Today, the U.S. House of Representatives passed the Senate legislation extending the deadline for companies to apply for Paycheck Protection Program loans (PPP) through August 8. The bill S.4116, was originally passed by the Senate yesterday, and will now go to President Trump for review.
Originally, the application period was set to expire at the end of the day on June 30th, at which $130 million was remaining in PPP funds. On June 30th, the Senate was quick to pass the bill through to the House.
“When Congress passed the CARES Act in March, we thought that small businesses would be operational by the end of June, but it is now clear that our nation’s small businesses will still need support in the weeks and months to come,” said Sen. Ben Cardin(D-MD), the bill’s sponsor and ranking member of the Senate Small Business and Entrepreneurship Committee, said in a news release after the Senate’s action.
Paycheck Protection 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 employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
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 in the program.
In the weeks ahead, senators will continue bipartisan negotiations on the Prioritized Paycheck Protection Program (P4) Act—legislation Cardin, Shaheen, and Coons introduced to authorize new lending under PPP to small businesses with 100 employees or less, including sole proprietorships and self-employed individuals. Eligible businesses must have already expended an initial PPP loan, or be on pace to exhaust the funding, and must demonstrate a revenue loss of 50 percent or more due to the COVID-19 pandemic. The bill would extend the application deadline for initial PPP loans from June 30 to December 30, or longer, at the discretion of the Small Business Administration (SBA), and would use existing PPP funding to make P4 loans.
To ensure that under-served and hardest-hit businesses can access P4 loans, publicly traded companies are ineligible for the loans; hospitality and lodging businesses with multiple locations are limited to an aggregate loan amount of $2 million; and the bill would reserve the lesser of $25 billion or 20 percent of PPP funds for employers with 10 or fewer employees, as well as small businesses in under-served and rural communities. The bill also directs SBA to issue guidance to give priority to businesses with 10 employees or fewer in the processing and disbursement of P4 and PPP loans, and requires SBA to request demographic information of P4 and PPP loan recipients.
Additionally, the P4 Act would:
Friends, Please know that our Coronavirus Relief team at Michael Best is standing by to assist you with obtaining the relief provided. We can assist you through this crisis. Let us know if you need assistance.
On behalf of the team,
Click here to visit Michael Best COVID-19 Resource Center with the latest updates on business & legal implications related to the coronavirus.
The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, Paycheck Protection Program (PPP) loan forgiveness application.
SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. The revised full application has been cut to five pages, including a page of instructions, from the original 11, and the new “EZ” application form is just three pages.These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
EZ Forgiveness Application
PPP Loan Forgiveness Application
Small Business Administration Reopens Economic Injury Disaster Loan Program
The U.S. Small Business Administration announcedthat it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
The EIDL is a long-standing SBA program that is accustomed to dealing with geographically contained disasters, such as hurricanes, tornadoes and wildfires. The program offers long-term, low interest assistance for a small business or non-profit that are suffering substantial economic injury as a result of COVID-19.
The Economic Injury Disaster Loan (EIDL) and EIDL Advance:
SBA stopped taking new requests for loans and grants from the EIDL, when initial funding ran out on April 15. When funding ran out it prompted Congress to divert more resources to it. In late April, Congress allocated an additional $60 billion for the loan program. Despite the additional funding since May 4, SBA has only been taking requests from agricultural businesses.
SBA Administrator Jovita Carranza said in a statement that the reopening will help small businesses and nonprofits.
“With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low-interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” Carranza said.
Carranza also said that the SBA has made improvements to help the program run more smoothly. She said "to meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
Operational Monetary Cash Supply Challenges
It has been reported by a member that Banks are saying they are very short on change. In some cases, banks are limiting change orders. If you are open please monitor your local banks behavior and would recommend a discussion with them. If you are not yet open and you transport change with a bank, please take this under consideration in your opening plans about getting operating cash for units over several weeks.
By unanimous consent the U.S. Senate passed the House-passed bill to extend the Paycheck Protection Program.
