In our first email during this COVID-19 crisis, we announced our relief package to our clients. In this second installment, we want to provide some timely tips and crucial resources you can use right now for your business. This email includes:
One thing so many of you are grappling with is how to keep some semblance of your regular class routine with your students when you cannot meet with them face to face. Our own Alexia Rodriguez has created a complete step-by-step guide on using YouTube to host and share your class videos. In the video training Alexia shows you how to sign up for a new YouTube account, upload your videos to YouTube, and finally how to share your videos with your customers/parents using ClassJuggler's email features.
Click this link to watch this informative YouTube video.
Tuesday morning (March 30), I participated in a call with Senator Steve Glazer to discuss and learn about the two-trillion dollar Federal COVID-19 CARES Act relief package. Of highest importance to both ClassJuggler and all of our clients is the Payroll Protection Program (PPP) and to a lesser extent the SBA Debt Relief program. The full description of these programs can be found on the Coronavirus (COVID-19): Small Business Guidance & Loan Resources website.
Since this relief package is so new and can be so confusing, I wanted to share what I have personally learned from this call and my summary of the resources available.
The MOST IMPORTANT thing to keep in mind is that the PPP is a loan designed to help cover your employee payroll (and contractors), healthcare, insurance, rent/lease, and other expenses. For employers, you must maintain your current staff to be covered by the program. If the PPP loan is used for these approved business expenses, the amount spent over the 8 week period of coverage can be FORGIVEN. This essentially then acts as a "grant" for your small business. As quoted from the SBA website:
I would recommend all of our clients, regardless of how big or small you are, apply for the PPP or SBA Debt Relief to get into the queue as soon as possible so you can continue to keep your employees paid and cover your basic business expenses like rent.
I also highly recommend talking to your bank, who will likely be handling the SBA and PPP programs, and talk to your local chamber of commerce, small business services, or other local business assistance organizations and non-profits in your county that are there to help you and talk to you about these programs.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees — including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors — are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender (e.g. call your bank) as to whether it is participating. Most banks over $2 billion in assets are participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
Stay Safe everyone!
— Jon Koerber, ClassJuggler CEO
Information you can trust from the Centers for Disease Control and Prevention (CDC). Tips on how to protect yourself, what to do if you think you are sick, resources for schools and businesses, and other community resources for this time of crisis.
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Whether you're a brand-new customer or a seasoned client, you may have questions on how to best utilize ClassJuggler for your business. Our Customer Support Specialists are never more than a phone call or email away.
Give us a call at (866) 214-6128 or email firstname.lastname@example.org. Support hours are Mon–Fri from 8am–5pm PT.
Skype chat is available. If you've got questions and would like to speak with someone in person, just email us and we'll arrange a time to connect with you.
If you have questions, need help, or just need a friendly partner to talk with during this difficult time, please feel free to email or call us. We are working hard to maintain regular support hours during the COVID-19 crisis.