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Welcome to SIA's COVID-19 industry hub, an online resource for members to become better educated about the evolving coronavirus issue on our industry, and a content source of best practices and learnings to minimize its impact on our businesses. This is also a place where we're bringing the community together and enabling discussion.
To facilitate a conversation amongst industry peers, we've set up a closed group on Facebook. This is an opportunity for all of us to collaborate, trade best practices and ideas, and ask/answer questions in order to optimize your business in this difficult time. A few rules – no antitrust and no collusion here. Be nice, be supportive and really try to help each other during these unusual times.
If you're feeling a deep sense of uncertainty now, you're not alone. Let us help. Please keep coming back to this page, as it will be evolving daily.
Small businesses that have been financially impacted by the coronavirus since Jan. 31 could qualify for low-interest Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses as a result of the COVID-19 pandemic
Please take a look at the SBA and other resources below, or check with your local bank.
The SBA will begin accepting applications on Friday, April 3, for forgivable loans through the Paycheck Protection Program. Find out if you quality and please don't miss this deadline:
CONTRACTS: FORCE MAJEURE CLAUSES
What Are Force Majeure Clauses and Why Are They Important Now?
During this very challenging time for businesses, you are well-advised to see if your contracts contain “force majeure” clauses. Force majeure loosely translated means “Acts of God” and these clauses can sometimes excuse or postpone performance of certain contractual obligations. The party seeking to excuse performance under these clauses must cite to a particular event such as fire, flood, war, pandemic, or governmental order that makes performance highly impracticable or impossible. Most clauses don’t include reference to medical emergencies such as the one that confronts us now, but they do routinely refer to situations where, for instance, governments ban business activities which impact performance. Please review your contracts with local counsel to determine if your agreements contain force majeure provisions.
Visit the CDC page for guidance on resources for businesses and employers: