Disaster Loans, Other Financing Available To Chambers
Chambers Currently Ineligible for Paycheck Protection Program; Contact Your Lender About Options
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Chambers of commerce organized as a 501(c)(6) entity may qualify for the Economic Injury Disaster Loan program, which also could include grants up to $10,000, the U.S. Small Business Administration confirms.
The loan process has been streamlined in response to the COVID-19 pandemic.
"In general, if the chamber is not a government-owned private non-profit; and, if they don’t engage in lobbying, they may be eligible," Region X SBA spokeswoman Melanie Norton said via email. "An application is needed for the SBA to make that determination. Applications may be submitted at https://covid19relief.sba.gov. The SBA encourages everyone to submit an application as soon as possible."
Also, the U.S. Chamber of Commerce has created a brochure on this issue that can be accessed here.
Additionally, 501 (c)(6) organizations are currently ineligible for the Paycheck Protection Program, Norton said. But chambers can still talk to their lenders about other options.
Conflicting information about this issue has emerged as the historic program rolls out across the country at record speed.
According to the SBA's Office of Disaster Assistance, the following entities affected by Coronavirus (COVID-19) may be eligible for the Paycheck Protection Program:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
Federal lawmakers are already discussing more funding for this program due to its overwhelming popularity.
For now, interested local chambers are encouraged to explore the Economic Injury Disaster Loans, and connect with their lenders about other financing options. Contact your local bank or credit union to learn more.
The New York Times has also created a list of frequently-asked questions about small business help.
AWB will continue to monitor developments around the Paycheck Protection Program and other small business relief, and share information as it becomes available.
For more information, contact Andrew Lenderman at 360.529.1301.
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To Save Money, Some Chambers Go Virtual
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As the economic impact of the coronavirus unfolds, the Covington Chamber of Commerce has one less thing to worry about: Paying rent.
"Overall we really just didn’t need the physical office space," Executive Director Jennifer Liggett writes. "We measured the visitors and reasons for dropping by and it wasn’t enough to justify continuing to pay rent, utilities and other expenses."
Covington made the transition in 2017, and the entire process took about two years, she said. The benefits include lower overhead, and notably, it encourages or even forces the staff to be out in the community. So if there's a meeting, it needs to take place in a local coffee shop or restaurant, which both increases the chamber's visibility and helps support the members.
A stronger online presence reaches beyond the city's borders to highlight the community, and flexible schedules can lead to a happier staff, she added. This move can also relieve some of the stress of annual fundraisers and galas if much of the money normally goes to pay rent and utilities.
Having a virtual chamber may not work for everyone. But Liggett is happy to share her chamber's experience with others in the Grassroots Alliance. To learn more, contact Liggett at 253.329.0999 or info@covingtonchamber.org.
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AWB wants to hear from you. Please don't hesitate to reach out. Have questions about the SBA loans? Need to talk to someone in government affairs? Having trouble with the shutdown order?
We've got you covered.
Please contact Andrew Lenderman at 360.529.1301 or AndyL@awb.org.
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Top Washington Health Officials to Join Monday Webinar
Please share this with your members
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AWB is pleased to welcome leading health officials and a manufacturer to Monday's webinar. Please help us get the word out.
Please feel free to copy the text below and share it with your members today.
Message begins here:
AWB welcomes all Washington employers to a Monday webinar with leading state health officials, and a manufacturer making a difference.
The webinar is scheduled for Monday, April 13 at 10 a.m.
Guests include Retired Vice Admiral Raquel Bono, MD, director of the state's COVID-19 Health System Response Management.
She's temporarily moved across the country to be the point person for Washington's hospital response to the COVID-19 pandemic. Read more at Northwest News Network.
Bono will provide updates and answer questions as part of AWB's ongoing webinar series to inform the employer community about the pandemic and its impact.
The event is free and open to all, but registration is required.
Register here.
Bono will be joined by Dr. Michael Jackson, PhD, an associate scientific investigator from the Kaiser Permanente Washington Research Institute. Jackson is an infectious disease epidemiologist that researches how respiratory pathogens spread, and how vaccination programs can protect communities.
And we'll hear from one Washington manufacturer that has already shifted his operation to make personal protective equipment to help fight the virus -- Jeff Kaas, co-owner of Kaas Tailored in Mulkiteo.
Contact Jacob Sodeman at JacobS@awb.org for questions or help with registration.
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