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OIA issues info on US stimulus; hosting webinar on loans

30/03/2020

The Outdoor Industry Association (OIA) is offering advice and information on how companies can navigate available resources and options, following the announcement that small businesses impacted by coronavirus are eligible for federal loan assistance and the passage of a $2 trillion stimulus package.

The loan assistance for small businesses comes from the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) program. OIA will be hosting a webinar on Tuesday, March 31, at 11am Mountain Time, during which an expert from SBA will provide guidance on how to access this loan money.

EIDL is intended to help qualified businesses and non-profit organisations recover from economic losses tied to the abrupt downturn triggered by the COVID-19 disease, according to OIA. In addition to offering the webinar, the group has made information about EIDL loans — said to offer up to $2 million in assistance — which can be accessed here

The more sprawling $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act is also explained on OIA’s website, through a single-page summary and a more detailed guide. The summary — which can be seen here — breaks down the package into key areas of small business support, direct cash payment, support for distressed sectors of the economy, unemployment expansion, and health care and safety net support.

OIA’s more detailed, section-by-section summary of the CARES Act can be found here

The organisation continues to update its hub of information relevant to the COVID-19 outbreak, which can be found here. OIA is also soliciting feedback on what information the industry would find most useful, via a one-question survey on the page.

“We know these are unprecedented and very stressful times,” wrote Lise Aangeenbrug, OIA executive director, in a letter to the industry. “Keep your loved ones close and take time to get out safely and responsibly in nature to experience its healing benefits. We know it doesn’t fix it, but it helps.”