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All of us are feeling the impact of COVID-19, so we wanted to share some resources that may help your business during these unprecedented times.
We understand it can be difficult to navigate all the information coming at us right now, below we've rounded up information about grants and other useful links.
Paycheck Protection Act
PPP is an emergency loan that helps small businesses to keep their workforce employed during the COVID-19 crisis. One great part of this program is that the loan can be forgivable when used to cover certain business costs such as payroll.
Who can apply:
Horst Rechelbacher Foundation: COVID-19 Relief Grant
Funded by the Horst Rechelbacker Foundation, $1,000 grants will support beauty professionals or students currently in beauty programs who are unemployed due to COVID-19 and cannot maintain their regular income during this time.
These are one-time $1,000 grants that will be issued directly the applicant. Applications are open now.
How to qualify:
To apply you must upload a proof of licensure or school enrollment agreement, submit a short essay as well as other documentation.
For more information and to apply, click here to visit the Beauty Changes Lives – Horst Rechelbacher Foundation: COVID-19 Relief Grant page.
For more guidance about loans for small businesses, check out the U.S. Small Business Administration. Their resource center has lots of great information. Click here to go there now.
In addition to the Paycheck Protection, mentioned above, there are other forms of relief offered by the $2 billion CARES Act stimulus bill. The legislation has provisions for individuals and businesses that have been negatively affected by COVID-19.
Among the highlights are direct payments of up to $1,200 for individuals, $2,400 for married couples and $500 for children (17 and younger). The payments are available for those earning up to $75,000 for individuals and $150,000 for married couples.
The program also extends unemployment insurance eligibility and increases benefits by $600 a week for four months.
Click here to read the U.S. Senate Committee on Small Business & Entrepreneurship’s Small Business Owner’s Guide to the CARES Act.
Tax Credits for Paid Leave Provided by Small and Midsize Businesses
The Families First Coronavirus Response Act (FFCRA) provides small and midsize employers refundable tax credits that reimburse them for the cost of providing paid sick and family leave to wages to their employees for leave related to COVID-19.
These tax credits are available for businesses with fewer than 500 employees. Workers may receive up to 80 hours of paid sick leave for their own health needs or to care for others and up to an additional ten weeks of paid family leave to care for a child whose school or place of care is closed or child care provider is closed or unavailable due to COVID-19 precautions.
Certain self-employed individuals in similar circumstances are entitled to similar credits.
Check out the Treasury Department’s FAQ page by clicking here for the latest details and how to claim the tax credits.
#BeautyUnites – BeautyIndependent Resource Center
Presented by the Independent Beauty Media Group, which is dedicated to supporting small, independent beauty brands and entrepreneurs, has pulled together free resources to help overcome the challenges of this time.
The site includes business-related articles about how the beauty industry is responding as well as information about ways out-of-work professionals are getting support. Additionally, there is a section dedicated to staying positive – something we can all use a little more of!
Click here to check out the BeautyIndependent Resource Center.
American Spa Coronavirus Special Coverage Newsletter
American Spa is also pulling together resources to keep spa and beauty industry professionals up-to-date. You can subscribe to their new Coronivirus newsletter for comprehensive information relating to the pandemic.
You can click here to sign up.
Some of the content they are working on includes suggestions for things you can do to boost your business while temporarily closed. A few of those recommendations include:
We will continue to add resources to this list as we come across new information, so check back from time to time.
If you know of something that others in this industry might find helpful, let us know and we can add it here.
Sending love and strength to all!