The recently passed bill would:
For a full breakdown of what is in the bill click here.
The chamber approved the measure by voice vote hours after Sen. Ron Johnson blocked a Democratic effort to unanimously approve it. The Wisconsin Republican got assurances on making changes to the bill later. He has said he wants the loan system known as the Paycheck Protection Program to expire earlier than initially planned.
The bill will now go to President Trump.
The House of Representatives overwhelming passed The Paycheck Protection Program Flexibility Act of 2020, that will provide flexibility to the Paycheck Protection Program. The Paycheck Protection Program, the core part of the $2 trillion pandemic rescue package passed in March, allows loans of as much as $10 million that can be forgiven if a business spends it within eight weeks on payroll and no more than 25% for rent and other approved expenses. The Small Business Administration has reported that more than 4.4 million loans worth $510.5 billion had been approved as of May 27.
The House bill, H.R. 7010 would:
The bill passed 417-1, with many of the Democratic votes read into the record by their assigned proxy, which allows lawmakers to cast votes on behalf of members not present. A rule change that was largely rejected by republican members of the House when introduced.
The bill will now move to the Senate to be voted on. The Senate has already put forward a bill similar to the House bill, but has not yet passed it.
The bill which was released last week by Chairman Rubio, Senator Cardin, Senator Collins and Senator Shaheen that calls for future action on the Paycheck Protection Program. Several changes include:
There is no language on the 75/25 requirement, but we expect it to be part of the debate. There are a few other Senate bills proposed to fix PPP. Some of their proposals include extending the covered loan period to 16 or 24 weeks for certain borrowers and eliminating or changing the 75/25 requirement.
While the administration has weighed in and called for Congress to make changes to the PPP, it appears to be standing by its 75/25 requirement it added in its regulations.
Given the timing, we expect a bill to be passed the first week of June when the Senate returns from recess. The timing matters because the first companies that received loans after the PPP program opened on April 3 will see the eight-week loan-forgiveness periods begin to expire at the end of next week and in early June. House Majority Leader Steny Hoyer said Tuesday the House and Senate should be able to quickly agree on changes.
Last week, the SBA and Department of Treasury released the PPP loan forgiveness application and Interim Final Rule on Loan Forgiveness. Read our firm’s alert on highlights and considerations for borrowers on the application. The interim rule and application clarifies some questions on period of review for loan forgiveness, how to determine payroll and non-payroll costs paid and incurred during the loan period, reductions in loan forgiveness, among other issues. Borrowers will need to work closely with their lender to ensure loan forgiveness.
On behalf of the team,
Sign up for MBS COVID-19 alerts here
Click here to visit our COVID-19 Resource Center with the latest updates on business & legal implications related to the coronavirus.
While no one knows for sure what to expect when you make the decision to reopen for business, we are starting to get some feedback from fellow members that we wanted to share with you. This data is directional only in hopes of providing you some information that might be helpful.
It would make sense that the customers that would come see you first would be your league bowlers. They are the people that know you best, love the game of bowling and have their own equipment. So around the country the first customers to visit bowling centers are the most loyal customers, league bowlers.
As it relates to location, rural centers are performing better than major metropolitan centers from a revenue perspective. This follows the trend of where COVID-19 has been most prominent. Many rural areas around the country (even in states with higher cases) have had little in the way of COVID-19 cases and thus business has rebounded faster.
From a volume perspective, most centers are seeing between 20% to 25% of previous year volume to start with. And while that number is no where near what you might be hoping for, the positive note is the volume gives you and your team the opportunity to work out the new service model with your customers. The good news is that those who have been open a couple of weeks now, are reporting that sales are increasing (albeit slowly) each day! Business is coming back and making your customers feel safe and secure is key.
Plotting daily volume in First Data and SYSCO since the shutdown has shown that some centers continued to do what they had to do to generate some income during the shutdown. About 450 centers offered their community take out, delivery and even alcohol curbside (where allowed). There was not a day without activity in SYSCO or First Data. As we open back up; the plotting of charts bring hope as we begin to see the line go up each day.
