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Virus 50 See our guide to COVID-19 in Atlanta (this page last updated )

Atlanta guidelines for COVID-19

Procedures, policies, and ways to stay safe

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Photo credit: Courtesy R.Land Ministries
Everyone must do their part! (For more information on this ATL-PSA, please see below).

Small Business Association disaster loans

Friends - We wanted to share our experiences with fellow business owners on how the new Congressional legislation is working. We're queued up with our SBA lender and are in the process of applying for the emergency loan package. Here's what we understand so far (we'll keep this updated as we progress):

If you own or are involved with a small business, the SBA "Cares Act" loan program basically is a three step process:  (1) take your avg monthly payroll + 1099 payments to individuals over the past 12 months; (2) take that monthly payroll and multiply by 2.5 times. This is what the SBA will lend you. The SBA then forgives payments you make over the first 8 weeks of the loan to payroll (including 1099), rent and utilities. So if you borrow the money and then re-hire your employees, every dollar spent is forgiven debt. The SBA has waived the personal guarantees normally required.

  • Here’s the info on the SBA and the Emergency Loans
  • Here’s some Q&A/tips on the program from our Florida based law firm.
  • Here's a Q&A/tips from the Atlanta-based Troutman Sanders' parent firm with advice to bankers on how to handle the loans. This is good to see what bankers are reading as they are gearing up to lend.

In addition, there are two more options to consider:
• For businesses with general liability insurance there may be a case for business interruption insurance.
• The State of Georgia is officially a disaster zone and there are emergency funds available to businesses including a $10,000 quick payment mechanism. This disaster loan is a standard SBA emergency loan with repayment terms, etc. but can be rolled up into the larger loan without a personal guarantee.

2020.04.02 Update: We received the preliminary loan application last night and submitted it to the bank. It is a 2 page application. Hard part is calculating 12 month average payroll but once you have this, the rest is checking off that you aren't a criminal. Bank says it will get back to us and expects to process it on Friday if application is complete.

Ben Eason
ben.eason@creativeloafing.com

Gov. Kemp (finally) orders shelter-in-place guidelines - GPB 4/2/20
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GA Governor Kemp COVID-19 press conference - Georgia Public Broadcasting 4/1/20 video

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Major disaster declaration approved for Georgia - FEMA 3/29/20
WASHINGTON — FEMA announced that federal emergency aid has been made available for the state of Georgia to supplement the state and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on Jan. 20, 2020, and continuing.
Federal funding is available to state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency protective measures (Category cool, including direct federal assistance under Public Assistance, for all areas affected by COVID-19 at a federal cost share of 75 percent.
Gracia B. Szczech has been named as the Federal Coordinating Officer for federal recovery operations in the affected area. Additional designations may be made at a later date if requested by the state and warranted by the results of further assessments.
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Wash For ATL - Be like R. Land, do your part.
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