HMSDC COVID-19 RESOURCES
MBE IMPACT RESEARCH & DATA
COVID-19 SUPPLIER RESOURCES
|HMSDC, in cooperation with the Michigan Minority Supplier Development Council (MMSDC), offers an emergency matchmaking tool relative to COVID-19 business opportunities and commercial business requirements across the country.
Both BUYER (Corporations & Governmental Entities) and SELLER (certified MBEs) are urged to register buyer requirements and MBE products/service capabilities to assist with seamlessly facilitating virtual matches. MBEs, please ensure NAICS codes and key words are included in your description to ensure the maximum number of qualified matches.
In today’s unprecedented business environment, we understand the importance of maintaining business viability. To that end, we are focused on:
REGISTER HERE TODAY! https://minoritysupplier.lpages.co/covid-19/
COVID-19 FEDERAL RESOURCES
|The Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” passed the U.S. Senate last night and is headed to the U.S. House of Representatives for consideration as soon as today March 26. This is a $2 trillion stimulus bill which will provide economic relief to individuals, families, small businesses and other sectors of the United States economy that have been impacted due to the pandemic. Once this is passed in the House and signed by President Trump, most provisions are available to individuals and businesses almost immediately.
$500 billion in loans to eligible businesses
CLICK HERE to download COVID-19 Emergency Loans Checklist for Small Businesses and Nonprofits
-Paycheck Protection Program – Interim Final Rule
Assistance for American Workers and Families
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.
Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
President Trump announced updated guidelines this week to continue slowing the spread of Coronavirus in America. This 30-day window will be crucial: If every American does his or her part, the latest model suggests we could save 1 million or more U.S. lives. Please click here for more information:30 Days to Slow the Spread (Español)
How to Help – If you or your organization are interested in helping the effort to combat the spread of COVID-19, FEMA has established a website (www.fema.gov/coronavirus/how-to-help) with more information. Examples for the private sector include:
SBA PAYCHECK PROTECTION PROGRAM GUIDE
| We will update and add to the links below as new guidance and resources become available
COVID-19 STATE & LOCAL RESOURCES
|Regional Government Agencies
COVID-19 GENERAL RESOURCES
|APPLY NOW FOR AN SBA 7(A) PAYCHECK PROTECTION PROGRAM (PPP) LOAN FOR CORONAVIRUS RELIEF
The US Government has responded to the COVID-19 pandemic with the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which includes a new SBA 7(a) Loan Program designed to help franchisees and other small businesses in this time of crisis. Click Here To Apply
Paycheck Protection Program Flexibility Act of 2020
On June 3, the Senate approved for President Trump’s signature a House-passed bill (H.R. 7010) that would extend the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP) loan forgiveness covered period from 8 weeks to 24 weeks and reduce the percentage of eligible payroll expenses to 60% of the PPP loan amount, giving small businesses more flexibility in how they spend federal loans provided by the PPP. An extension of the PPP to December 31, 2020, would apply only to spending, but would not extend the deadline for applying for PPP loans, which will remain June 30, 2020. Click Here to read more.
MBE Tips From The Trenches During COVID-19
The National Minority Business Enterprise Input Committee (NMBEIC) is a standing committee of the board of directors of the National Minority Supplier Development Council (NMSDC) and it serves the organization’s more than 12,000 certified Minority Business Enterprises (MBEs). The NMBEIC represents the interests of MBEs in working with the national board, national staff, and affiliate regional council presidents and board chairs. As part of the Network Leadership, the NMBEIC supports and develops strategies and initiatives that serve NMSDC’s mission of “advancing business opportunities for certified MBEs and connecting them with corporate members,” and doing so in ways that create value and deliver economic and social impact for all stakeholders. Click Here to read helpful hints on how to MBE’s are finding innovative ways to maneuver through the COVID-19 era.
The Governor’s Strike Force to Open Texas
Together nationally recognized medical experts with public- and private-sector business leaders to achieve this mission. The Chief Medical Advisors on the Strike Force are health experts who are developing a medical architecture to comprehensively test and trace COVID-19 to enable Texans to gradually and safely begin the process of returning to work and other activities.
The Chief Medical Advisors are working alongside a Special Advisory Council of 39 business leaders representing the state’s regions and industries who are sharing innovative ideas to help businesses strategically open while containing the spread of COVID-19. The Council is collaborating with Working Groups to recommend strategies, statewide standards, and appropriate timeframes to open all sectors of the Lone Star State. Click Here To Read More
Empowered Women Empower Women – Grant
Since its inception, Spanx and The Spanx by Sara Blakely Foundation have been dedicated to elevating and supporting women through entrepreneurship. Knowing the ripple effect that empowering women can have to strengthen neighborhoods, cities and countries, The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish The Red Backpack Fund. GlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis. https://www.globalgiving.org/redbackpackfund/
Enterprising Women of Color – Grant
The Federal Reserve established the Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses. Banks will retain a 5 percent share, selling the remaining 95 percent to the Main Street facility, which will purchase up to $600 billion of loans. Firms seeking Main Street loans must commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans.
Click Here for more information
Texas Women’s University Center for Women Entrepreneurs
The purpose of this grant is to help sustain women-owned businesses while you are under economic hardship due to COVID-19. The funds can be used for technology upgrades or other items needed to change or adapt your business model. Operating expenses (excluding payment of sales tax, payroll, purchase of food for consumption, penalties and fees, and charitable donations).
Webcast: COVID-19 and the resilient enterprise: how to lead through uncertainty
EY Finance Navigator: Online financial modelling software (currently offering one month freeto all)
EY Global Tax policy tracker and key tax alerts: monitoring rapidly emerging government policy and stimulus responses to COVID-19
EY Accounting Link: accounting and financial reporting considerations
Yelp’s Relief for affected businesses
Yelp is providing $25 million in COVID-19 relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products, and services.
Verizon and LISC Small Business COVID-19 Recovery Fund
Verizon’s investment of $2.5 million into a Recovery Fund, is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital.
James Beard Foundation Food and Beverage Industry Relief Fund
The national nonprofit culinary arts organization has launched the Food and Beverage Industry Relief Fund. The Foundation will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where Facebook operates, including the U.S.