COVID-19 Information

US President Update: Social Distancing extended to April 30th

NM Governor Update: Hotel Capacity dropped to 25%

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STAY HOME. STAY SAFE. #WeAreInThisTogether

San Miguel

Cases:

375

Administered in USA

12,805,017 Confirmed Positive Cases

7,557,683 Recovered Cases (59.02% of Total Positive Cases)

264,179 Deceased Cases (2.06% of Total Positive Cases)

Federal Government Updates & Resources

Coronavirus (COVID-19):

Small Business Guidance & Loan Resources

Join our team! The SBA is hiring additional employees to assist with disaster relief efforts. Bilingual language skills are a plus. Remote jobs are available nationwide.

SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans as described by the CDC’s Guidance for Businesses and Employers.

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19).

SBA is focused on assisting with the continuity of operations for small business contracting programs and small businesses with federal contracts. See SBA's Federal Contracting Guidance for Small Businesses Impacted by COVID-19.

Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.

Small Business Tax Provisions

Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship

 

This provision would provide a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. This credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis. 

Wages of employees who are furloughed or face reduced hours as a result of their employer's closure or economic hardship are eligible for the credit. For employers with 100 or fewer full-time employees, all all employee wages are eligible, regardless of whether an employee is furloughed. The credit is provided for wages and compensation, including health benefits, and is provided for the first $10,000 in wages and compensation paid by the employer to an eligible employee.

Wages do not include those taken into account for purposes of the payroll credits for required paid sick leave or required paid family leave, nor for wages taken into account for employer credit for paid family and medical leave (IRC sec. 455).

*The Credit is not available to employers receiving assistance through the Paycheck Protection Program. The credit is provided through December 31, 2020.

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.

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans

Payment Protection Plan

PPP

This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

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 in the program.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

EIDL Loan Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

The Small Business Owner's Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many resources available for small businesses, as well as certain non-profits and other employers. 

This guide provides information about major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

As part of SBA's debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.

  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

Washington Federal Interest Free Credit

Washington Federal is offering small business lines of credit of up to $200,000 interest free for 90 days.

https://www.wafdbank.com/

Facebook Small Business Grants

Facebook is offering $100 million in cash grants and advertising credits for up to $30,000 eligible small businesses in over 30 countries where they operate.

 

https://www.facebook.com/business/boost/grants

Emergency Paid Sick Leave

​The Bill provides the “Families First Coronavirus Response Act” which expands access
to emergency paid sick leave to as 87 million U.S. workers.

https://www.congress.gov/bill/ll6th-congress/house-bill/6201

Contracting

 

If you are government contractor, there are number of ways that Congress has provided relief and protection for your business. Agencies will be able to modify terms and conditions of a contract and to reimburse contractors at a billing rate of up to 40 hours per week of any paid leave, including sick leave. 

 

The contractors eligible are those whose employees or subcontractors cannot perform work on site and cannot telework due to federal facilities closing because of COVID-19. 

If you need additional assistance, please reach out to your local Small Business Development Center, Women's Business Center, SCORE chapter, or SBA District Office. You should also work with your agency's contracting officer, as well as the agency's Office of Small and Disadvantaged Business Utilization (OSDBU).

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