CORONAVIRUS AND YOUR Business: FINANCIAL RESOURCES
CORONAVIRUS AND YOUR SALON: FINANCIAL RELIEF RESOURCES
Hey BTC fam! We know these days that life can be unpredictable. From mandatory business closures to stay-at-home orders keeping us indoors, the coronavirus pandemic has affected every bit of our daily lives—especially our bank accounts. So, to help you get through this financial crisis a little easier, we’ve assembled a few resources that can help provide financial relief and assistance for individuals or businesses that have been impacted by COVID-19.
We will be updating this article as more information becomes available. We also recommend checking your local and state-wide resources.
Resources For Beauty Professionals
SalonCentric creates new program to help stylists during coronavirus
SalonCentric has created a new program to help beauty professionals affected by the COVID-19 pandemic. Benefits include:
- A freeze on all invoices until your community is back to business as usual. Invoices made after March 23 will be subject to the distributor’s normal credit policy terms.
- Once everything is back to normal, customers will be able to set up a monthly re-payment plan to handle old invoices and reorder new products.
- Free shipping on all online orders or through the app.
The Professional Beauty Association offers free year-long memberships & other resources
The Professional Beauty Association (PBA) is offering one-year, free memberships (a $50 value) for licensed professionals and non-licensed salon employees. Which includes access to their tele-health subscription for $10/month, allowing members to virtually connect with medical professionals for consultations, concerns and mental health resources. Memberships must be activated by April 15, 2020.
The PBA is monitoring the federal response to the coronavirus very closely. They are encouraging beauty professionals to take action and urge Congress to pass the 45B FICA tax tip credit as part of the relief package.
Facebook offers small business support
Facebook has started the Facebook Small Business Grants Program to give small businesses financial support during the COVID-19 pandemic. The program offers $100 million in cash grants and ad credits for up to 30,000 small businesses. Applications should open up within the coming weeks.
They are also offering one-on-one business support, allowing you to connect directly with a Facebook Marketing expert.
Facebook has also launched the Business Resource Hub to help with any disruptions caused by the coronavirus outbreak.
The U.S. Federal Government is extending the April 2020 tax deadline to July
Treasury Secretary Steve Mnuchin announced that taxpayers and businesses will have until July 15, 2020 to file and make payments without interest or penalties. Taxpayers expecting a refund should still file as normal.
The “Families First Coronavirus Response Relief Act”
The U.S. Congress has passed the “Families First Coronavirus Response Act” which includes free testing for COVID-19 and paid family sick leave. This is the first legislation to help alleviate the financial burden of the coronavirus outbreak.
The approved legislation includes:
- Two weeks of paid sick and family leave for anyone that has been quarantined, is a caregiver or a parent. Workers would receive 100% of their normal salary.
- 12 weeks of paid leave for parents whose children are out of school.
- Increases to unemployment insurance.
- Free testing for the coronavirus for those who need it.
- Boosts to food assistance programs and additional federal funding for Medicaid.
U.S. Department of Education suspends student loan payments
Department of Education Secretary Betsy DeVos has directed all federal student loan lenders to allow borrowers to suspend student loan payments without penalty for the next 60 days. This is in addition to the 60-day interest waiver that was announced by President Trump last week.
The “Coronavirus Aid, Relief, and Economic Security” Act
The CARES Act, is an economic relief package meant to give financial assistance to individuals and small businesses impacted by the coronavirus pandemic. We broke down what this stimulus package means for both stylists and salon owners.