Governor Mike DeWine sent the following directives to all businesses who still have employees reporting to work:
Business who are still open should take the temperatures of every employee.
If employees are ill, send them home immediately
Be vigilant in your cleaning processes
Abide by the regulations below - no gatherings of 10 or more and ensure people can maintain the 6-foot social distancing rule
NO GATHERINGS OF 10 OR MORE
Per the president's order, mass gatherings of more than 10 are now prohibited in Ohio. How does this number impact your business? If you have a business that remains open with spaces where 10 or more people are gathered, or where the 6-foot rule between customers can't be achieved, then you either have to make changes or close.
SBA DISASTER LOANS APPLICATION COULD BE AVAILABLE AS EARLY AS FRIDAY
The disaster loan program will offer loans of up to $2 million for businesses in affected industries to pay for working capital needs, such as payroll, accounts payable and fixed-payment debts such as bank loans. Terms are up to 30 years. You need to show you've suffered a downturn in sales and a downturn in cash flow for a certain period. You may also project these losses out for the time you expect sales to decline. Keep checking this site for availability.
ECONOMIC IMPACT PROJECTIONS
As of March 16, Tourism Economics predicts a 31% decline in the travel industry for 2020. This includes a 75% drop in revenue over the next two months and continued losses the rest of the year reaching $355 billion. This is six times the impact of 9/11 on travel sector revenue. A loss of 4.6 million jobs is anticipated, as well as a decline of $55 billion in tax revenues. The greatest losses are anticipated in food service, lodging and air transportation; however, all sectors (including recreation and retail) should anticipate losses in excess of $33 billion. Should travel restrictions loosen in the next two months, they anticipate travel revenues will slowly improve, but we are likely to experience losses the rest of the year. Please recognize these are national figures at this point, and that different markets and different types of travel experiences may witness faster recovery. Strategic promotion will be a key factor in reducing the losses after the next two months. Access the full report here.
HERE'S WHAT IS BEING ASKED OF CONGRESS
Yesterday, US Travel Association sent a letter to members of Congress requesting the following measures of relief for travel businesses.
Grants to protect the travel workforce: Provide direct grants to keep workers in their jobs and provide compensation for economic losses incurred in the interest of public health.
Loans to stabilize business operations: Provide travel-dependent businesses and nonprofits with zero interest, unsecured lines of credit from the U.S. Treasury Department. Maximize SBA loan programs by increasing loan limits and guarantee percentages, waiving loan fees, and providing forbearance on interest and loan payments through 2020.
Provide tax relief to mitigate economic losses and spur recovery: Permit affected businesses to temporarily defer tax liability, delay or eliminate estimated quarterly tax payments and filing deadlines and allow for a carryback of the Net Operating Loss (NOL) deduction.
Reverse declines in travel demand—keep America moving and working: Install a temporary travel tax credit to encourage travel spending, restore the entertainment business expense deduction, boost community development block grants to promote healthy travel and provide a temporary payroll tax cut.
MOST BMVS TO CLOSE
All but five BMVs are ordered to close as well as hair salons, nail salons, tattoo parlors and spas are ordered to close.