Home>Coronavirus Update March 9 2020

covid_action_center_header

 

1 . Be patient, loans ARE getting funded. Stay the course.
 
2 . What you can do right now
 
  1. Stay the course on your current loan application; persistence will pay off. If you have applied for the Paycheck Protection Program, take a look at your longer term needs and consider applying for the Economic Injury Disaster Loan. 
  2. Continue to communicate with your customers and team members; let them know what is going on.
  3. Monitor your telephone and emails. If the person that normally receives inquiries is out of the office, you may be missing opportunities. Monitor GOPAX and reach out to state officials and let them know about your unique circumstances and to consider you when opportunities arise.    

 
3 . Resource: Comprehensive risk management checklist
 
CHECKLIST
 
Thanks to our friends at Lancer Insurance for the following helpful resource. Lancer Insurance has shared with their clients a practical COVID-19 risk management checklist for transportation companies that will be very helpful at this time, and moving forward.
 
The checklist identifies specific legal and business considerations for transportation companies, many of which will also help in other emergencies.
 
Areas included in this checklist include:
  • Review of Legal Documents and Policies
  • Pandemic Coordinators
  • Essential Employees
  • Human Resources Specialists
  • Resources and Supplies
  • Employee Communication and Education
  • External Communications
 
 
4 . Fraud warning: Be skeptical and protect your personal information
A road warning sign against a stormy sky with words Fraud Alert_ Warning of Fraud
We cannot emphasize enough the need for caution in sending out personal identifying information (PII). The SBA reported this week that fraudsters have already begun targeting small business owners. Be on the lookout for grant fraud, loan fraud, and phishing related to these new loan programs. UMA has already heard from at least one company targeted by email. Get the facts on what to look out for at the SBA website.
 
Report Fraud
To report cases of suspected fraud call OIG’s Hotline at 800-767-0385 or make an online report using the link below.
REPORT FRAUD
 
4 . OPINION
 
Millhouser: Another lesson on choosing our battles
 
 
 
In the current maelstrom we need to choose carefully which battles we fight. We bus folks are miffed that our value and contributions haven’t moved us to the head of the line for federal aid. We make major contributions to society on a daily basis, and heroic ones when needed, but haven’t been accorded the respect we’ve earned.
 
Now is not the time to fight that battle. We should have dealt with it in the past, and damn sure need to begin slugging it out in the future, but fighting it right now is not going to win friends or influence current events.
 

Fraud Alert:

The SBA reported this week that fraudsters have already begun targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing related to these new loan programs. UMA has already heard from at least one company targeted by email. Get the facts on what to look out for here.

Report Fraud

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

Today! Paycheck Protection Program applications begin
Today, Friday, April 3, is the first day small business owners can begin applying for funds through the Paycheck Protection Program. All the paperwork you need is available online and the form is one page long. Work with your SBA approved lender to complete this process. Go to the SBA website to get the information you need to get started.
 
Want to get a ballpark figure of how much you should apply for? Try out this online Paycheck Protection Program calculator.
 
ALERT: Treasury Secretary makes last minute changes to PPP to assuage lenders. Originally, SBA had indicated in its guidance that the PPP loans would be .5%.The Treasury Secretary announced late yesterday that the PPP loans will have an interest rate set at 1%, in an effort to assuage lender concerns. Also, the Treasury Secretary indicated that the loan funds would be issued on the “same day” that the loan is approved.
 
Go to the SBA website to see the full list of the 100 most active SBA 7(a) lenders
Flash Survey shows most operators are focused on SBA funding
 
Thanks to everyone who responded to yesterday's Flash Survey. Operators who responded to yesterday's Flash Survey overwhelmingly indicate they are focused on securing funds to protect their business. Below, are the results.
 
Consult UMA's COVID-19 Action Center online or email Ken Presley at kpresley@uma.org with questions.
 Town Hall clarifies actions needed to fund companies through SBA
 
 
Close to 500 participants joined UMA for a Town Hall dedicated to Funding Your Company through SBA. UMA's Ken Presley discussed ways to optimize the CARES Act for your company, and operators who've successfully navigated parts of the process were on the call to share their experiences. Download the slides and recording from today to learn more.
 
The next online Town Hall takes place Thursday, April 9 at 2 p.m. ET.
RECORDING
SLIDES
Gladys Gillis shares strategies to survive coronavirus economic crisis
Bus & Motorcoach News  | April 1, 2020 | by  Shandra Martinez  
 
The coronavirus pandemic arrived in Gladys Gillis’s backyard before it emerged in other regions.
 
Gillis, CEO of Seattle-based Starline Luxury Coaches, was among the first operators to experience the devastating economic impact when the country’s first novel coronavirus cases were confirmed in Washington in late January, followed one month later by the first U.S. death from COVID-19, the disease caused by the virus.
 
Her curve of canceled jobs and lost business has been roughly three weeks ahead of most UMA operators. During those early days, her team struggled to grasp the magnitude of the financial crisis before them.
 
