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April 13th, 2020
COVID-19 News & Updates
As you know, the Coronavirus is having an impact on business and society. Our thoughts and prayers are with all those impacted by the situation. We will be providing daily and weekly updates about COVID-19 to you. We hope that you find these interesting and informative.

When will COVID-19 peak? A state-by-state analysis
  
Updated Thursday April 9th

Peak demand for hospital resources due to COVID-19 is expected this week in the U.S., according to  updated projections  from the University of Washington's Institute for Health Metrics and Evaluation in Seattle. 

The model,  first released  in late March, presents estimates of predicted health service utilization and deaths due to COVID-19 for each state in the U.S. if social distancing measures are maintained through May. Researchers used state-level hospital capacity data, data on confirmed COVID-19 deaths from the World Health Organization, and observed COVID-19 utilization from select locations.

When IHME first released its model, the only place where the number of daily deaths had already peaked was Wuhan, China. The data from Wuhan formed the basis for IHME's estimation of the time from implementation of social distancing policies to the peak day of deaths. That estimation is now based on data from Wuhan and seven locations in Spain and Italy where the number of daily deaths appears to be peaking or to have peaked. The model has also been updated to use three different weighting schemes to better approximate the variation in potential policy impact across social distancing mandates. 
Projections for peak demand for resources, namely hospital beds and ventilators, also changed after IHME incorporated new data sources into its model and made changes to its analytical framework.

According to the most recent projections, which use data updated April 8, peak demand for hospital resources will occur at the national level on April 11. However, this varies by state. Below is the projected date of peak demand for hospital beds, ICU beds and ventilators in each state according to the IHME model. 

Recap of the two Loans available under
the Cares Act:

Economic Injury Disaster Loan (EIDL)
Paycheck Protection Program (PPP)
Economic Injury Disaster Loans

There are currently two types of loans available: Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP). See the differences above. If you would like more information on the Paycheck Protection Program read the two article below.

Here is the breakdown on the Economic Injury Disaster Loans (EIDL)

Overview:

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan  advance of up to $10,000 . This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application.  This loan advance will not have to be repaid.

The requirements for the application have also been scaled down and no additional documentation such as tax returns or personal financial statements are required when submitting the application. The SBA claims you will receive this grant within three days of the application filing, whether or not you ultimately qualify for a loan.

Eligibility:

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the  SBA’s size standards  for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application.

The process should be quick because lending decisions are based on self-certification and personal credit score. Also, the requirement that you be unable to obtain credit elsewhere has been waived. Therefore, you can apply even if you already have a credit line.

Registration online is open! To apply for a COVID-19 Economic Injury Disaster Loan and loan advance,  click here.   Don't waste time-apply now!

Paycheck Protection Program Loan Information

The CARES Act provides a solution that will help small businesses keep workers on the payroll. The CARES Act’s Paycheck Protection Program (“PPP”) provides significant financial incentives for small businesses to hold on to current employees and to bring back employees who have been laid off or furloughed, even before their business is fully back up to speed. 

Key Points:
  • Only for small businesses under 500
  • Keep your Employees and don't reduce Payroll for the full forgiveness or rehire quickly and minimize payroll reductions to be eligible
  • Your Local bank is the best place to start with this
  • Click here for free template to track your expenses that may be eligible for forgiveness. Ie rent, utilities, employee insurance benefits, etc
  • 100% government backed loan up to 2 1/2 times average monthly payroll
  • Starting April 3rd, 2020, small businesses and sole proprietorships can apply
PPP Loans for 1099 Independent Contractors

A Paycheck Protection Program (PPP) loan is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, with $349 billion designated for PPP loans. Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these potentially 100% forgivable loans, which started on April 10, 2020.

Where can I apply? 
Foundation Offers Grants to Women-Owned Businesses Affected by Virus
Due Today! Apply now!


The Women’s Foundation of Arkansas has launched Women Owned, an assistance fund for women-owned small businesses experiencing economic hardship due to the COVID-19 pandemic.
The foundation will be awarding $5,000 grants through the fund to businesses that are 100% owned by one or more women and employ 50 or fewer employees. In addition, 75% of the grants will be awarded to businesses that are at least 51% owned by a woman of color.

With an initial investment from WFA's grant pool and from the Winthrop Rockefeller Foundation, the fund is halfway to its goal of $100,000, which would provide assistance to 20 businesses.
WMF Executive Director Anna Beth Gorman said the foundation would typically award grants at the end of the year but had the opportunity to do something now "to hopefully help some of our women-owned businesses survive this, what we hope to be a temporary economic climate."

The Women Owned fund is also open to public donations.

Applications for the first round of funding are open now and will close at noon on April 13. Grantees receiving the first round of funding will be notified by April 17.


On behalf of all of our team, please know that we are here for you and that we will continue to do everything we can to support you during this time. Please do not hesitate to let us know if there is anything you need! 

The Hatcher Agency