FOOD AND BEVERAGE FOR OUR CENTERS
As our centers begin to open, as operators, we might think of a condensed menu for the first few weeks. We might not be able to estimate our business. Also an important aspect is the size of your order as well. As we will be counting nickels, dimes, and quarters, we need to manage our inventory for our food service. Taking some time to review these aspects of our Food and Beverage programs, we feel at BPAA is a must. Feel free to call John Warling at 817-385-8457.
26 That's Quite a Number
That's the percentage of sales that restaurant transactions were down for the week ending May 3 when compared to the same time last year, according to NPD Group, which tracks retail performance via point-of-sale data. But consider the number good news as transactions were down 32 percent the previous week when compared to the same week in 2019, and 43 percent the week ending April 12 when compared to the same week in 2019.
Today - May 14, 2020
2 - 2:30 p.m. Central
We look forward to having you join us on today's livestream at 2 p.m. Central.
To join the session, click on the link below.
If you would like to participate in the live chat portion of the session, please sign in to a Google account. If you experience any difficulty connecting to the livestream, please try opening in a different browser.
If you are unable to attend the livestream, you can use the link below to watch the presentation at your convenience.
Click Here to View Live Stream Series Presentation
The U.S. Department of the Treasury has issued guidance that clarifies how the Small Business Administration (SBA) will review a borrower’s required good-faith certification concerning the necessity of the borrower’s PPP loan request.
FAQ #46, issued on May 13, provides that “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” It should be noted that this $2 million threshold will not be solely based on the loan size of the borrower, but rather will be based on the aggregate loans of the borrower and all of its affiliates.
The new FAQ also provides some comfort for borrowers with loan sizes over $2 million, by explaining that the SBA will not pursue administrative enforcement or referrals to other agencies with regard to a borrower that repays a PPP loan after receiving notification from the SBA that the SBA has determined that the borrower lacked an adequate basis for the required certification concerning the necessity of the loan request.
Click here to Read Full Article
In case you missed it, on an ABC News Special, PANDEMIC: WHAT YOU NEED TO KNOW, ABC’s Amy Robach interviewed BPAA President-Elect Jim Decker earlier today about the state of the bowling industry during the Covid-19 Pandemic. Please click the link below to see the interview in its entirety.
Jim Decker Interview
PAYCHECK PROTECTION PROGRAM LOANS
Frequently Asked Questions (FAQs)
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Click on the link below to view document with the understanding the document will be updated on a regular basis.
Click here for Paycheck Protection Program FAQ
Tips for Tracking Information to Help Maximize PPP Loan Forgiveness
While the lending institutions are generally allowing drawdowns on the PPP loan without significant documentation, detailed records will be important to support the loan amount to be forgiven. Technical guidance regarding the specific definitions and clarifications around which expenses are allowable will be forthcoming in the next several weeks and should be monitored closely.
Follow these guidelines to help make the conversations with your lender around forgiveness go smoothly. Communicate with your lender ahead of time so you are prepared. Keep the documentation organized electronically in a secure location on your server so you can adapt to your lender’s specific requirements. In June or July, the goal should be to have all the documentation at your fingertips to help make it easier for you to substantiate and maximize your loan forgiveness.
Click Here for Tips for Tracking Information to Help Maximize PPP Loan Forgiveness
State-by-State Business Reopening Guidance
Across America, business leaders are restarting our nation’s economic engines and employees are returning to work. However, this process is taking place gradually and non-uniformly across the country depending on regional differences in the prevalence of COVID-19.
In some states, for example, masks are required; in others, they’re suggested. In some states, mask requirements apply only to employees, while in others, customers must wear them, too. In some states, employers are required to screen employees before shifts begin; in others, it’s required after each shift. In still others, it’s not required at all. Meanwhile, some states are leaning on questionnaires, but even then, the questions and retention rules vary.
