BIPEC is monitoring the current situation and how it affects our members and the Mississippi economy. The Mississippi Legislature has suspended the legislative session until April 1, 2020.
I have been in communication with the various trade associations and governmental affairs professionals that participate in BIPEC (the same group that meets regularly during the legislative session). I have communicated to them that I want BIPEC to be a resource during these interesting times. One thing that I thought would be helpful is to pass along valuable information that I receive from the various groups that participate in BIPEC. If you have information that you believe other trade associations, organizations, or businesses need to know or learn from, please share with me, and I will be happy to pass along.
For example, I recently passed along information from the National Federation of Independent Businesses (NFIB) regarding their efforts in DC. NFIB is actively working with Congress to oppose new mandates and costs on the small business community and provide federal support for small business owners. NFIB recently opposed H.R. 6201, the Families First Coronavirus Response Act, which would expand the Family and Medical Leave Act (FMLA) by mandating all small businesses to provide up to 12 weeks of paid family and medical leave. Companies with 500 or more employees are exempt.
NFIB recently held a webinar- Coronavirus Part I (recorded March 13, 2020). You can watch the webinar here: https://www.nfib.com/webinars/covid-19/. There will be a second webinar tomorrow, Friday, March 20 at 12:00pm EDT. This will be a Congressional and Legal Update for Small Businesses. You can Register Now. You do not have to be a member of NFIB to participate.
How to Request SBA Economic Injury Disaster Loans:
Governor Tate Reeves requested a disaster declaration by the U.S. Small Business Administration on Tuesday, March 17, 2020.
This request will provide low-interest, Economic Injury Disaster Loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
You must provide the request to your county emergency management agency. You can find your county EMA contact information at this link https://www.msema.org/county-ema/. Your county emergency management agency should then submit to the MEMA State Coordinating Officer, Todd DeMuth, at email@example.com. The Mississippi Emergency Management Agency will then hand over to the Small Business Administration.
“Our county emergency management directors are working tirelessly with our small businesses across the state to ensure they suffer as little as possible during this pandemic. We urge small businesses to work quickly and efficiently to turn in their paperwork to our agency,” says MEMA Director Greg Michel.
The links below will take you to the required worksheet and instructions.
Estimated Disaster Economic Injury Worksheet
How to Request a SBA EIDL Declaration_Updated_03_11_2020 original
IRS Tax Payment Deferment
The IRS is offering a 90-day tax deferment for 2019 tax payments ($1 million for individuals and $10 million for corporate filers). Note: Tax filing deadline has not been changed.
Read more: https://www.irs.gov/coronavirus
N95 Mask Donations
The White House has asked construction companies to donate their N95 masks. I would encourage any company that uses N95 masks that has a considerable inventory to consider contacting your local hospital about their needs.
President & CEO, BIPEC