UPDATED 5/21/2020 – Addition of links for a Checklist for Developing An Effective Pandemic Response Plan and for the SBA PPP Loan Forgiveness Application and Instructions.
Small businesses are facing unique challenges during this unprecedented time. We recognize you might have specific questions related to your business operations. So to respond, we have prepared this section of our Coronavirus Preparedness Resource Center for Small Business, which may serve as a single point of contact for information, updates, and the latest on the legislative front. Here we have aggregated a number of relevant links, articles, and other published material covering a wide range of legal issues to help you proactively position your business for success during this time of significant uncertainty.
COVID-19 Relief Aid/Assistance for Small Businesses
- SBA Paycheck Protection Program – This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- EIDL Loan Advance – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- SBA Express Bridge Loans – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief (Loan Forgiveness) – The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
- New Jersey COVID-19 Relief/AID Programs – information on grants and emergency loan assistance from the New Jersey Economic Development Authority.
- Pennsylvania COVID-19 Relief/AID Programs – The Pennsylvania Department of Community and Economic Development offers working capital loans that could be of assistance to businesses impacted by COVID-19.
- New York COVID-19 Relief/AID Programs
Crucial Areas of Focus for Small Businesses
- Compliance with Federal & State Requirements during a pandemic
- Checklist for Developing An Effective Pandemic Response Plan (OSHA requires Pandemic Response Plan)
- Implement Pandemic Response Plan
- Contracts & Supply Chain Management – review pending contracts for the purchase of goods/services.
- What does and does not excuse the performance of a contract?
- How do I prepare for negotiations with people I owe money to and for people who owe me money.
- Defenses for Breach of Contract Claims (note: Pennsylvania specific detail)
- OSHA Updated Guidance on Workplace Safety Standards
- Insurance Coverage
- Does my commercial general liability policy cover this business interruption?
- Does my property damage policy cover this?
- Get a comprehensive review of your business insurance policy to evaluate claims for business interruption.
- Taxation Issues
- Staying compliant with Federal Employment laws
- Handling Your Immigrant Workforce
- Addressing Mounting Debts and Filing for Bankruptcy