Coronavirus resources
Links, resources, and tips for independent retailers about how to weather the economic storm.
Last updated April 30th, 2020
Have tips or articles you want to share?
FREE Webinar Series
for retailers
Did you miss our latest webinar series? The uncertainty around our new reality demands a clear plan of insight-driven action to deliver successful results. We’re presenting these sessions to help educate retailers on how to position their business for success against the next impactful event.
Each of these FREE sessions is designed to address unique concerns universally shared by retailers.
View the COVID-19 Retail Webinar Series replays on YouTube! Hit the Subscribe button to stay on top of future sessions in the weeks and months to come!
Global virus news & updates
The New York Times: Live blog
Washington Post: Live updates
Unacast: Social Distancing Scoreboard
CNN: Live Updates on the pandemic
Retail industry updates
COVID-19 Relief Package (DEC 2020)
Journal of Accountancy: COVID-19 relief bill addresses key PPP issues
CNN: COVID-19 Stimulus Package Updates
Wall Street Journal: “What Is in the $900 Billion Covid-19 Aid Bill”
For more specific PPP Loan information, view the Financial Assistance section below.
National Retail Federation: Coronavirus Resources for Retailers
WhizBang! Retail Training: Uncharted Territory: How COVID-19 Could Affect Your Retail Business
The Boutique Hub: Coronavirus Blog
Health guidance
World Health Organization (WHO): Rolling updates on coronavirus disease (COVID-19)
Centers for Disease Control (CDC): Overview of COVID-19
Centers for Disease Control (CDC): Guidance for businesses
CDC: Printable factsheet
Johns Hopkins: Coronavirus Resource Center
Safety.com: How Companies Can Get Employees Back to the Workplace Safely (updated 2/8/21)
HEALTH CAUTION: Not all hand sanitizers are effective against Covid-19!
While it is less common compared to aerial spread, keeping your hands clean is still an important way to slow down the spread of the coronavirus. However, not all hand sanitizers contain alcohol, which is a key component to killing viruses and bacteria. Some hand sanitizers are effective against viruses but not bacteria.
THE DERM Review research and writing team has created a "Guide to Hand Sanitizers" to help educate us on which hand sanitizers are most effective, least damaging to skin and other best practices for reducing transmission of COVID-19.
NOTE: Unprecedented challenges present an enormous amount of stress and it’s important to devote time and energy to maintaining your physical, mental and behavioral health. The folks at Sunshine Behavioral Health have compiled a list of resources to help.
Looking to celebrate the holidays in 2020? Read this blog post from MyMove outlining various “Tips on Celebrating the Holidays While Social Distancing”
Marketing / Business strategies
EY.com STUDY (April 16, 2020): How COVID-19 is changing consumer behaviors
MicKinsey Survey (April 2020): US consumer sentiment during the coronavirus crisis
Gartner: Adapt your marketing strategy for COVID-19
Business 2 Community: PR and Marketing During COVID-19: What You Need to Know
FREE DOWNLOAD: Social Media Planner from Crystal Media!
Suggested Reading - Retail Revelations: Strategies for Improving Sales, Margins, and Turnover - While we’re under lockdown, why not study up on strategies for retail success? Our own M1 retail expert, Ritchie Sayner shares decades of retail knowledge in his newly-revised book! - Grab your copy today on Amazon.com!
Financial assistance
PPP Loan Round Two! (January 2021)
The new guidance from the SBA was released and we encourage all retailers in need to enroll. Here is the link:
Notes from Marc Weiss on PPP Application Process:
“Similar to the first draw. Check out page 16 as you need to show proof of a 25% decrease in YOY revenue from 2020 from 2019. This can be in bank statements, financials, or tax returns. Good to start prepping the information.
Filling this out took some time as I had quite a few docs to get together, including showing all the calculations on an excel spreadsheet.
You may include wages, but deduct the amount of wages of individuals in excess of 100k annually, and include commissions, bonuses, medical premiums and profit-sharing benefits paid by the company, net of employee deductions. Plus include all state taxes including some of those nasty extra taxes from New York and California.
Take that total for 2020 and divide by 12 for an average monthly total.
The average monthly total amount multiplied by 2.5 = PPP loan amount.
