Links & Resources for you and your business:

West Linn Emergency Business Assistance Grant (Application Due May 30, 2020)

Link to: The City of West Linn’s Emergency Business Assistance Grant program Application

Small Business (SBA) Economic Injury Disaster Loans (EIDL)

Link to: Loan Assistance through Economic Injury Disaster Loan , Summary of CARES Act: Click Here

CARES ACT: Paycheck Protection Program (PPPL)

Link to: Loan details here.  Application Link here.

Guide to Paycheck Protection Program (PPP) Loan Forgiveness

Link to: US Chamber Resource Guide Link here.

Oregon Governor’s Updates

Link to: The Governor’s Updates, Information & Resources

Opening Up America Again

Link to: White House & CDC Guidelines

Pandemic Unemployment Assistance Program (PUA)

Link to: Resources from the State of Oregon Employment Department

Clackamas Workforce Partnership

Link to: Workforce Resources

WorkShare Oregon

Link to: Provides Oregon businesses an alternative to layoffs

Paid Leave Programs: Employer Guide

Link to: New temporary paid sick leave and paid Family and Medical Leave Act (FMLA) programs that are 100% reimbursable by the federal government.

Operations During Coronavirus Pandemic

Link to: Bureau of Labor and Industries Office Operations

CDC (Centers for Disease Control and Prevention)

Link to: Resources for Businesses & Employers

Coronavirus.gov

Link to: The White House Page and Updates

Oregon State Chamber of Commerce

Link to: Resource Guide for Businesses

Shelter In Place Updates for Portland, Oregon

Link to: Mayor Wheeler’s Statement

City of West Linn

Link to: City of West Linn’s COVID-19 Updates

On Wednesday, March 18^th, President Trump signed the second coronavirus aid package, H.R. 6201 (The Families First Coronavirus Response Act), into law. Among other things, the bill creates a new emergency paid sick leave benefit that would allow workers to take up to two weeks of paid leave at 100 percent wage replacement in the event of coronavirus symptoms, being subject to federal state or local quarantine, being advised to self-quarantine, or needing to provide coronavirus-related care to a child or family member. An additional 10 weeks of leave at two-thirds wage replacement would be accessible only for workers who need to provide childcare as a result of school closures.

Here is the direct link to the the newly signed HR6201 bill  https://www.congress.gov/bill/116th-congress/house-bill/6201/text

Families First Coronavirus Response Act

This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.

Specifically, the bill provides FY2020 supplemental appropriations to the Department of Agriculture (USDA) for nutrition and food assistance programs, including:

• the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC);
• the Emergency Food Assistance Program (TEFAP); and
• nutrition assistance grants for U.S. territories.

The bill also provides FY2020 appropriations to the Department of Health and Human Services for nutrition programs that assist the elderly.

The supplemental appropriations provided by the bill are designated as emergency spending, which is exempt from discretionary spending limits.

The bill modifies USDA food assistance and nutrition programs to:

• allow certain waivers to requirements for the school meal programs,
• suspend the work requirements for the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program), and
• allow states to request waivers to provide certain emergency SNAP benefits.

In addition, the bill requires the Occupational Safety and Health Administration to issue an emergency temporary standard that requires certain employers to develop and implement a comprehensive infectious disease exposure control plan to protect health care workers.

The bill also includes provisions that:

• establish a federal emergency paid leave benefits program to provide payments to employees taking unpaid leave due to the coronavirus outbreak,
• expand unemployment benefits and provide grants to states for processing and paying claims,
• require employers to provide paid sick leave to employees,
• establish requirements for providing coronavirus diagnostic testing at no cost to consumers,
• treat personal respiratory protective devices as covered countermeasures that are eligible for certain liability protections, and
• temporarily increase the Medicaid federal medical assistance percentage (FMAP).

Danielle Kane | Better Business Bureau Northwest + Pacific

 

Main Street, America, is kept alive by Baby Boomers across the country, but those Boomers are retiring in record numbers leaving main street in peril. 

Boomers own 2.34 million small businesses in the U.S., employing 25 million families – that’s roughly 100 million citizens. These people depend on their small business employer to make the right decisions as they navigate through challenging economic times and plan for their own retirement. 

However, many Boomers are struggling to decide whether they should sell their business or pass it along to a successor. So, what are they doing to make that hard decision? Unfortunately, just biding their time. 

A staggering 58% of small business owners have failed to complete a succession plan; many have not even contemplated a transition plan at any time in their decades of owning the business, according to a survey by Wilmington Trust. 

Better Business Bureau Northwest + Pacific believes this is extremely problematic. For one, it’s a problem for the boomers who have done little to no homework on what they will need to retire or what steps to take to get there, meaning they could be well underfunded when retirement comes. The marketplace implications, however, are much larger. Those 25 million families employed by small business owners will be directly impacted, but the indirect impact will ripple to the tens of million of vendors, partners, independent contractors and other workers that rely on these Boomer-owned small businesses. 

In short, the consequences of failed succession planning loom large. 

But, while Boomers need to stop kicking the can down the road, the demise of Main Street is not entirely their fault. Millennials and other younger generations are not interested in running the family business. They are not willing to bear the burden they’ve watched their parents endure to run a small business well into their 70s. 

So, while succession planning must be done, the question becomes, who will take over the business? 

Experts pose two options. The first, and somewhat easier option, is to narrow it down to a couple of employees you, as the business owner, can trust to carry on your legacy. Once the person is picked, it’s time to groom them to take over and make your exit. 

The second is, of course, to sell, likely to a private equity buyer. This takes significant preparation, including bringing on an advisory team to help navigate the deal from preparation, through execution to closing. This team helps to appraise the value of your business assets, protect your interests and mitigate your potential liabilities. 

If an outsider buyout is not an option, consider Plan B: selling the business to a select number of current employees (known as a managerial buyout) or even all of the employees (known as an employee share ownership plan). 

No matter the road Boomers choose, it can no longer be put off. 

Experts agree small business owners tend to get stuck in the decision making for many different reasons. Some financial – Boomers are fearful that a sale will not make enough proceeds for their retirement plan and/or they don’t have enough saved for retirement to step away. For others, it’s simply emotional – Boomers’ sense of self-worth is tied to the operations of the business they built. 

While there are many uncertainties, BBB NW+P agrees that one thing is certain: Main Street, America, will suffer the most as more Boomers retire with no succession plan in place. The lively, familiar streets we can all picture in our heads as we reflect on our hometowns will look vastly different in the future if action is not taken now.