April 2020 - BiZ: Anderson County Chamber of Commerce Business Journal

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What Does It Mean? See page 4

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Here’s Help for Your



Small businesses – the heart of the American economy and job market – are being hit the hardest by the virtual shutdown of the nation over efforts to contain the spread of the novel coronavirus, or COVID-19, which is causing havoc worldwide. But small businesses are not being abandoned by the government, and aid packages meant to bolster the economy – including the most-recent $2.2 trillion federal relief bill – include extraordinary measures to help rescue small businesses and ensure that they can survive this storm. The Anderson County Chamber of Commerce has on its website an everexpanding list of resources that our Anderson County small businesses can take advantage of to help retain employees, pay unrelenting overhead expenses such as rent and utilities, and keep themselves viable and ready to return to business as usual when this crisis ends. The website is: andersoncountychamber.org/ covid19-small-business-resources/. How important are our small businesses? The U.S. Small Business Administration classifies any business with fewer than 500 employees as a small business, and there are more than 30 million of them in the United States. Together, small businesses are responsible for providing more than

Anderson County Chamber, SBA, Roane State offer services to aid small businesses during the crisis half of all jobs in the nation. They led the nation out of the recent Great Recession with their hiring, and our economy is so dependent on them that they must be kept healthy for us to have any hope of bouncing back quickly from the coronavirus crisis. Last week, the SBA posted details about the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act measures for small business, which includes “$349 Billion in emergency small business capital” (see sba.gov/Coronavirus). In an announcement, the SBA said that it and the U.S. Treasury Department “have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.” “The CARES Act establishes a new $349 billion Paycheck Protection Program,” the announcement said. “The program will provide muchneeded relief to millions of small businesses so they can sustain their businesses and keep their workers employed.”

“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly,” said SBA Administrator Jovita Carranza. “Our goal is to position lenders as the single pointof-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.” Treasury Secretary Steven T. Mnuchin said the legislation “provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed.” Under the program, which officially began April 3, “businesses can go to a participating SBA 7(a) lender, bank,

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or credit union, apply for a loan, and be approved on the same day,” Mnuchin said. “The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.” The SBA said the program “will help small businesses with their payroll and other business operating expenses, and that “It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA.” Under the program, “All loan payments will be deferred for six months,” the SBA said. “Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.” The loan program will be available retroactive to Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020, the agency said. For Anderson and surrounding counties’ small businesses, the Tennessee Small Business Development Center at Roane State Community College announced that it offers “free and confidential counseling.” “As everyone is adapting to working in different ways, our center has moved to remote counseling,” the center said. “We are well equipped to work with our clients by phone,

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Clinton’s Market Street, home of many of the town’s antiques shop, is virtually deserted late Friday afternoon, April 3, as stores remain closed because of coronavirus fears.

email, or video conferencing. To contact us, please call 865-483-2668 or email jbangs@tsbdc.org.” Businesses may also visit the website roanestate. edu/tsbdc for further information and to sign up for counseling services. To become a client of the center’s services, go to tsbdc.org/request-advising/, select “Local Advising” and follow the steps, Roane State’s announcement said. “We are in close contact with all state and federal agencies to connect you with any assistance programs that become available,” the college said. Small businesses are also asked to follow all recommended strategies for employers to use to help slow the spread of the virus. The U.S. Centers for Disease Control posts these strategies on the “CDC’s Guidance for Businesses and Employers” web page (cdc.gov/coronavirus/).

Among the CDC’s recommendations: n “Actively encourage sick employees to stay home. n “Separate sick employees. n “Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees. n “Perform routine environmental cleaning. n “Advise employees before traveling to take certain steps. Check the CDC’s Traveler’s Health Notices for the latest guidance and recommendations for each country to

which you will travel. n “Employees who are well but who have a sick family member at home with COVID-19 should notify their supervisors and refer to CDC guidance for how to conduct a risk assessment of their potential exposure. n “If an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace but maintain confidentiality as required by the Americans with Disabilities Act (ADA). Employees exposed to a co-worker with confirmed COVID-19 should refer to CDC guidance for how to conduct a risk assessment of their potential exposure.” The SBA also said that it works with a number of local partners to counsel, mentor, and train small businesses, and that it has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. “When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you,” the agency said. The SBA’s nearest district office is in Nashville at 2 International Plaza Drive, Suite 500, telephone 615-736-5881. The web address is sba.gov/offices/ district/tn/Nashville.


