We all know all this information is still unfolding daily so we urge you to review other resources so you can make the most informed decisions for your situation.
Small Business Administration
- PPP Loan Application Period Extended to August 8, 2020. In a surprising twist, both the Senate and House have passed—by unanimous consent—S. 4116, a bipartisan bill that extends the Paycheck Protection Program (PPP) application period to August 8, 2020. The measure also resolves an earlier authorization snafu to ensure that the SBA’s 7(a) loan program will continue to operate once PPP funds are exhausted. The President is expected to sign the bill into law.
- As a reminder, the Economic Injury Disaster Loans (EIDL) program is available through December 20, 2020. On Wednesday evening, the SBA announced that it will be restoring eligibility for those who did not elect to receive the emergency grant of up to $10,000. The SBA will process the advance using the information provided in the borrower’s original application. Individuals will be given 3 days from the announcement to notify SBA if they do not wish to receive the advance.
- On July 1, 2020, the U.S.-Mexico-Canada Agreement (USMCA) enters into force, officially replacing the North American Free Trade Agreement (NAFTA). USMCA is a ground-breaking achievement for U.S. small businesses and is the first trade agreement ever to include a full chapter dedicated to small business interests. Supporting and expanding U.S. small business trade with Mexico and Canada is a top priority for me as the new Associate Administrator for SBA’s Office of International Trade(OIT). SBA OIT has a team of talented trade finance specialists and finance products to help small businesses involved in international trade to access capital, purchase inventory as a manufacturer or supplier, and expand through trade. OIT helps ensure small businesses are adequately represented in trade negotiations led by the Office of the U.S. Trade Representative and educates U.S. small businesses on the wide range of federal and state resources that can increase their ability to compete in international trade. Learn more
- Walmart Open Call Application Process Is Now Open. Here are the key dates to take note of:
July 2: Application process opens
July 7-9: National press release with corresponding Quorum note
August 10: Application process closes
August 28: Notification to all applicants and invited attendees
October 1: Open Call event
October 2: Manufacturing Day
- To continue to support Black business owners in the Hello Alice community and across the country, the Hello Alice team has launched the Black-Owned Business Resource Center. This site provides Black business owners specific support and actionable information in an effort to disassemble the centuries of systemic racism deeply rooted in our nation’s institutions.
The Black-Owned Business Resource Center helps business owners:
- Find resources and opportunities specific to Black entrepreneurs
- Connect with organizations available to support
- Access and contribute to a Black business owner database
- Learn how they can get involved in supporting Black-owned businesses and the Black Lives Matter movement
Thanks to a generous contribution from our partners at Visible, we also have reserved and are awarding $10,000 COVID-19 Business For All Emergency Grants exclusively to Black business owners. Applications are open through July 16th. Click here for more information and to access the grant application.
- Montgomery County Minimum Wage Increases. The law raises the minimum wage incrementally, each July 1, until it reaches $15 per hour in 2022. The increase is determined by the number of employees. Starting today, the minimum wage will rise to $14 for employers with 51 or more employees, and $13.25 for employers with 50 or fewer employees. Employers with 10 or fewer employees is required to pay $13 hourly. For more information, visit the Office of Human Rights website
- Exemption for Licensed Statewide Caterers. The previous sales and use tax structure is duplicative, as caterers are required to charge a tax on the services they provide. This new law removes the duplicative charging. Read MCCC’s testimony on this legislation.
- Exemption for Data Centers. This new law will level the playing field with neighboring states, attract data center business to Maryland, and support the state as a leader in innovation and investment in cyber and IT. Read MCCC’s testimony on this legislation.
- Local Business Preference Program. The Montgomery County Council just approved the Local Business Preference Program, which will provide a 10% price preference in evaluating a bid or proposal from a local business on a contract awarded by the County. The bill is intended to bolster the County’s economic growth and support the creation and retention of employment opportunities within the County. We testified in favor of this bill, and encourage all MCCC members to consider registering with the Office of Procurement.
- COVID-19 Resources for Businesses Governor Hogan Announces $190M in COVID-19 Relief for Small Businesses, Non-Profits, Higher Ed. Maryland Governor Larry Hogan announced $190M in relief to help colleges, small businesses, and nonprofit organizations affected by the pandemic.
- $45M will be allocated to expand the Maryland Small Business COVID-19 Emergency Relief Grant Fund. This program awards grants of up to $10,000 to businesses with 50 or fewer employees. These additional resources will be used to help pending applicants.
- Up to $90M will be allocated to reimburse state-supported universities for COVID-19 related expenses.
- $50M to establish the Maryland Nonprofit Recovery Initiative, which will help organizations address the revenue reductions and expense increases that are due to the economic and safety impacts of COVID-19.
- Reopening Montgomery Requirements Checklist. This form must be posted in any business that has reopened in Montgomery County. Please review the Reopening Montgomery page for additional industry requirements.
- Thursday July 9 | 9:00am – 9:45am Reopening Grants for Montgomery County Businesses. The Montgomery County Council introduced a special appropriation for $14M for Montgomery County businesses/non-profits reopening. Organizations will soon be able to apply for up to $5,000 in reimbursement for supplies they have incurred to follow CDC, state, and county guidelines. Please join the MCCC and Montgomery County Councilmember Andrew Friedson to discuss the reopening grants, including who can apply and which costs are eligible for reimbursement. This event will be facilitated via Zoom. You must RSVP by 5:00 pm ET on Wednesday, July 9 in order to receive login information.
- Friday July 10 | 3:00pm ET PPP Forgiveness – The Latest Updates for 501s. PPP expert CPA Joey Musmar and nationally known corporate trainer Bob Greene and will reveal how to earn forgiveness for your organization’s Paycheck Protection Program loan. You will discover the latest regulations and solutions to common nonprofit PPP challenges. Please join us!
- [Blog] Leading confidently through crisis – In a time when uncertainty is the only constant, speaker and CEO Alyssa Dver shares tips on how to be confident.
- [Blog] The merits of no-meeting blocks when leading remote teams – No-meeting blocks are a great way to foster better remote work habits—and here’s why.
- [Customer story] Empowering people to grow – Learn how this senior living company scaled its hiring and employee development with talent optimization.
- [Blog] Building virtual leadership skills that last – Virtual leadership is uncharted territory for many. Read on for tips on how to lead with an open mind and heart.
- [Blog] 4 keys to an efficient daily standup agenda – Standups are a great way to maintain face time while remote. Here’s how to ensure they’re also well run.
- Managing team dynamics in a downturn – Your team is tired, disengaged, and worried about their jobs. They’re looking to you to lead, but you’re having trouble with those same feelings. How do you pull your team, and yourself, out of this rut? Start by trying our new video course.
- Hiring the right talent – Hiring is a vital strategy you need to get right, or it could cost you. This video course will help you narrow down qualified candidates using behavioral data and hiring best practices—so you can make the right hire.
- 25 silver linings found amidst the crisis – Despite the challenges of COVID-19, here are some small bright spots, according to business leaders.
- Building organizational resilience: what you need to know – Learn how emotional resilience can protect your organization against future roadblocks.
- 25 tips for working remotely – Remote work brings unique challenges. Brush up on these tips to ensure you’re making the most of your time.