Assistance Is Available for Small Businesses – Another Tool for Your Belt
In our last newsletter, we addressed Executive Orders and, in the issue before that, gave you disinfectant and store-protocol guidelines, along with other pertinent information.
We wanted to thank you for your patience with these emails. Information is coming to us rapidly, and we want to get this out to you as soon as possible as changes occur in what is a very fluid situation.
Today we are going to focus on a tool that may assist a number of our members, but before you get too excited, please note that we are awaiting clarification from our contacts at SBA to determine that vape shops are considered eligible businesses.
We have just learned that there is a piece of language in the SBA SOP 50 10 5(K) that lists ineligible businesses, where vape shops were given as an example last year. It was based on the following:
“Indirect Marijuana Businesses also include businesses that sell smoking devices, pipes, bongs, inhalants, or other products if the products are primarily intended or designed for marijuana use or if the business markets the products for such use.”
Please do not let this discourage you from applying. As stated above, this is a very fluid situation, and what stood last year may not stand this year. We do, however, feel it is in your best interest to give you all the pieces of information we have.
CARES Act PAYCHECK PROTECTION PROGRAM (PPP)
The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
PPP Overview for SFATA Members
PPP Fact Sheet for SFATA Members
The completed application needs to be brought to a local SBA participating bank. Since funding for this program is limited, we encourage you to apply as soon as possible.
Small businesses and sole proprietorships can apply starting April 3, 2020. Independent contractors and self-employed individuals can apply starting April 10, 2020.
For more information or help with any COVID-19 related assistance, contact the SBA COVID-19 Assistance Hotline 800-659-2955.
We will have more information out to you soon, but we wanted to get this out quickly since there are limited funds available, and you will need time to locate a local SBA lender.
As noted in the PPP - Fact Sheet For SFATA Members, SFATA is a 501(c)6 not-for-profit trade association, and is therefore ineligible for the PPP and other economic injury disaster loans. Just as your businesses have all been hurt, so have we, and SFATA cannot continue to do the work we do without a continuous influx of funds. We know times are tough, but we need you to give what you can, so that we can keep working to keep your doors open.
We also wanted to say that we know many of you are stepping up to help your local communities in their time of need by donating masks, gloves, and sanitizer, and we couldn’t be more proud!
Please stay healthy, and keep those chins held high!