To help track the differences across each state and provide the latest guidance and information to America’s employers, the U.S. Chamber Staff have launched the following interactive state map and state guides. Below, you will find the latest guidelines, timelines and other critical information for businesses aiming to restart safely and sustainably amid the pandemic, as well as (at the bottom of each state profile) a link to the latest information for employers in that state.
Click Here to View Interactive State Map
Click on link below to view letter sent to Congress to take action to support thousands of bowling proprietors and other small businesses across the country by increasing funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) by $250 million and renewing funding for the Economic Injury Disaster Loan program (EIDL).
Click Here to view BPAA PPP Letter to Senate and House Leadership
Below is link for the updated state tracker.We are monitoring GA next steps closely after Trump stated he disagreed with GA Governor’s plan to reopen. Whatever states open up first will certainly be test cases and learning lessons for all other states.
Click here for the COVID-19 State Policy Summary - 04/22/20
Strategic Communications Planning: Looking Around the Corner as We Flatten the COVID-19 Curve
With some initial good news that social distancing and other public health measures are slowing the COVID-19 spread, government and business leaders are looking at what’s next. Most agree it’s likely to be different for different industries and different based on what’s happening in your state or community.
Click Here for the Webinar Slide Deck.
FEMA and the U.S. Department of Health and Human Services (HHS) are collecting and sharing best practices and lessons learned from the whole-of-America response to the coronavirus (COVID-19) pandemic. The best practices are intended to help medical practitioners, emergency managers, and other critical stakeholders learn from each other’s approaches and apply solutions to current response and recovery operations.
The FEMA Coronavirus Emergency Management Best Practices page provides a one-stop shop to explore best practices and lessons learned across all levels of government, private sector, academic institutions, professional associations, and other organizations. HHS has a comprehensive Novel Coronavirus Resources page that highlights technical resources and information for the medical community and emergency responders.
Best practices are organized around five themes:
www.coronavirus.gov for current health-related guidance and information on COVID-19.
Friends, Please know that these are just sharing of "best practices" from industry and FEMA and should not be relied upon as standard of care or orders from the federal government. Remember, each state has primacy to date over essential business and business must first comply with the state executive orders. You should consult with counsel on your specific situation. Our Coronavirus Relief team at Michael Best is standing by to assist you with obtaining the relief provided. We can assist you through this crisis. Let us know if you need assistance.
On behalf of the team,
For more information check our past alerts for a detailed summary of relief.
Congress is working on replenishing the appropriation for the PPP loan
. Democrats are asking for additional funding for hospitals and state and local governments. Negotiations are ongoing here.
Sign up for MBS COVID-19 alerts here
Click here to visit our COVID-19 Resource Center with the latest updates on business & legal implications related to the coronavirus.
Centers under the BPAA - First Data program have been approved to have monthly account fees waived for 60 days. These fees are not Interchange; but rather any reoccurring fees such as Clover AP fees or PCI assist fees. You do not need to do anything for this. Centers that lease their equipment can have their lease payments deferred for 60 days, but must request this on their own behalf. Below is the information on how to request the payment deferment.
Merchant can call the Leasing Customer Service team at (877)257-2094
If you had already booked your hotel room for Bowl Expo at the Gaylord Rockies Resort & Convention Center, the hotel will be canceling your reservation. Any refunds typically take 3-5 business days to reflect on bank statements. If you have any questions or require additional information about your canceled reservation and/or refund, please reach out to Dennis.Johnston@GaylordHotels.com.
Any additional questions or concerns, please reach out to Justin Moore, Director of Meetings and Events, at firstname.lastname@example.org
Click Here for Revised Michael Best’s COVID-19 Q&A for Employers
As the COVID-19 continues to disrupt daily life, it’s clear this outbreak will impact all of us across borders and industries. Below you will find additional links to resources to help navigate this challenging time.
Updated links to all PPP information (of course SBA and Treasury are still adding more guidance and materials):
Click Here for Department of Treasury’s Information on PPP
Small Business Administrations’ Information on Lending Programs:
Click Here for SBA's Information on Lending Programs
Updated State Policy Summary:
Click Here for COVID-19 State Policy Summary-04/09/20
Please note: This is confidential information and should not be passed on outside of your accountants, lenders or family.
