Terms and Definitions You NEED To Know

These definitions are loosely explained to give you an idea of what is being discussed.
For complete details and full descriptions of terms, agency responsibilities and roles,
and programs you should visit the individual sites of the governing agencies.

CARES Act (Coronavirus Aid, Relief, and Economic Security Act)
Federal law meant to address the economic fallout of COVID-19. It encompasses all                      federal efforts - including unemployment benefits to employees, and financial resources to           businesses and states.  There's no real reason to read anything else about the provisions in the CARES Act, but it can be found on US Treasury website.  


SBA
 (Small Business Administration)        www.sba.gov           800-659-2955
The SBA provides forgivable advances, low-interest repayment loans, and deferred payments on    existing SBA backed loans. The SBA also provides training and assistance to help with filing and    reporting requirements.  You can participate in their daily webinars at 9am M-F.  You can access    those webinars by phone at 1-202-765-1264, 470177937# or via Skype by clicking on the link      at their website.  


COVID-19 EIDL
(COVID-19 Economic Injury Disaster Loan)
This SBA loan provides an immediate and forgivable "advance" of $1,000-per-employee (up to      $10,000) to each business. You apply for this directly through the SBA at www.sba.gov. The first    round of funding was quickly exhausted, and the current round is only for the agricultural           sector. However, additional funding may become available so check their site frequently. 

If more funding does become available, and you are approved, the money will be deposited into    your bank account, then in a few weeks you will receive an application for additional funds. The      additional amount is not forgivable and can easily be declined if you don't want it. You can just      keep the "advance" portion.                 


PPP
 (Paycheck Protection Program)
Here's the tricky one! The PPP can provide a forgivable loan in the amount of up to 2.5x your        monthly payroll. You apply for this through your bank. Be very cautious when accepting this           loan, because the fulfillment requirements can vary between banks. There is current           conversation about easing the restrictions on this program, but at this time it is recommended that you be    prepared to pay back a portion (or all) of this loan if all requirements are not met.

According to SBA personnel, you are not supposed to have any furloughed employees if you are    approved for the PPP, however, there are employers who are doing that.  Your bank will provide    you with all reporting requirements when you are approved for the loan. More info on the PPP can  be found at www.sba.gov.       


PUA
 (Pandemic Unemployment Assistance)
Basically, unemployment insurance for everyone who isn't normally eligible to receive           unemployment insurance... that might be you!  Accessed through the VT Dept. of Labor site          www.labor.vermont.gov. If your business has been closed, you are eligible. 


ACCD
(Vermont Agency of Commerce and Community Development) www.labor.vermont.gov 
Here are the folks who are interpreting the Governor's orders for businesses and laying out the      guidelines for the reopening process. They have also published the VOSHA requirements for all    Vermont businesses before they are allowed to reopen.  Visit their site for all updates on           reopening requirements. Find information in the attachments regarding employee training.    

 


Better Bennington Corporation
215 South Street
Beautiful Bennington, Vermont 05201
802.442.5758
admin@betterbennington.com

Powered by Wild Apricot Membership Software