Yesterday, there was a Zoom meeting call put together by the Chamber of Commerce, the City, the Mayor and featured our Congresswoman Susie Lee. There was a tremendous amount of information that was shared on the call about the financial relief that is coming out now to help both workers and small businesses.
In no way are we going to be able to consolidate all of that for you here, but we’re going to try to hit some highlights and key information and resources where people can reach out to for help.
Relief For Workers
If you’ve been laid off of work, you hopefully know that unemployment payments are being increased to four months. Also what is different, is that if an employee’s working hours and pay have been reduced but not terminated, they may also apply for relief for the balance of those lost wages.
Also unique to this coronavirus relief is that for the first time 1099 independent contractors may apply as well as self-employed individuals. Mind you, these programs are literally still being worked out as we publish, but you should get started rounding up your information and applying as soon as you can if you have been negatively impacted.
All filings of course have to be done online, and there is a link to the Nevada Department of Employment, Training and Rehabilitation (DETR) for you HERE.
Relief For Small Businesses
There are two programs out there for small businesses within what is called The Cares Act: one is the Paycheck Protection Program (PPP) and the other is the Economic Injury Disaster Loan and Grants (EIDL).
The EIDL is live now and you can apply online in about 10 minutes HERE. This is a both a short and long-term program. The short term is a $10,000 grant that they say will be automatically deposited within 3 days of applying, and never has to be repaid. Longer terms loans of up to $2 million are available to help businesses finance their operations, at what we are told are super low interest rates.
The PPP is just coming online now, but businesses are told they should start prepping for this now, and apply as soon as it comes online. This is a program specifically to help employers cover their payroll costs, for up to $10 million. What is different with this program, is that for businesses who have had to lay off workers due to the coronavirus closures, this loan can help businesses still pay their employees, and can potentially have the loan forgiven if the business meets certain milestones.
The main message from Mayor Kiernan McManus and the City is to be sure you reach out for help if you need it. Don’t suffer in silence. Here are a number of different web pages to gain information:
The City of Boulder City COVID-19 Page: https://www.bcnv.org/712/COVID-19
The Chamber of Commerce Page: https://www.bouldercitychamber.com/covid-19.html
Business owners with questions on any of the above or need help learning how to apply for any of the relief above, reach out to the Chamber of Commerce or Raffi Festekjian, the Economic Development Coordinator at RFestekjian@bcnv.org.