There’s no denying these are challenging times for small businesses, and we know you’re facing a lot. Now more than ever, it’s important for you to stay as connected to your customers as possible, keeping them informed and proactively working with them during these uncertain times. Salesforce is here to help. We launched the Salesforce Care for Small Business initiative to offer tactical advice and tools to help you stay in touch with customers and navigate the current situation.
A continued and updated discussion from Tuesday's livestream including the most up-to-date developments.
Thursday, April 9
2 - 2:30 p.m. CT
Join our multipart livestream series to engage in the latest changes related to these uncertain times. You’ll hear strategies for navigating what these developments mean for you. Topics include issues related to legislation, liquidity, workforce, and other relevant topics.
Leslie Boyd, CLA Principal
Jack Rybicki, CLA Managing Principal of Industry, Real Estate
Todd Sprang, CLA Principal
Can’t make it?
Fill out the registration form and you will receive an email with the recording following the event.
Click Here to Register
By now, you should have received your Pepsi Checks.
The Q1 SYSCO checks will be heading to centers soon. If centers have a temporary address they would like to get the check, please email
email@example.com or call Amy Arcuri at 817-385-8430.
The broad line food distributors are forecasting that when operations open back up, it may be difficult to get all your regular menu items for a few weeks as demand to re stock restaurants will be high and will come with little notice. Centers may need to be flexible with menu offerings and BPAA can help with digital menu board design services that are easy to update. BPAA is also helping centers design take out, delivery & pick up menus that can be used on websites, emailed and loaded on social media sites.
ADP Employer Preparedness Toolkit was designed to help you navigate the challenges you and your workforce are facing. ADP is continuously updating this page, please use it as a resource.
There was a discussion with several small business owners sponsored by Sales Force (with Mark Cuban as the moderator) with one of the things that came up was having a business look at their footprints and see how they can implement modified social distancing in their facilities IE: Move tables further apart,(even if they have to remove a few) rearrange furniture/fixtures to avoid crowds from forming or bottlenecks where customers have to be in close contact, in an effort to make the public comfortable once business resumed.
Of course they also talked about making customers aware of what your business is doing to clean/disinfect/safe food handling etc. To review CDC Cleaning and Disinfection for Community Facilities, please click on the link below.
Click Here for CDC Cleaning and Disinfection for Community Facilities
While many proprietors around the country are using this time to knock out all the cleaning and maintenance items that often get put off during normal business operations, this is also a GREAT time to invest in yourself, your family and your team with Bowling University’s Online Education and On Demand training and development courses.
During the month of March over 1,500 online courses were taken through Bowling University which is almost double the results from March 2019. And, so far for the first 8 days of April over 1,100 online courses have been activated!
For those centers that are fortunate enough to still have some staff on payroll, this is the perfect time for them to learn and grow so you are ready when bowling is back! For more information or to activate your courses email
With the current situation, now is the perfect time to think about connecting with your customers to start, or continue, to build your relationship. Webservices offers a Customer Relationship Management solution that helps you maintain and segment your list of customers. It is based on the World’s #1 CRM product, Salesforce.
If you are a current Customer Connect user, now would be a great time to make the transition. If not, let’s talk about getting you started on building your CRM database. Interested? Contact Gary Williams at 817-385-8487 (
firstname.lastname@example.org) or Ronny Dodd at 817-385-8488 (email@example.com) for more information.
Additionally, Salesforce is a very socially conscious corporation and they know that it is important to support small businesses at this time. They want to ensure that small businesses have a chance to get through this current crisis and they have announced the
Salesforce Care Small Business Grants program to help small businesses get the resources they need. The Salesforce Care Small Business Grants program will soon be offering $10,000 grants to U.S. small businesses to provide capital to help them weather this crisis. Learn more and sign up to be notified when they open applications.
