropbox Business– $12.50-$20 per user*

Services Provided: Information Storage/Sharing | Security/Encryption
*In response to COVID-19: Free Dropbox Business subscriptions for a three-month period to nonprofits and NGOs that are focused on fighting COVID-19

Genius Scan– $0

Services Provided: Information Storage/Sharing
Phone app for scanning/sending documents

Tiny Scanner- $0

Services Provided: Information Storage/Sharing
Phone app for scanning/sending documents

Project Management:

Trello- $0-$20.83 per user

Services Provided: Information Storage/Sharing | Project Management | Security/Encryption

Asana Project Management– $0- $24.99 per user

Services Provided: Information Storage/Sharing | Project Management

Scheduling:

Acuity– $0-$50

Services Provided: Project Management

General Information

211– Information and referrals to health, human and social service organizations

Green Mountain United Way