Covid Resources

COVID-19 Small Business Resource Hub



Finances

Senate Approves $480 Billion Package to Help Small Businesses and Hospitals, Expand Testing

The Senate passed a roughly $480 billion relief package Tuesday that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak along with other priorities like money for hospitals and expanded Covid-19 testing.

  • Approximately $484 billion delivered to small business struggling from pandemic.
  • $75 billion for hospitals and health care providers.
  • Additional $25 billion to facilitate and expand COVID-19 testing.

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U.S. Chamber of Commerce Launches Nationwide "Save Small Business" Initiative

Chamber calls on executives and companies to marshal available resources, talent, and unique capabilities to help small businesses in any way they can.

  • Supplemental Financial Assistance: The U.S. Chamber of Commerce Foundation is launching the Save Small Business Fund.
  • Advocacy: Under the campaign, the U.S. Chamber of Commerce will continue to fight for legislation, executive actions, and other government efforts to help small businesses devastated by the pandemic and economic downturn.
  • Resources, Webinars, and Guides: Under the Save Small Business Campaign, the Chamber is accelerating and expanding its efforts to deliver the guidance and expertise small businesses need to survive the crisis and recover following the pandemic.

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Impact of COVID-19 on Lines of Credit

Banks and lenders have largely adjusted their policies in regard to lines of credit to help small business owners weather this storm.

  • Ability to defer repayment on lines of business credit as well as business loans.
  • In order to help small business owners with cash flow issues due to COVID-19, some banks are reducing their rates on business lines of credit.
  • Several banks are suspending the charging of late fees on business loan payments for term loans and lines of credit.

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Personnel

What businesses must disclose when a worker is diagnosed with COVID-19

Employment lawyers are fielding a slew of calls from businesses looking for guidance on what to tell colleagues and customers when workers test positive for coronavirus.

  • Businesses must disclose enough information to maintain a safe work environment under the federal Occupational Safety and Health Act without sharing employees' health conditions, which must be kept confidential under the federal Americans with Disabilities Act
  • Businesses should track down and notify clients who may have been exposed to diagnosed staff

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Business Pivot | Creative Ideas

Vistaprint, Facebook, Verizon, More Offer COVID-19 Grants to Small Businesses

Companies such as Vistaprint, Facebook, Verizon, Salesforce and others are offering additional grants that can help keep your small business afloat during the coronavirus crisis.

  • The U.S. Chamber of Commerce, in collaboration with Vistaprint and with support from Merck, S&P Global Foundation and Travelers, launched The Save Small Business Fund.
  • Vistaprint donated $1 million to the fund.
  • The fund hopes to distribute at least 200 grants per week for an undetermined amount of time.

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Social Media Vital for Small Business Throughout COVID-19 Pandemic

With rapidly changing market conditions due to COVID-19, communicating with customers via social media has never been more important. Expert Carissa Hill said it was imperative business owners embrace the instantaneous nature of social media to keep stakeholders and clients informed.

  • Have a pinned post related to where your business is at during coronavirus.
  • Make posts relating to how your business has adapted to the change, such as offering delivery or curbside pickup.
  • Ramp up social media as more people stay home and are online.

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Taxes

Other

COVID-19: Ad Credits for Google Ads Small- and Medium-Size Businesses

Google is giving SMB customers worldwide $340 million in ad credits, which can be used towards future ad spend, until the end of 2020 across our Google Ads platforms.

  • Small- and medium-size businesses globally, who have spent with a Google Ads account in ten out of twelve months of 2019, and in January and/or February of this year.
  • This is an ad credit for future Google Ads spend. It will not be applied to billed/invoiced past or current Google Ads spend.
  • Starting in late May, we will begin rolling out the ad credit in phases.

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CVS Health Announces Cost-Sharing and Co-Pay Waivers for COVID-19-Related Treatment for Aetna Members

CVS health is waiving co-pays for inpatient hospital admissions related to COVID-19.

  • Aetna, a CVS Health company, will waive member cost-sharing for inpatient admissions at all in-network facilities for treatment of COVID-19 or health complications associated with COVID-19.
  • In states like New York and Washington with the strongest prevalence of COVID-19 cases, hospitals no longer need advance approval from Aetna for members requiring hospitalization for COVID-19.
  • With increased anxiety over the COVID-19 pandemic, Resources For Living® (RFL), Aetna's employee assistance program, is offering support and resources to individuals and organizations who have been impacted by COVID-19 whether or not they have RFL included as part of their benefits.

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Marketing

U.S. Sex Workers and 'Prurient' Businesses Excluded From COVID-19 Disaster Loans

Sex workers and anyone whose professional activities involve "prurient" products or content are ineligible for COVID-19-related loans for small businesses and the self-employed.

  • Applicants that present "live performances of a prurient sexual nature" prohibited.
  • They can also reject loan applications from independent workers in industries (like webcamming and porn) that are unquestionably legal across the country.
  • They can refuse loans to disfavored businesses, like strip clubs and sex toy shops, despite these perfectly legal businesses being forcibly shut down by state orders just the same as movie theaters, hair salons, and clothing boutiques have been.

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Coronavirus Mortgage Bailout: 'There is going to be complete chaos,' says industry CEO.

The Cares Act mandates that all borrowers with government-backed mortgages be allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.

  • All borrowers with government-backed mortgages allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.
  • Payments would then have to be made at a later time through a payment plan.
  • Servicers are granting the payment deferrals to borrowers with no questions asked.

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