On Friday, March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic relief package aimed at helping American workers and businesses impacted by the COVID-19 pandemic. In this webinar, Michael Best Strategies policy experts and BPAA government relations consultants, Tom Schreiber and Sarah Helton will discuss how the CARES Act, the Families First Coronavirus Response Act, and other administrative actions provide relief for bowling proprietors.
Thomas B Schreibel
Partner, Michael Best Strategies
Click to Email
Sarah C. Helton Principal
Michael Best Strategies
To download the presentation from
COVID-19 RELIEF OPPORTUNITIES FOR BOWLING PROPRIETORS Webinar
Download Updated 04/03/2020
COVID-19 RELIEF OPPORTUNITIES FOR
BOWLING PROPRIETORS Presentation
If you have specific questions that you would like to ask, please complete the form below.
Here is an updated guidebook for BPAA members which includes new information received about the SBA loan programs.
Download Updated 04/03/2020 COVID-19 Relief Guidebook
SBA Debt Relief
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
The link below is a very helpful breakdown from Senate Small Business Committee providing Q&A on the SBA lending programs.
Small Business Owner’s Guide to the CARES Act
The United States federal and state governments are acting swiftly to address the COVID-19 pandemic through legislation, executive orders, guidance, and other relief programs. Most recently, President Trump signed into law the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES).
Michael Best and Michael Best Strategies are tracking these actions very closely and is in close communication with the federal and state governments. We are advising clients on the various United States federal and state avenues of relief, whether through lending, employment, or taxation provisions, that they may be able to use to get through this period of distress. We have a COVID-19 Resource Center and we encourage you to sign up for updates here.
Attached are documents Michael Best Strategies LLC has prepared for BPAA’s members, including a guidebook on the various relief provisions provided under FFCRA and the CARES Act and a state tracker that includes information for small businesses as well.
Please note: This is confidential information and should not be passed on outside of your accountants, lenders or family.
At this time, the agreement will help bowling centers and their staff in many ways.
We feel a bit more confident that proprietors have some solid resources to help them make it through this and can be ready to re-open with the added knowledge that their staff is also receiving assistance through this as well and that their staff will have their jobs waiting for them when it is safe to reopen.
The BPAA appreciates everyone in and out of the bowling industry who support our efforts and recognize the important place bowling centers have in our communities. We look forward to the continued work of Congress and the Administration and to the quick passage in the House and signature by the President of this relief package.
In the event your location has temporarily closed for business, we wanted to share with you some best practices on steps to make sure you properly secure your facility safely. While not all of the suggestions will apply based on your business model, we wanted to share this guide in its entirety. In addition to the guide, we have also developed a one-page PDF as an additional resource.
One page PDF Temporary Shutdown Checklist
COVID-19 Temporary CPR Closing Preparation Resource
If your center will be offering Take-out or Delivery Service, BPAA can help you create a designed menu that offers some limited menu items. We will create a JPEG to post on your social media sites and to print.
Call Amy Arcuri at
Hello BPAA Members,
Thank you for your continued dedication and commitment to Sysco.
Attached is a letter that outlines forthcoming operational procedures that will be implemented over the next week across Sysco’s U.S. Broadline operations. Our goal is to reduce the complexity of our operations as much as possible, allowing us to best service our customers who are still operational in the current environment.
The Families First Coronavirus Response Act provides paid leave under the Family Medical Leave Act and paid sick leave for absences resulting from COVID-19. There are also refundable tax credits available to reimburse employers for wages paid as a result of the law.
Today's update covers guidance on Business Interruption Insurance from Specialty Insurance Group/Everest, a message from Sysco, Bowling University's "What to do with perishable food", and resources from
Pepsi on temporary shutdown and startup procedures for your
A note on Business Income (Business Interruption) Insurance: BPAA is in touch with their Endorsed Insurance Provider: Specialty Insurance Group/Everest. While there are blanket assumptions and statements being made by some in the insurance community via blogs, emails, etc., it is best to understand your own policy and coverage.
