Virginia Chamber of Commerce Weekly COVID-19 Update: April 24, 2020
A Message from Virginia Chamber of Commerce President & CEO, Barry DuVal:
Earlier this week, Congress overwhelmingly passed an additional spending package to provide continued relief for small businesses, hospitals, and health care providers, and expand COVID-19 testing efforts. This $484 billion spending package is on its way to the President’s desk for enactment and a breakdown of the distribution of the funds can be found below. As the U.S. Department of Labor announced yesterday that approximately 4.4 million Americans applied for unemployment benefits last week, bringing the total over the last five weeks to approximately 26.4 million, this additional funding comes at no greater time.
On the state level, Governor Ralph Northam announced the extension of several deadlines including the closure of the Department of Motor Vehicles and the current ban on non-emergency surgeries. Governor Northam has also requested that the Virginia State Police Department suspend the enforcement of the time period in which new Virginia residents must get a driver’s license or register their vehicles, temporary residents can operate vehicles with out-of-state plates, and the expiration of temporary plates until July 31st. Additional information on this announcement can be found below.
During these unprecedented times, I would like to recognize members of the Virginia Chamber who are stepping up to support our communities in many ways. Each week, we will highlight one member of the Virginia Chamber for their efforts to give back during the COVID-19 pandemic in the “Member Spotlight” section included below.
The Virginia Chamber remains committed to providing the business community with the most up-to-date COVID-19 information and resources. For more information, please visit the Virginia Chamber COVID-19 Resource Center.
Virginia Chamber 2020 Event Updates:
Due to the COVID-19 crisis and ever-evolving situation, the Virginia Chamber made the decision last week to postpone all of our scheduled events for the spring. We have secured new dates for each of these events later in the year.
Please find below an updated tentative event calendar for the fall months. Additional details on each event with be released in the coming weeks.
SAVE THE DATE
August 19 – Virginia Veterans & Military Affairs Conference
September 17 – Virginia Conference on Energy Diversity & Corporate Sustainability
October 7 – Virginia Health Care Conference
October 27 – Virginia Education & Workforce Conference
November 5 – Virginia Chamber Annual Dinner
December 4 – Virginia Economic Summit
Governor Announces Extensions of Several Deadlines
Earlier this week, Governor Ralph Northam announced the following updates:
- The current ban on non-emergency medical procedures has been extended through for May 1st.
- This does not include outpatient visits or procedures that would cause harm to the patient, if delayed
- Licensed physician’s assistants with two or more years of clinical experience will be allowed to practice without a collaborative agreement, along with nurse practitioners.
- The closure of Virginia Department of Motor Vehicles offices and mobile units extended through May 11
- Governor Northam has requested the Virginia State Police to suspend enforcement of the time period in which new Virginia residents must get a driver’s license or register their vehicles, temporary residents can operate vehicles with out-of-state plates, and the expiration of temporary plates until July 31st.
- The suspension of the enforcement of motor vehicle inspections is still in effect until July 31st.
Read the full announcement here.
Upcoming COVID-19 Webinars
Visit the Virginia Chamber COVID-19 Resource Center for a weekly overview of the available webinars for the business community.
Virginia Chamber members are encouraged to share any additional webinar resources and opportunities that should be highlighted in this section by contacting our team at policy@vachamber.com
Additional Funding Approved for CARES Act
Earlier this week, Congress approved an additional $484 billion in funding (H.R. 266) for the COVID-19 relief programs created in the CARES Act. Please see below for an itemized list of new funding.
- $310 billion for the Paycheck Protection Program (PPP), of which $60 billion will be allocated to small lenders and community banks
- The bill did not include a revision to allow 501(c)6 organizations to qualify for PPP assistance
- $50 billion in loan subsidies to fund approximately $350 billion of SBA Economic Injury Disaster Loans (EIDLs)
- $10 billion for EIDL grants, which allows businesses to receive up to $10,000 that does not need to be paid back
- $75 billion for hospitals and health care providers
- $25 billion for expanded testing efforts
Please visit the Virginia Chamber of Commerce COVID-19 Resource Center for more information about accessing financial assistance from federal relief programs.
SBA Resources: Sustaining Business and Nonprofits
Paycheck Protection Program (PPP) — use the Lender Match tool to find lender where can apply. Entities can obtain zero-fee loans up to $10 million running from February 15, 2020 through June 30, 2020. Up to 8 weeks of average payroll will be forgiven if the business retains its employees and their salary levels.
Emergency Economic Injury Grant — use the Economic Injury Disaster Loan application. It includes $10 billion to provide an advance of up to $10,000 for businesses and nonprofits that apply through SBA within 3 days.
Small Business Debt Relief Program — use the Economic Injury Disaster Loan application. Once an entity applies for EIDL, the SBA has three weeks to respond. EIDLs are loans up to $2 million with interest rates of 3.75% for businesses and 2.75% for nonprofits. If an entity receives the loan January 31 to June 30, 2020, it can apply for a PPP loan or refinance for PPP.
Paycheck Protection Program (PPP) Information Sheet
The U.S. Department of Treasury shared new information regarding the Paycheck Protection Program. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
- A top-line overview of the program can be found here.
- If you’re a lender, more information can be found here.
If you’re a borrower, more information can be found here.
Member Spotlight: Virginia Tech
This new section in the Virginia Chamber’s Weekly COVID-19 update will highlight a Chamber member who is giving back to the COVID-19 pandemic efforts. This week on our Member Spotlight, we are highlighting Virginia Tech for their efforts to help produce PPE for Carilion Clinic.
Virginia Tech gears up to produce PPE for Carilion Clinic
Faculty, students, and staff at Virginia Tech are working together to make protective gear for medical workers and first responders.
