March 23, 2020
While the ISI national office is physically closed due to a Covid-19 “shelter-in-place” order for the Dallas County area, all staff is working remotely and happy to assist you.
Thank you for your patience and understanding during this unprecedented time.
ISI Statement and Resources Regarding COVID-19
ISI is carefully monitoring the evolving coronavirus (COVID-19) situation and taking necessary measures to help safeguard our skaters and families.
In communications to our member rinks last week, we provided a list of the latest EPA-approved disinfectants that have proved successful in fighting harder-to-kill pathogens such as norovirus and Ebola.
Please consult the experts in learning about prevention, preparation and protection. In addition to the well-published medical advice, we support the following recommendations to reduce the spread of the virus:
- Stay home if you are sick
- Wash hands frequently with soap and water
- Clean and disinfect frequently touched surfaces regularly
- Avoid handshakes and hugs
- Monitor the WHO and CDC websites for travel advisories and follow their recommendation
We encourage all members to be respectful of individual or individual organizational decisions regarding participation. We strongly recommend that you follow the advice and direction of your local health department and follow their guidance.
The following websites provide helpful resources on preventive measures and how to talk to your children about the situation:
We will continue to assess the coronavirus situation closely and make any necessary plans as it relates to our upcoming national competitions. Updates will be posted on our website. Thank you for your understanding and patience as we navigate this ever-changing health outbreak.
Resources for Administrative Members during the COVID-19 Pandemic
Stimulus Overview and Resource Information – Information courtesy of National Council of Youth Sports
SBA Disaster Loan Program – Economic Disaster Injury Loan (EDIL) – This program is in place. Borrower’s work directly with the SBA (not the banks) through their website https://disasterloan.sba.gov/
- Up to 30 year amortization
- Interest rates of 3.75% Fixed
- Personal guaranty
- Collateral if available
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) includes a section for a new SBA loan program titled Paycheck Protection Program (PPP). PPP is administered through existing SBA Preferred Lenders. Although many of the guidelines are pending, below is a summary of key terms (as they stand today):
Paycheck Protection Program $349B Authorized through June 30th
- These are 7A Loans with a 100% guaranty to the Bank
- No Personal Guaranty
- No Guaranty Fee paid by Borrower
- Bank pays no servicing fee to SBA
- Use 7A Application Forms
Maximum Loan Amount & Terms
- 2.5 Times the Borrower’s average monthly payroll over the last 12 months (may exclude individual comp>$100k)
- Some adjustments to calculation for highly seasonal businesses and start ups
- Payment deferral for first 12 months
- Maximum term 10 Years
Interest Rates – Same as 7A
- P+2.75 for maturities greater than 7 Years
- P+2.25 for maturities less than 7 Years
Use of Proceeds
- Any 7A approved use of proceeds
- However only the amounts paid for the following are eligible for Debt Forgiveness
- Payroll (may exclude comp for individual over $100K)
- Mortgage Interest
- The total amount of proceeds used for Payroll, Rent, Mortgage Interest & Utilities paid in the 8 weeks after loan origination.
- Forgiveness amount is reduced based on number of FTE reduced, or reductions in comp for individual more than 25%, during that period
- No reduction in forgiveness for termination or pay cut prior to 4-1-20 if reversed before 6-30-20
- Borrower submits certified report to lender – lender reports online to SBA – payment is processed to lender within 5 days
- Must meet SBA definition of small business (generally under 500 employees but some variation by NAICS codes) Non-Profits are also eligible.
- Borrower must certify:
- These funds are necessary to maintain on-going operations
- Proceeds will be used to pay Payroll, Rent, Mortgage Interest, Utilities
- Intent to maintain certain number of FTE through June 30 based on the number used to determine maximum loan amount
- Cannot have both an SBA Disaster Loan (done after 3-31-20) and PPP Loan – must choose one or the other
Information courtesy of Texas Security Bank
Some suggestions on things you might be doing to minimize the effect on your company and employees:
- Review your insurance policies for Business Interruption riders/clauses. Speak with your agent regarding your coverage
- Consider applying for SBA Disaster Assistance Loan. Apply online at www.SBA.gov/disaster. These are low interest, long term repayment loans, with no payments for the first year, that can help businesses that have been affected by Coronavirus and the resulting economic actions. These loans are done directly with the SBA and not through the bank.
- We know that this will take a toll on your employees. We suggest that you go to www.DOL.gov/Coronavirus . The Department of Labor is working with state unemployment insurance programs to help pay benefits where:
- An employer temporarily ceases operations due to COVID-19 preventing employees from coming to work
- An individual is quarantined with the expectation of returning to work after the quarantine is over
- An individual leaves employment due to risk of exposure or infection or to care for a family member
- Additional resources for displaced employees can be found at www.careeronestop.com
Information courtesy of Texas Security Bank.
Resources for Professional Members during the COVID-19 Pandemic
Disaster Unemployment Assistance for Professional Coaches
As the coronavirus (COVID-19) pandemic continues to wreak havoc on our daily lives, we want to assure you that the well-being of our members is top of mind.
We realize that these are frightening and challenging times for you as a professional skating coach, and we are empathetic to your concerns.
If you are facing unemployment or a lapse in employment, the following resources may be available to you:
- Unemployment Insurance— Provides unemployment benefits to those who lose their job through no fault of their own.
- Disaster Unemployment Assistance— If you do not qualify for other types of unemployment benefits, you may qualify for Disaster Unemployment Assistance.
- Unemployment Assistance — Find employment benefits (filtered by state) near you.
Due to the expected influx of people filing for unemployment, we recommend applying for benefits as soon as possible.
Note: We strongly encourage you to apply with YOUR state government to see if you are eligible for unemployment benefits. The experts are encouraging those that are unemployed due to the corona virus to start at the state level. Make sure the website you visit to ends in “.gov”.
You may also have healthcare concerns, and the following resources should prove helpful:
- COBRA Continuation Coverage — COBRA Continuing Coverage may be the right choice if you are experiencing a lapse in employment.
- Medicare and Medicaid— These benefits may help people attain healthcare. Read the key differences between Medicare and Medicaid to find the best option for you and your family.
- Healthcare and Medical Assistance — Browse various healthcare programs.
For more information, visit Benefits.Gov.
- Disaster Assistance for Small Businesses — The U.S. Small Business Administration (SAB) plans to coordinate with states to provide targeted, low-interest loans to small businesses and nonprofit organizations severely impacted by the coronavirus under the Economic Injury Disaster Loan Program.