TACCA Update April 20
Monday, April 20, 2020
Posted by: Devorah Jakubowsky
More Aid for Small Business is on the Horizon
Incredibly high demand for small business help through the Payroll Protection Program (PPP) and Emergency Injury Disaster Loans caused appropriations for those programs to dry up quickly. According to the Small Business Administration, Texas received more than 134k loans totaling almost $28.5 billion. However, we've heard many of our small business owners may not have received the funds critical to continuing to pay expenses.
Congressional leaders are close to another deal to replenish the PPP. Under the $400 billion deal currently being discussed, the PPP would get an additional $300 billion and a separate Small Business Administration (SBA) disaster loan program that had run out of money would receive an additional $50 billion.
Be ready to submit your application if these additional funds become available. If you have already applied for a PPP loan through your lender, your loan application may already have a place in the SBA’s approval queue. Don't delay, contact your banker now to make sure your application is in the queue, you have addressed anything that prevented your approval earlier, or you have everything needed to complete the application and get in line for funding.
Gov. Abbott Sets Plans in Motion for Reopening Texas Business
Last Friday, Governor Greg Abbott held a press conference where he issued three new Executive Orders to begin the process of reopening the state of Texas.
1. Established the Strike Force to Open Texas - a group of nationally recognized experts and leaders that will immediately begin providing input on potential additional openings of activities and services in Texas consistent with guidelines provided by the Centers for Disease Control and Prevention (CDC). The Governor will announce a revised plan for the state based on these initial recommendations on April 27.
2. Safe, strategic reopening of select services and activities in Texas, including a retail-to-go model, although schools will remain closed for the rest of the 2019-2020 school year.
3. Loosen restrictions placed on surgeries that would not deplete capacity or PPEs needed to respond to COVID-19.
Gov. Abbott also reopened state parks today as long as safety measures are followed, and groups larger than five are prohibited from gathering.
Federated Insurance Hosting Complimentary Webinars in Early May
Federated clients have access to a network of independent business succession and estate planning attorneys. At this time, Federated is offering not only their clients but all TACCA members a complimentary review of their plans. Federated’s Southwest Region recommended attorney firm, Evans & Davis specializes in business succession and estate planning law which could help you and your business during these very uncertain times. If you and your family and/or business partners are interested, please join us for this informational webinar put on by Evans & Davis.
Friday, May 1 at 10:00 am via Zoom
Business Protection: Disaster Planning, Response, Recovery
Disasters of any type can be costly for businesses, and even result in permanent closure. Taking steps to prepare and plan for potential disasters, both natural and man-made, will help businesses minimize disruption and recover more efficiently. The Insurance Institute for Business & Home Safety (IBHS) offers two programs, OFB-EZ and EZ-PREP, to help owners protect their business’s bottom line, their employees, and create a more resilient community. Who should attend this webinar? Risk managers, operations managers, HR professionals and owners/operators.
Tuesday, May 5 at 1:00 pm