Coronavirus – Small Business Resources

The economic health & safety of our business community in Lafayette County is of paramount importance. As the coronavirus continues to spread, it is important that Lafayette County is prepared to handle the issue. This is a rapidly-changing situation that is continually being monitored by the CDC and the Mississippi Department of Health.

Below are resources we have pulled together to help educate employers on the coronavirus and the current economic climate we are now facing:

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or less

WASHINGTON— The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin.  “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued.  “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds.  We continue to favor additional legislation to further simplify the forgiveness process.”

“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” said Administrator Jovita Carranza. “We are continuing to ensure that small businesses are supported as they recover.”

SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020.  SBA will continue to process all PPP forgiveness applications in an expeditious manner.

Click here to view the simpler loan forgiveness application.

Click here to view the instructions for completing the simpler loan forgiveness application.

Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

MDA Launches Back to Business Mississippi Website

LIVE Application Portal to facilitate the $240 million Back to Business Grant Program www.backtobusinessms.org

The website also features eligibility requirements, FAQs, PDF downloads of the Back to Business Rules, and a notification email option for program news and announcements.  The Back to “Business Mississippi Grant Program” is part of the “2020 COVID-19 Mississippi Business Assistance Act,” which authorized $300 million for small business relief. Funding for the program is provided from the State of Mississippi’s allocation of the $1.25 billion from the “Coronavirus Relief Fund” of the “Coronavirus Aid, Relief, and Economic Security Act”, signed into law by President Donald J. Trump on March 27, 2020.

The program is designed to provide grants to eligible businesses that suffered an interruption on their regular business operations due to COVID-19 and to stimulate growth, economic relief, and recovery among Mississippi small businesses that experienced disruption or closure due to COVID-19.

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

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.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 

Click here to view the EZ Forgiveness Application.

Click here to view the Full Forgiveness Application.

Guides and Resources from the U.S. Chamber

The U.S. Chamber continues to create, update, and evolve its various guides and resources to continue bringing you and your members the information you need during this difficult time. We encourage you to continue utilizing and sharing the following items as you see fit:

PPP Loan Forgiveness: A Step-By-Step Video Explanation

The U.S. Chamber released a new video which provides a step-by-step explanation of the Payment Protection Program (PPP) loan forgiveness process.

In the video, U.S. Chamber executive vice president and chief policy officer Neil Bradley walks you through the essential steps of the loan forgiveness process, including calculations and repayment terms. We hope that the guidance shared in this video serves as a helpful resource for you and your members.

Click here to watch the video

From the Mississippi Small Business Development Center

COVID-19 Business Response Toolkit

Business Resiliency Guide

Business Resiliency Plan

Emergency Procedures

Links:

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

Mississippi Coronavirus Hotline: 877-978-6453
(8 a.m. – 5 p.m., Monday through Friday)

Helpful links from the Center for Disease Control and Prevention:

Resources for Businesses and Employers

General Info & FAQs

Steps to Preventing Illness

Preventing COVID-19 Spread in Communities

Other useful links

Mississippi State Department of Health Coronavirus Information Page

Centers for Disease Control Coronavirus Information Page

Centers for Disease Control Coronavirus Interim Guidance for Businesses and Employers

Sign Up for CDC.gov Email Updates

U.S. Chamber of Commerce’s Coronavirus Resource Page and Press Statement by U.S. Chamber CEO Thomas Donohue

Association of Chamber of Commerce Executives Crisis Management Center Website

US Small Business Administration Disaster Assistance Information

Share the safety measures your organization is taking with this Customizable Flyer from the US Chamber of Commerce Foundation

US Chamber of Commerce Foundation “Resilience in a Box” Resource Page