Each policy is unique, and only CLAIMS ADJUSTERS will determine coverage per each unique policy. When appropriate; each policyholder who has a claim, should file a claim and allow the process to take place. Policyholders should understand what calculations their unique policy might cover. For example: does it cover 4 weeks, after the first 72 hours? And what is the formula to calculate net profits?
Your broker can help you understand the formula in the policy they sold you. Whether or not the virus is excluded or included; knowing what you could expect if Business Income (Business Interruption) Insurance were to be needed (for a virus or other purposes) should be discussed with your broker.
A message to our customers,
The COVID-19 situation is a rapidly changing environment and, as always, it is important that we connect with all of you and provide updates on Sysco’s response to the situation.
The following resources capture our updated COVID-19 responses to date. Please share throughout your organization as necessary.
Click on the link to download pdf
Temporary Shutdown & Startup Procedures
March 16, 2020, President Trump announced the administration’s action to provide relief to small businesses impacted by the coronavirus (COVID-19) through the Economic Injury Disaster Loan Program.
The SBA’s Economic Injury Disaster Loan program provides small businesses with targeted, low-interest working capital loans of up to $2 million that can provide economic support to help overcome the temporary loss of revenue. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the COVID-19’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order for payments to be affordable (up to a maximum of 30 years). Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
The SBA is working with designated states and territories to offer these loans. These loans are made available upon requests received from state Governors. Once a declaration is made for designated areas within a state, small businesses can apply for the disaster relief loan. The application process for the Economic Injury Disaster Loan assistance will be available to all affected communities as well as updated on SBA’s website. Here are the states and territories that have been declared disasters as of today. SBA spokesperson Carol Chastang has stated that SBA generally approves a state’s request within 48 hours and a decision on loan applications typically takes two to three weeks. If the loan is approved, disbursement of funds can be made within five days of receiving the loan closing documents.
Visit SBA’s webpage to learn about eligible disaster areas, to apply online, and to check your application status. Business owners can call the disaster customer service center at 800-659-2955, or email firstname.lastname@example.org. The deaf and hearing impaired may call 800-877-8339.
Additional SBA guidance, resources, and information for small businesses impacted by COVID-19 can be found here.
Federal Guidance for Businesses and Employers. On March 16, the President announced the Coronavirus Guidelines for America – 15 Days to Slow the Spread. The President’s guidelines serve as national guidance in addition to any directives ordered by state and local authorities. This will help slow the spread of the coronavirus. The guidelines include actions like:
Legislative Relief. Congress is on track to pass several relief packages to address COVID-19. Michael Best and Michael Best Strategies have a COVID-19 Resource Center and will keep BPAA members up-to-date on provisions that impact BPAA members. Sign up for updates here.
While every member center will respond to the recent unrest of COVID-19 in their own way and how they feel is best for their family, team members and community they serve, your trade association wanted to provide some resources for your use. You can use these as they are or edit them as needed. All of you as business operators are busy and the goal is to give you the tools you need to navigate these challenging times. While there are a lot of opinions, misinformation and unknowns currently, we at BPAA want to help you, our member, with these resources and best practices.
While the situation is changing rapidly, our stance at BPAA is “Don’t Panic. Be Prepared.” The virus is real, and we should never take the loss of any human life as minor, therefore, it is important to keep things in context and proportional to other viruses and like illnesses. As it relates specifically to your business, we wanted to provide you some tools for you to use with your team members and to be able to communicate with your guests. Below is a brief explanation of each of the assets you now have access to on the BPAA website.
While no one really knows the impact of the virus, knowledge is power, and we hope that these resources will help you educated your team members and your guests.
Department of Health and Human Services: HHS Twitter (here) and HHS Facebook (here)
The CDC provides the most up-to-date information about COVID-19. Here are some of its resources for businesses:
Information for Businesses:
Information for Travel and Transportation:
Information for Community Events and Gatherings:
Click here to view the live tracking of COVID-19 by Johns Hopkins University