Q3: How do I quickly get $$$ to keep employees during these COVID-19 times?

Today, CEO’s asked; “Birgit, How can I quickly get $$$ to help me keep my employees during these COVID-19 times (as I don’t have the time to read all the info in the CARES act or research other options while trying to keep my company going ?”  Listen to this 7-min episode for 3 options, which I summarized from hours of conversations with CPA’s, lawyers, bankers, a Workforce Solutions HR consultant, and one of the SBA lender relations specialists who worked past 5pm tonight to provide me with great resources !

1) EIDL loan = Economic Injury Disaster Loan (loans up to $ 2 million, 3.75% interest, 30 years, $ 10K grant)

2) PPP loan = Payroll Protection Program (NOT FINALIZED YET, but looks like loans for the lesser of up to $ 10 million or 2.5x average monthly payroll costs, with interest of 0.5% but can be fully forgiven if can prove that they were used for payroll)

3) TWC’s Shared-Work Program (supplement funds where you may reduce hours of your employees by 10-40%, and out-placement services via Workforce Solutions for employees you do need to let go via their rapid response team)

NOTE: The early (qualifying) bird gets the loan, and you may benefit from all 2 options at the same time (as long as you don’t double-dip as I explain in this podcast). For DAILY guidance by the SBA, join them on the live zoom webinars they are providing between now and April 3rd at 8:30am, 10:30am, 1:30pm, and 3pm CST; https://www.sba.gov/offices/district/tx/houston

Additional info follows:

EIDL website for applying for is www.sba.gov/disaster

You may also contact the SBA disaster customer service center: • 1-800-659-2955 • e-mail disastercustomerservice@sba.gov

PPP Lenders may begin processing applications as soon as April 3, 2020 • List of SBA Lenders is at www.sba.gov/tx/houston under “corona virus”

TWC’s Shared-Work funds: If you have questions, call 512.340.4337 or 888.741.0446 or email at ui.sharedwork@twc.state.tx.us

Workforce Solutions out-placement services; https://www.wrksolutions.com/for-employers