How the New Federal Aid Package May Benefit Anthem-Area Businesses

For 15 years, In&Out Magazine has been the definitive source of “Everything that’s going on” in and out of the community. We thank you, our readers, as well as the businesses that support the magazine through advertising, for that opportunity. But with little going on, and many businesses suspending or canceling their ads during the Covid-19 crisis, we are suspending publication of the magazine and web sites for the month of May. 


Editor’s Note: Heather Maxwell, Executive Director of the Anthem Area Chamber of Commerce, provided to members today the following overview of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It is republished here with Maxwell’s permission.

I’m happy to bring you good news that relief is on the way. Earlier today, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, and President Trump has since sign that into law.  There is TREMENDOUS relief to American families and individuals in the CARES Act. I have attached a PDF [click here for the PDF] Small Business Guide and Checklist for Coronavirus Emergency Loans, prepared by the US Chamber of Commerce. This should answer a lot of your questions until the Treasury and SBA release additional guidance on the loan process.

I participated in an SBA Small Business Roundtable this morning and just wrapped up a phone call with Senator McSally and I wanted to relay a few important pieces of information.

These ARE NOT the same Economic Injury Disaster Assistance Loans as posted on the SBA.gov website.

The CARES Act amends the Small Business Act (SBA) to create a new Business Loan Program category. For the period from February 15, 2020 to June 30, 2020 (covered period), the law allows the Small Business Administration (Administration) to provide 100% federally-backed loans up to a maximum amount to eligible businesses to help pay operational costs like payroll, rent, health benefits, insurance premiums, utilities, etc. Subject to certain conditions, loan amounts are forgivable (see more detailed discussion on loan forgiveness below).

The loan application, requirements, and process ARE NOT YET posted to the sba.gov website.
The Treasury & SBA have 15 days to get this new program fully up and running. They hope to have the program up by the end of next week. The goal turn-around time for loan processing is 36-48 hours.
It is recommended that you reach out to your preferred lender to notify them you are interested in applying for this new loan program so they can alert you when they receive the final guidance from the Treasury & SBA.

Loan forgiveness. 
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

Who is eligible? Probably you. 
If you are a small business of less than 500 employees, sole proprietor, self-employed, non-profit or independent contractor who has been impacted by the Coronavirus crisis, you will probably qualify.

The administration will soon release more details and guidance on the program. 
I will pass along new information as it becomes available. I think this website provides a good overview of the provisions in the CARES Act.  It’s 880 pages long… happy reading!

In the meantime, you can check these sites for information and updates:

Have a great weekend everyone! Stay well!
Heather


Help Save Our Community
Small businesses are the lifeblood of our country and even more so this community. Supporting local businesses during this crisis can help keep our community economically viable. Please strongly consider supporting the businesses below, In&Out Magazine's display advertisers, as well as those in the Classifieds section of the magazine (see the full April 9 issue in PDF form). Many of these businesses have been part of the fabric of this community for two decades, not just serving our professional, service and retail needs but stepping up to support local charities, sports teams and so much more. Tip: If you know you’ll need to schedule a service, consider contacting a local business you trust and paying the standard fee for the deferred service. The links below go to their web sites.

Adult & Pediatric Allergy Associates • 602-242-4592
Anthem Senior Living • 602-909-9550
Appliance Pros • 502-501-5501
Business Network of Anthem • 623-455-9630
Carroll Law Firm • 623-551-9366
Century 21 Real Estate - Jeff Huff • 623-223-1221
Creative Home Enhancements • 623-551-5409
Daisy Dream Homes Real Estate • 623-879-3277
Daisy Mountain Dentistry • 623-551-5250
Desert Foothills Air Conditioning • 480-595-0938
Edward Jones • 623-551-0523
Element Dental Centers • 623-551-5555
Hand & Stone Massage • 623-551-6602
Kendallwood Design • 602-252-3844
Kodiak Roofing • 602-501-7717
Luv My PC • 480-703-6609
Merrill Gardens • 623-201-4881
North Valley Water Solutions • 623-551-0515
Preferred Business of Anthem • 623-551-0523 
Prickett Realty • 623-551-8111
ProSkill Services • 623-551-7473
RE/MAX Professionals - Mike Higgins • 623-640-7502
Rise Above Remodeling • 623-551-2013
Soft Water Plus • 623-551-7383
SonoranScapes Landscaping • 602-842-9948
State Farm Insurance - Justin Simons • 623-551-3700
Storage at Anthem • 623-226-8634
Sunset Cabinets • 623-687-6579
Thompson & McGinnis Attorneys at Law • 602-952-2666
Titan Tree Care • 623-444-8448
Titan Pest Control • 623-879-8700
Wyman Plumbing & Mechanical • 623-551-6688

For more local businesses, see In&Out Magazine Classifed Ads >>>  
 
Robert Roy Britt
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.
Robert Roy Britt on Email

Robert Roy Britt

NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.

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