TACCA Update April 1
Wednesday, April 1, 2020
Posted by: Devorah Jakubowsky
Paycheck Protection Program / Live Oak Bank
Through the Paycheck Protection Program (PPP), small business owners will be able to borrow money to cover defined payroll costs, rent, mortgage interest, utilities and interest on some loans. What do you need to apply? You will need to complete the PPP loan application and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020. Click HERE for the application from U.S. Treasury.
Live Oak Bank is a TACCA associate member and their Service Contracting Group is working 24/7 to prepare to distribute as much of these funds to service contractors as possible. Attached is information from Live Oak Bank regarding the Payroll Protection Plan PLUS a direct link to Live Oak Bank’s application. Contractors who follow the link will be able to get more information plus submit a brief application to be in the queue. There is NO obligation to borrow through Live Oak Bank, but as the Nation’s largest SBA lender, they have said they intend to make distributing the money FAST with priority to HVAC, plumbing and electrical service contractors. The Live Oak Bank link is HERE.
Statewide Protocols Issued
Yesterday Governor Greg Abbott issued an Executive Order implementing Essential Services and Activities Protocols for the entire state of Texas. The protocols direct all Texans to minimize non-essential gatherings and in-person contact with people who are not in the same household. The Governor’s Executive Order renews and amends his previous order enforcing federal social distancing guidelines for COVID-19. The protocols extend through April 30 and allow exceptions for essential activities and services based on the Department of Homeland Security’s guidelines on the Essential Critical Infrastructure Workforce, which now specifically names HVAC and supporting business as essential workforce.
10 Commonly Asked Coronavirus Small Business Loan Questions
- What loans are available?
- How do I get these loans?
- How much can I borrow?
- Do I need to repay these loans?
- What about the $10,000 emergency grant I’ve heard about?
- Can self-employed workers and freelancers apply?
- Can I apply for both loans?
- Do I need good credit to qualify for these loans?
- What if I’ve already fired or laid off my employees? Do I still qualify for a Paycheck Protection Loan?
- My bank doesn’t seem to know anything about the Paycheck Protection Loan. Now what?
The U.S. Chamber of Commerce has addressed these top questions from small business owners HERE.
FFCRA Employee Rights Notice
As a reminder, employers are required to have the Families First Coronavirus Response Act notice to employees posted today (April 1). It should be posted in the workplace with other employment notices. Since some are working remotely at this time, an employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website.