The Small Business Administration Resource Guide is available for download at: www.sba.gov/sites/default/files/files/ resourceguide_3147.pdf Current Anderson County Chamber of Commerce Members listed as approved SBA Lenders according to the U.S. Small Business Administration Small Business Resource Guide 2019-20. COMMUNITY TRUST BANK, INC.

2106 N. Charles Seivers Blvd. Clinton, TN 37716 (865) 457-8684 www.ctbi.com


106 S. Tennessee Ave. LaFollette, TN 37766 (423) 562-3364 www.ctbi.com


245 N. Main St. Clinton, TN 37716 (865) 521-5234 www.regions.com SIMMONS BANK

21 Jefferson Ave. Oak Ridge, TN 37830

(865) 482-2262 www.simmonsbank.com SUNTRUST BANK

1110 N. Charles Seivers Blvd. Clinton, TN 37716 (865) 457-8631 www.suntrust.com



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Be aware of COVID-19 fraud scams On March 6, 2020 the Cybersecurity and Infrastructure Security Agency (CISA) released an alert reminding individuals to remain vigilant for scams related to Coronavirus Disease 2019 (COVID-19). Cyber actors may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. Exercise caution in handling any email with a COVID19-related subject line, attachment, or hyperlink, and be wary of social

media pleas, texts, or calls related to COVID-19. CISA encourages individuals to remain vigilant and take the following precautions: n Avoid clicking on links in unsolicited emails and be wary of email attachments. See Using Caution with Email Attachments and Avoiding Social Engineering and Phishing Scams for more information. n Use trusted sources—such as legitimate, government websites—for up-to-date, fact-based information about

COVID-19. n Do not reveal personal or financial information in email, and do not respond to email solicitations for this information. n Verify a charity’s authenticity before making donations. Review the Federal Trade Commission’s page on Charity Scams.. Review CISA Insights on Risk Management for COVID-19 at https://www.cisa.gov/sites/default/ files/publications/20_0306_cisa_ insights_risk_management_for_ novel_coronavirus.pdf for more information.

Additional Information can be found at:


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GUIDE TO THE EMPLOYEE RETENTION TAX CREDIT For COVID-19 Impacted Employers The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.

Who is ELIGIBLE? Private employers, including non-profits, carrying on a trade or business in 2020 that: n Have operations partially or fully suspended as a result of orders from a governmental authority due to COVID-19, or n Experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019 (eligibility ends when gross receipts in a quarter exceed 80% compared to the

same 2019 quarter) With respect to tax-exempt organizations under 501(c) of the tax code, the requirement to be partially or fully suspended applies to all operations of the organization. Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for a tax credit. To learn more about PPP loans, visit uschamber.com/sbloans

How much is the TAX CREDIT?

This new employee retention tax credit is a 50% tax credit for the first $10,000 of compensation, including the employer portion of health benefits, for each eligible employee. n Compensation does not include paid sick or family leave for which the employer is reimbursed under the Families



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First Coronavirus Response Act n The credit only applies to wages paid after March 12, 2020 and before January 1, 2021

WHICH EMPLOYEES COUNT toward eligibility? n For employers with more than 100 employees: Full-time employees who are (i) being paid but (ii) not providing service due to either a full or partial shutdown or a reduction in gross receipts count toward eligibility n For employers with 100 or fewer full-time employees: All employees, regardless of whether those employees are providing service, count toward eligibility n Employers may not claim the same employee for this credit

and the Work Opportunity Tax Credit for the same period. In addition, employers may not claim the same wages for an employee under this credit and also under the employer credit in section 45S for FMLA

How is the CREDIT PAID? The refundable credit is applied against the employer portion of payroll taxes. The Treasury Department will develop a process for employers to receive an advance payment of the tax credit. The Internal Revenue Service will issue further guidance and manage the ERTC process. Please contact the IRS with specific questions. Source: US Chamber of Commerce.



