Resources for Small Businesses Affected by COVID-19

Written by Vicki Lauter on . Posted in Stages of Growth

I hope these resources are helpful and you, your family, employees and friends are safe and well from COVID-19. We are all in this together and we will all get through it together.

If you have a mortgage

If you live in a house and have a mortgage, call your mortgage company and ask for forbearance. Details are listed below. Borrowers with federally backed mortgages (including Fannie Mae, Freddie Mac, FHA and VA) are eligible for mortgage forbearance under Section 4022 of the CARES Act.

Individuals with single-family mortgages may contact their mortgage servicer requesting forbearance for 180 days due to COVID-19-related difficulties. In such a case, no additional fees, penalties, or interest outside of normally scheduled terms may be levied on the borrower. The servicer may extend the period for an additional 180 days at the borrower’s request. The borrower may also request the initial or extended period be shortened. The mortgage servicer may not require any additional documentation of distress outside of the original claim of the borrower. Note that at the end of the forbearance period, the borrower needs to either make the delayed payments, enter into a repayment plan (typically the missed payments are spread over a period of 6-12 months) or enter into a mortgage loan modification.

Credit Reporting Requirements

Between January 31, 2020 and the later of 120 days after enactment of the CARES Act or 120 days after the end of the national emergency concerning COVID-19, if a borrower enters into a forbearance plan, then the creditor must report the obligation as ‘“current” in credit reporting. If the borrower was delinquent prior to the forbearance and brings the account to current during this period, then they will be reported as “current” in credit reporting.

Gig, 1099, Single person businesses, independent contractor, self-employed or work for hire

If you work in the Gig Economy, are a 1099 worker, a 1 person business, independent contractor , work for hire, self-employed, YOU ARE ELIGIBLE FOR A PAYROLL PROTECTION LOAN along with any business with less than 500 employees some bankers expect that they will be ready to accept applications by Wednesday (3/31/20) and fund the loans within 48 hours.

Go to your banks website AND call your banker If you have one and ask about the government Payroll Protection Program

This is a completely different program that what you have seen from the SBA. This is from the new legislation signed into law

If you or your employees are now working from home:

DISCover your work from home style. If you have suddenly found yourself Working from Home, or you happen to be a WFH veteran, the free Work from Home report will help you dissolve barriers, create appropriate boundaries and keep you on track to complete your work.

Best of all it’s FREE – just follow the link and take the 10 min questionnaire and you’ll receive your personalized Work from Home report to help you stay on track.

Try the Work from Home report follow link: TTISurvey and insert link number 390711YVS – there are no passwords.

Have your teammates and/or employees take it and discuss your results in your weekly meetings.

One CEO said, “This report forces me to think about my habits rather than just let them go unchecked.”

If you are managing a team working from home

What it takes to run a virtual meeting

Leaders guide to remote work

Additional tips for Leaders

If you lead or manage a team, now is the time to have your empathy kick in high gear. Your employees are having to juggle a lot right now. Work, home school kids, elderly parents and friends or loved ones potentially being affected by COVID-19.

Some posts on our site

Bringing more logic to the heart of emotional intelligence

EQ, Me and You

Learn to lead more effectively through emotional intelligence

Living your Legacy

If you just want to talk, we are here. Please find a convenient time on my calendar 

Tags: , , , , , , , , , , , , , , ,

Contact Us