Business grant funding will be released soon
NFIB worked with Governor Hutchinson and the Legislature to ensure that small businesses received a fair share of these important funds. Seventy-five percent of the money will go to businesses with 50 or fewer employees.
Businesses will get half of the grant amount upfront. The rest will be released once the owner provides receipts and other records proving the initial funds were spent according to the rules.
Applications will be denied if the business or owner owes state taxes. If your application is approved, the commission will contact you soon. Click here to learn more about the grant program.
Apply May 5 for grant to protect employees from COVID-19
NFIB state director named to re-opening task force
NFIB State Director Sylvester Smith has been named to Governor Hutchinson’s Economic Recovery Task Force. It includes 27 leaders from the private sector and public agencies who will examine the impact of COVID-19 on businesses and industries in Arkansas and recommend a strategy to re-open the economy. Governor Hutchinson tentatively set May 4 as the date he hopes to begin to ease restrictions in Arkansas. Learn more here.
Quick Action Loans for small businesses
Governor Hutchinson has set aside $4,000,000 of his discretionary funds for Quick Action Loans. Attorney General Leslie Rutledge has also provided $3,000,000 for the program. The program has two types of funding: direct loans and loan guarantees.
Learn more at www.arkansasedc.com/covid19
For those of you making the difficult choice to lay off workers, you may want to consider the state’s Shared Work Program. This program allows you to cut your employees’ hours rather than lay them off completely.
The employee is able to keep working while receiving unemployment assistance to help with some of their lost wages. This saves you from having to recruit and train new workers when your business does turn around. Click here to learn more.
The state is expediting unemployment benefits for employees who are laid of due to Covid-19. The entire process can be handled over the phone. You can have them apply by clicking here.
The Arkansas attorney general is already investigating allegations of price gouging in Arkansas.
Price gouging is considered raising prices by more than 10% of the full retail price during a disaster. The Attorney General can fine violators up to $10,000.00 per violation. It is important to remember that the prohibition applies to both businesses and individuals. Learn more about state price-gouging laws here.
Relief for businesses, child-care providers
Gov. Asa Hutchinson said on Wednesday, March 18, that Arkansas will tap Community Development Block Grant funds and the state’s Quick Action Closing Fund to support small businesses and nonprofits that are struggling during the COVID-19 pandemic. Click here to read the news release.
The State of Arkansas has created a special website with links to the latest information about the novel coronavirus. Click here to visit the website.
As small businesses grapple with the coronavirus, NFIB is dedicated to being their voice. We are continuing to track the latest from healthcare officials and congress. Click here for the latest information.