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*Updates to this blog will be typed in RED. This post was last updated 4/16/20

The Impact Hub Honolulu team has been working hard to comb through the fury of Small Business Administration (SBA) loans, grants and unemployment insurance opportunities for small businesses, independent contractors, non profits, and self employed during this COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act has helped push monies for the small businesses and individuals who are furloughed  or unemployed.

Below are summaries and links of: 1) SBA Grants and Loans for COVID-19, 2) Unemployment Insurance Options, 3) Employee Retention Payroll Tax Credit and 4) Payroll Tax Deferral for Employers

1.SBA GRANTS AND LOANS FOR COVID-19

• If you are a small business and looking to furlough or layoff employees completely so they can receive unemployment insurance and save on payroll costs, weigh the option of maintaining them on payroll in order to apply for the Paycheck Protection Program (PPP) described in the table below.
• All individuals, small businesses, non profits, self employed and sole proprietors can apply for the Economic Injury Disaster Loan (EIDL) HERE and receive $10,000 within days. Update 4/16/20: SBA is giving a grant of $1,000 per employee to each small business up to $10,000. These funds can be used for payroll, rent, utilities and mortgage payments.
• The SBA has a Google Folder that is open to the public HERE.
• EIDL Loan Update: If you applied before March 30 and haven’t received a loan number, follow up with SBA by calling the info line at 1-800-659-2955. (4/6/20)
• Typically SBA EIDL respond within 3 days, Expect delays (4/6/20)

Complete SBA Loan and Grant Comparison Table (Link)

Helpful Links:

US Chamber of Commerce PDF on the SBA PPP , Office of US Senator Brian Schatz on SBA PPP

Local HI Employment Lawyers Info (BrainGain) , All Save HI Jobs and Biz Webinars ,

Central Pacific Bank PPP App , American Savings Bank PPP App, First Hawaiian Bank PPP App, BOH PPP App

2. UNEMPLOYMENT INSURANCE OPTIONS FOR ALL 

The CARES Act allows the Department of Labor support the Unemployment Insurance  (UI) program with additional compensation. Remember, that if you are a small businesses with employees you will need to rehire them to maintain your average number for payroll in order to receive the PPP grant listed in the table above.

• UI has been expanded its eligibility for Hawai’i residents. In other words, more people can receive UI than before.
• Residents receive an additional $600 per week on top of what they would get for UI payments until July 31, 2020
• UI benefits have been expanded for a longer duration of 39 weeks

Links:

UI Updates from Office of U.S. Senator Brian Schatz  (PDF Version HERE)

Apply for State of Hawaii Unemployment Insurance HERE and Benefits Estimator

Simplicity HR COVID-19 General Website: See Employee UI FAQs , See Employer UI FAQs

3. Employee Retention Payroll Tax Credit

The CARES Act created a tax credit that applies to small businesses as another option for those that do NOT participate in the PPP as mentioned above and keep their employees on payroll.

• For employers with 100 or fewer full-time employees, they may claim a credit for wages paid to all of their employees, up to $10,000 a person.
• Employers are eligible if they have been fully or partially suspended as a result of a government order (such as mayor and governor orders to stay at home), or if they experience a 50 percent reduction in quarterly receipts as a result of the crisis.
• The credit can be claimed against the business or non-profit’s quarterly payroll tax liability and is fully refundable to the extent of excess.

Links:

Office of U.S. Senator Brian Schatz 

4. PAYROLL TAX DEFERRAL FOR EMPLOYERS 

CARES Act allows for employers to defer, or not pay payroll taxes for the rest of calendar year 2020, and have them pay later when things are “up & running” again. Employers will have to pay in 2 equal payments: at the end of 2021 and the end of 2022.

• You cannot participate in this deferral if you receive a SBA PPP loan and or grant as mentioned above.

DETAILED SUMMARIES DONE BY OTHERS (Updated 4/9/20)

Guide to COVID Relief Programs PDF (ProService)

Save Hawaii Jobs and Business Resource PDF (Updated Regularly)

Aloha Impact Hub Honolulu members. We want to share with our community some preventative actions that we are taking in light of the global Coronavirus (COVID-19) disease that is in the news.  

The amazing Work Now Hawaii team who manages the custodial services for Impact Hub Honolulu has shared with us what they are already doing and what additional measures they will be adding. 

• Bathroom fixtures and floors, the kitchen tables and counters, and the common area tables throughout the Hub are cleaned and sanitized daily using Virex 256, a hospital grade disinfectant. 
• Ensure that the hand soap in the dispensers are always stocked for hand washing.
• Added wiping down all front door and meeting room door knobs, and refrigerator handles to the disinfectant wipe down regiment.
• Added a hand sanitizer station at the front desk. We will add more stations when we can get our hands on more.

Based on the Hawaii Department of Health website and the Center for Disease Control (CDC) websites for COVID-19 prevention here is what you should do: 

• STAY home if you feel ill. 
• WASH your hands often with soap and water for at least 20 sec, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing. 
• COVER your cough or sneeze with a tissue, then throw the tissue in the trash.
• AVOID social contact for 14 days if you have traveled to mainland China to monitor your health. 
• GET your flu shot. 

Here are some good links to learn more about COVID-19

• HDOH FAQ
• CDC FAQ