In a matter of a few days, some business owners and employees have seen their worlds flip completely upside down.
The threat of the coronavirus has prompted business models to shifts, some to shut down and others to layoff employees.
In response, the federal government and Small Business Association are offering some relief.
Zane Francescato, development director for the Seward County Chamber and Development Partnership, said Nebraska was declared an economic disaster area March 20, which allows small and medium-size businesses to apply for low-interest or forgivable loans to help them get through this financial rough patch.
Details and applications are available at sba.gov/disaster. Users need to fill out some PDF forms, then upload them to an online portal.
Francescato said additional “bridge” loans from the SBA will be available for financial institutions for up to $25,000. Additional information is still coming about those.
He said employers should keep up to date on unemployment and short-time compensation requirements.
“If businesses have to do mass layoffs, a service businesses can offer their employees is to help them file for unemployment if it comes to that point,” Francescato said. “We sure hope it doesn't.”
The U.S. Senate passed the CARES Act last week that will provide $86 million in COVID-19 response money from the legislature. The House of Representatives passed it the following day.
Sarah Skinner, constituent services representative for U.S. Sen. Deb Fischer, shared Fischer's stance on the bill March 25.
“This is a national crisis, and it requires a national response,” she said.
The CARES Act will provide funding for the following highlights:
• respirators for health care workers and first responders;
• recovery assistance checks of $1,200 to eligible individuals;
• benefits for livestock producers and those in the agricultural sector who are seeing depressed prices;
• grants and loans for small and medium businesses to keep employees on the payroll, help with debt obligations and pay benefits
Jonathan Jank, president and CEO of SCCDP, said Partnership employees began working from home March 30, but have forwarded office calls to their cell phones. They are still available to help connect both member and non-member businesses to resources.
“Member or not, please feel free to reach out to us for support during this time,” Jank said.
Many of those resources are posted on SCCDP's website, www.cultivatesewardcounty.com.
“All of these business resources are free and available to the public. Those needing help with cash flow or people who have been let go, reach out to us,” Jank said. “We're problem solving with each business based on their individual needs.”
He said businesses need to communicate honestly right now with their vendors, creditors, suppliers and others who may also be impacted.
Owners and managers should maintain records of their costs and losses related to COVID-19.
Most importantly, Jank said, local residents can still order online, call to place pick-up orders and support their local businesses as much as possible.