“We no sooner had created worst-case scenario plans than we had to do them again because we didn’t know how grave the situation was,” Gillis said.
 
Democrats delay DNC Convention until August
 
Bus & Motorcoach News  | April 2, 2020 | by Ken Presley
 
Washington, DC – The Democratic National Committee announced yesterday they will delay their presidential nominating convention until the week of Aug. 17, hoping to increase the likelihood they can still hold an in-person gathering in Milwaukee.
 
The decision to reschedule from July puts the Democratic gathering one week before the Republican convention in Charlotte, NC, currently scheduled to begin Aug. 24.
President Trump has commented “there was “no way” the Republican convention would be canceled.

“This is encouraging news,” commented Larry Killingsworth, president & CEO. “Both of these conventions could give much of the industry a boost at just the right time.”
 
 

Paycheck Protection Program: 4 key links

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses and authorizes up to $349 billion toward job retention and certain other expenses.  This program also applies to individuals who are self-employed or who are independent contractors.

  1. Get a top-line overview of the program HERE

  2. If you’re a lender, more information can be found HERE

  3. If you’re a borrower, more information can be found HERE

  4. The application for borrowers can be found HERE

2 . SBA loan guidance: 3 action items
 
 
1—Determine your cash needs for the next 10 weeks
 
2—Decide if you should apply for the EIDL.  Click here.
 
3—Friday: Apply for the Payroll Protection Program.  Click here.
 
 
3 . SBA releases list of top SBA 7(a) lenders. Here are the top ten:
 
 

 
4 . Fraud alert: Beware of grant fraud, loan scams, and phishing emails
 
A road warning sign against a stormy sky with words Fraud Alert_ Warning of Fraud
DOWNLOAD THE PDF
 
The Office of Inspector General for the SBA is alerting the public about potential fraud schemes related to economic stimulus programs offered in response to the Novel Coronavirus Pandemic (COVID-19).
 
Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. Download the SBA's PDF document that explains what to look out for and how to proceed safely.

 
5 . Northeast Charter and Tour looks forward to doing their part to get the country moving again
 
 
Northeast Charter and Tour of Lewiston, ME, doing its part to stop the spread of coronavirus, looks ahead to a time when the fleet will be back on the road working with other companies that rely on buses for tourism and travel.
Northeast Charter and Tour- COVID19
 
6 . OPINION
 
We need to win the battle & the war
 
 
Dave Millhouser
 
Bus & Motorcoach News | April 1, 2020 | by Dave Millhouser
 
More than 150 Confederate artillery pieces thundered for hours, a bombardment heard 70 miles away in Washington, DC.

It was July 3, 1863 in Gettysburg PA, and while the South had won most of the Civil War battles, they were losing the war. General Lee headed north to fix that.
 
The guns quit, and General George Pickett led thousands of men into history... and defeat.
 
A major factor was that, unseen in the smoke, many of the artillery shells landed long, behind Union lines. The Yankee troops were alerted to the impending charge, AND they were mightily irritated.
 
 
 
 
Stay informed
 
 
Every Thursday at 2 p.m. ET on the Zoom platform. Join from your computer or phone.
LEARN ABOUT TOWN HALLS
 
Resources, news and important links for advocacy, SBA grant and loan programs, and more
UMA COVID-19 ACTION CENTER
March 31 MEMBER NEWS

Bus companies included in $349 billion fund: What you need to do now

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses, including our nation's bus and motorcoach companies. It authorizes up to $349 billion toward job retention and certain other expenses.  This program also applies to individuals who are self-employed or who are independent contractors.

Small business like yours should begin the application process immediately. The links below will guide you through the process.

  1. Get a top-line overview of the program HERE

  2. If you’re a lender, more information can be found HERE

  3. If you’re a borrower, more information can be found HERE

  4. The application for borrowers can be found HERE

What you should know about economic impact payments to you
The Treasury Department announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
 
Read their recent bulletin to find answers to commonly asked questions:
 
 
The IRS will post new information on  IRS.gov/coronavirus  as soon as it becomes available.
 
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on  IRS.gov/coronavirus  rather than calling IRS assistors who are helping process 2019 returns.
 
Small business town hall offers CARES Act guidance
A panel of experts spoke about important aspects of the CARES Act and answered questions from concerned small business owners at a National Small Business Town Hall, held last week. Watch the video on YouTube.
 
Panelists included:
 

March 26

UMA Town Hall: Leading your company through the COVID-19 crisis, round 2

March 25, 2020

FMCSA COVID-19 Drug & Alcohol Testing Guidance

FMCSA Waiver in Response to the COVID-19 Emergency – For States, CDL Holders, CLP Holders, and Interstate Drivers Operating Commercial Motor Vehicles 

March 20, 2020

Recording of the Town Hall Meeting: How to lead your company through the crisis (recorded 3/19/20) available now

 

 March 19, 2020

  • Join us online at 2 p.m. ET - Online Town Hall: Leading Your Company Through the Crisis  ​

March 18, 2020

March 17, 2020

March 12, 2020

​March 9, 2020

Close