You will also need a comparison P & L for 2020 /2019 showing 1 quarter of a revenue loss of 25% or more OR 3 bank statements for each month of the quarter for 2019 and 2020 showing revenue change.
If PPP is under $150k most banks aren’t requiring you to provide the proof of revenue change upon application. They are requiring it upon forgiveness.
The SBA has notified all lenders that there will be a time-lapse between when a PPP application is submitted to the SBA and when the SBA provides an SBA loan number to the lender. The delay is due to additional checks the SBA intends to conduct on borrowers to ensure the integrity of the PPP program. While there is no guarantee of adequate program funding, the SBA has expressed confidence that the amount of funding provided for first draw and second draw PPP loans will meet all borrower demand and expects all loan applications will be processed in an orderly manner.
The SBA is requiring that all company-prepared (non-audited) P&L’s be signed by the owner on the first page and then initialed on the remaining page.”
Additional Funding Resources
For this 2nd round of PPP funding, our partner Rich Rose at Rainstar Capital Group has aligned with ACAP & The Loan Source to provide you with “White Glove Service” to process your Round 2 PPP Funding. As Rich explains: “We make the process simple, easy and speedy to get these needed funds into your hands as quickly as possible. The Loan Source has funded over $500 million of PPP Loans during the 1st Round of PPP Funding and currently services over $4.7 Billion of PPP Loans.” We invite you to register your account with Rainstar Capital, ACAP, and The Loan Source to make sure your business is ready for PPP 2 funding. Please use the following link below to complete your simple pre-application:
https://www.theloansource.com/partners/rainstar-capital/
Once registered, please notify Rich via email at Rich@Rainstarcapitalgroup.com so that he can be sure to monitor your file through the process.
As soon as the application portal goes live, you will receive an email notification from info@theloansource.com letting you know what documents are needed to complete your application and be on your way to receive funding.
Retail Worksheets
DOWNLOAD: PPP Loan Worksheet
Use this as a guide to track your fund allocations and maximize forgiveness on the loan.
DOWNLOAD: 12-Week Cash Flow Tool
Use this spreadsheet to track changes to your expense and revenue channels.
DOWNLOAD: Performance-Based Pay Calculator
U.S. Treasury PPP Info: Paycheck Protection Program Overview and Resource Links
Forbes: Getting Cash For Your Small Business Through The CARES Act
U.S. Senate Committee: The Small Business Owner’s Guide to the CARES Act
Robins Kaplan: The “Families First Coronavirus Response Act” and your business
U.S. Small Business Administration: Apply for an emergency loan ($2M are available)
Economic Injury Disaster Loan Program
Guidance for Businesses and Employers
SBA Products and Resources
SBA: COVID-19 Economic Injury Disaster Loan Application
Senator Kyrsten Sinema (AZ): Resources for business and families
Congressman David Schweikert: Resources and Information for Arizona Small Businesses Affected by COVID-19
Forbes: Small business relief tracker including funding and grant opportunities and other resources
HR Service Inc. - Families First Act Explained
Bankrate.com - Building a business as a Latino entrepreneur
Resources by U.S. state
USA Today: COVID-19 Restrictions (state-by-state)
Kaiser Family Foundation (KFF): COVID-19 Data and Policy Actions (by state)
ICSC: COVID-19 Updates for the U.S. Retail and Real Estate Industry
A special thank you to Seyfarth Shaw, LLP for putting together this EXCELLENT interactive map that lists the status and requirements for each of the 50 States. Use the dropdown menu under the map to choose between key categories like “Business Closures” and “PPE Requirements”. They also include links back to the original source from each state.
Canadian Retailers
Canadian Programs:
QC Programs: Concerted Temporary Action Program for Businesses – via Invest-Quebec
The Government of Canada has established the Business Credit Availability Program in collaboration with Export Development Canada and Development Bank of Canada, as well as the Canada Emergency Business Account.
Raymond Chabot Grant Thornton also provides a good summary of relief measures
FAQ
More answers coming soon.
Are your COVID-19 webinars FREE to watch?
Yes, we present our COVID webinar series free of charge, and the programming can be accessed on YouTube.
How do I know if my store can remain open as an “essential” service?
On March 28th, the Department of Homeland Security published some general guidelines to offer clarity to this issue.