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COVID 19: Auburn Business Update (March 23, 2020)


Description

East Alabama Medical Center:
Businesses that are still able to be open should be screening their employees prior to allowing them to enter. While every business may not be able to check their employees temperature, you can ask these key questions: 1.) Do you have a cough? 2.) Are you having difficulty breathing? 3.) Do you have muscle aches or body aches? 4.) Do you feel like you have a fever? 5.) Have you traveled anywhere in the past 14 days? 6.) Have you been around anyone who has traveled in the past 14 days? 7.) Do you feel sick in any way? If they answer yes to any of these symptoms, especially questions one-four, you should strongly consider sending them back home and telling them to self-quarantine.

City and health officials are asking citizens to shelter in place, which means staying at home with immediate family members only. Citizens should not leave their home except for essential activities such as food, medical care or work.

Alabama Small Business Development Center:
The Alabama Small Business Development Center (ASBDC) has released a link to the webinar slides regarding the Economic Injury Disaster Loan. Please note this information is changing daily and these slides are important and valuable. For the most current information, visit ASBDC's website or Facebook page.

Additional webinars will take place this week on Tuesday, March 24, at 9:30 a.m. and 2:30 p.m.; Wednesday, March 25, at 10 a.m. and 2 p.m.; and Thursday, March 26, at 4 p.m. Those who would like to attend the webinar should print out the application and note any questions they may have. Registration is required through their website.

What do you do now?

First, plan to stay in business. For resources on this step, click here.

Next, does your business meet SBA small business requirements size standards for this assistance? The size standards are by NAICS Code Classifications. The SBA Size Standards also clarifies how a small business is defined.

Then, prepare the following documentations, which will be required for applying. It is recommended to have the paper forms filled out ahead of time. All forms should be downloaded in a ZIP file.

  • SBA Loan Application (SBA Form 5).
  • Tax Information Authorization (IRS Form 4506-T) for each owner with minimum 20% ownership interest in the business.
  • Federal personal AND business tax returns for the last three years, including all schedules (include personal tax returns for each owner with minimum 20% ownership interest in the business).
  • Personal Financial Statement (SBA Form 413D) for all owners of the business with minimum 20% ownership interest.
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
  • A current year-to-date profit and loss statement and balance sheet.
  • Monthly sales figures beginning 3 years prior to the disaster and continuing through the most recent month available (SBA Form 1368). Total figures for each year should reconcile to the sales figures on corresponding tax returns.
  • Written explanation of the amount you are seeking and how it will be used. Describe the loss.

Once you have reviewed the webinar and completed the the paper forms, you can begin the application process here.

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