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NEW MEMBERS Advanced Security Systems, Inc.

Mack Sealcoating

Jeremy Scurlock Technical Services 105 Ridgeway Way Clinton, TN 37716 (865) 310-8410 www.advancedsecuritytn.com

Aaron Mack Sealcoating/Line Striping 359 Longmire Road Clinton, TN 37716 (865) 310-9094 www.facebook.com/macksasphaltsealcoating

Allstate – Bradley Roberts Insurance / Finacial Services 356 S. Charles G. Seivers Blvd Clinton, TN 37716 865-457-0450 www.agents.allstate.com/ bradley-roberts-clinton-tn.html


Auto Medic, Inc. CASA of the Tennessee Heartland ClimaShield Dollywood-Group Sales Eclipse Land Management Edward Jones – Michael Ousley Ellison Sanitary Supply Oak Ridge Pediatric Clinic Regions Bank Senior Citizens Home Assistance ServiceSCHAS Slamdot, Inc. UT-Battelle White’s Pest Control

BRONZE: Image 360 Lowe’s Towing Shawn Belice Promotional Products 6700 Baun Dr., Suite 15, Knoxville, TN 37919 865-247-5542 www.image360.com/WestKnoxvilleTN

Jeremy Scurlock Towing / Recovery 614 Clinch Ave Clinton, TN 37716 865-457-6927

Find a professional SUZETTE A. SHELTON

Advertising Account Executive

Get Noticed in the New Anderson Co. Chamber Business Card Directory

423-494-6856 office: 865-457-2515 email: suzette@mycouriernews.com

MEMBER SERVICES COORDINATOR p. 865.457.2559 | c. 865.679.6777 andersoncountychamber.org

Staff Writer

210-363-4231 office: 865-457-2515 email: chambers@mycouriernews.com

Chamber of Commerce Business Card Directory


Advertising Account Executive


Call Kim: 865-776-5659 or Suzette: 423-494-6856

Marsha Stapleton


INDIVIDUALS Conya Mull Rep. Dennis Powers

. 245 N. Main St., Ste. 200 . Clinton, TN 37716 marsha@andersoncountychamber.org

office: 865-457-2515 email: kwebber@mycouriernews.com

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.



In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020: n Businesses with fewer than 500 employees; n Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees; n Sole proprietors n Independent contractors n Most private nonprofits




n The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for non- profits with up to a 30-year term n Payments on Coronavirus EIDL loans are deferred for one year n Up to $200,000 can be approved without a personal guarantee n Approval can be based on a credit score and no first-year tax returns are required n Borrowers do not have to prove they could not get credit elsewhere n No collateral is required for loans of $25,000 or less. For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate n The borrowers must allow the SBA to review its tax records

How can I access an EMERGENCY $10,000 GRANT?

n Eligible applicants for an EIDL can receive a $10,000 emergency grant within three days of application (through Dec. 31) n There is no obligation to repay the grant. To receive the $10,000 emergency grant, it is not necessary to have an approved EIDL loan. However, if you are able to secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose. For more information on PPP loans, visit uschamber.com/sbloans




APPLY NOW FOR OUR BUDGET BILLING PROGRAM By joining PCUD’s Budget Billing Program you will be able to off-set your monthly gas bill. The Budget Billing Program permits you to pay a set monthly amount for gas service based on your average gas usage for the past twelve months. This helps spread your cost more evenly throughout the year.

PCUD is taking applications for the Budget Billing Program through April 20th. Apply at WWW.POWELLCLINCH.COM/BUDGETBILLING or call the office for more information.


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