Chamber Alert, May 18

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Provided by Prince William Chamber of Commerce

Watch the Governor’s May 18 update here. 

Information and Resources

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30 
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.

REGISTER NOW: “Keeping My Customers and Finding New Ones in This Climate”

The fourth installment in the twelve-session webinar series, “Beyond COVID-19: NOVA Business Resiliency,” will be held Thursday, May 21 at 2:00 p.m. It was created for NOVA businesses to ensure they have the latest and best possible information from a variety of experts. The series focuses on how to keep moving forward during and after the current global pandemic.
On May 21 at 2:00 p.m.  is “Keeping My Customers and Finding New Ones in this Climate.” The Covid-19 Pandemic has shutdown broad swaths of industries, displacing workers, disrupting supply chains, and causing a significant contraction of the U.S. economy during the first quarter of 2020.
What must companies do to successfully engage with current clients to maintain revenue streams without being able to jump on a plane, conduct client visits, or host a business dinner? How do we conduct business development and meet new clients if we’re not attending events to network and pitch ideas?
Does the forced shift to digital engagement present an opportunity to find new customers and find ways to deliver value to existing ones? Are there new ways to engage in-person?

Topics include:

  • Deliver greater value and engagement online
  • Engage your current customers digitally
  • Test new in-person meeting formats
  • Identify and trial new customer segments
  • Develop marketing and social media campaigns that have true impact to your business
  • Create new channels to market and adapt your products and services to reach new audience for continued growth

Panelists include:

  • David Goldberg, President and CEO, Cadence Education
  • Peter Jacques, Ph.D., Principal Analyst, Customer Experience, Forrester Research (invited)
  • Benjamin Portman, President, Orpheus, Inc.

Who should attend?

Business owners and managers looking to understand how to rethink customer engagement and prospecting through new channels and online.
To register, click here.  Registration for the webinar is required and limited. Cost: No charge.

SBDC Business Recovery Web Page

The Virginia SBDC network has developed the Business Recovery webpage to help owners carefully plan for and execute their businesses’ new strategy. Reopening a business under current circumstances requires owners to make a careful analysis of the current situation, their capabilities, and goals. They must recognize how the market and customer has changed- the same applies to businesses that were able to continue operations. Additionally, businesses will need to calculate the new operating costs they’ll incur with additional safety measures. It might also necessitate owners to re-imagine their business concept.
The detailed guidelines in the Business Recovery web page cover a broad range of critical considerations. While business owners can use them by themselves, they were designed to ideally be used in collaboration with SBDC advisory service.  Visit the website here.

In the Community

Take the Historic Downtown Manassas sign tour.

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