RECOVER - 4R Project
Our team is here to assist you through this crisis and beyond. With that, we've developed documents to help work through various facets of business operation during crisis and uncertainty.
Federal Funding Programs Update
Applications for the Paycheck Protection Program (PPP) are open. There is an opportunity for first draw loans for those that did not receive funding during the first round as well as second draw loans for businesses that need additional funding. First-time borrowers have a loan limit of $2M and for those that received PPP1 funding, there is a combined limit of $10M. You will need to work with a lender on either first or second draw PPP. Note that you if you received PPP1 funding, you do not have to work with the same lender for PPP2. If you need a lender, there is an abridged list of SBA approved lenders in North Dakota. Or, you can look up lenders near you by by zip code.
PPP first-draw can be applied for through March 31, 2021. Second draw PPP can also be applied for through March 31, 2021. A borrower is generally elibible for a second draw PPP loan if they have:
- Previously received a first draw PPP and used the full amount only on authroized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
Learn more about the specifics for each option on the SBA website. Additionally, the Journal of Accountancy has released a helpful summary.
The deadline to apply for COVID-19 Economic Injury Disaster Loans (EIDL) has been extended to December 31, 2021. In addition, targeted EIDL grants will be available for small businesses that are located in low-income communities and have suffered an economic loss greater than 30%. Again, additional details and specifics are available on the SBA website.
Those that attended our SBA Update webinar on January 14 heard that a business may not receive both a Shutterd Venue Operator Grant (SVOG) and PPP2 funding. We are still learning the details about this program, but do know that applicants may quality for 45% of their gross earned revenue with a maximum for a single grant of $10 million. Learn more about this program on the SBA website and/or watch their webinar recording.
Online Training, Events & Recordings
Upcoming Events
- Cash Resolutions for the New Year - Jan 25-29
- From ComplyRight: Adjusting to a New Normal Under a New Administration: Key Areas to Monitor - Jan 27
- Business Builders Workshop: The Importance of Having a BAIL Team - Feb 9
- Business Builders Workshop: Marketing on a Small Budget - Mar 9
Recordings
- Business Builders Workshop: Cash Flow - recording
- 4R Webinar: Disaster Planning - Riots, Floods, and Hurricanes - Oh My! Two part series Part 1 & Part 2
- 4R Webinar: Understanding the Families First Coronavirus Response Act (FFCRS)
- Business Builders Workshop: Business PLan Review - Get Ready for the New Year!
- Business Builders Workshop BONUS: What's the Score? Credit Reports and Scores at a Glance
- 4R Project: Tax credits under the ERC and FFCRA
- Business Builders Workshop: Budgeting for Success
- 4R Project: SBA Update on the New Stimulus Package
- National Federation of Independent Business (NFIB) - What you Need to Know on Applying for a Second (or initial) PPP!
- SBA Shuttered Venue Operators Grant Program
Establishing or Improving Your Credit Score
A major hurdle that many small businesses have faced during this time is not a lack of funding options, but rather a credit score that stands in the way of that funding. Our thanks to the ND SBA District Office for putting together some tips and helpful links to assist in establishing or improving your credit score.
Funding Options
Community Advantage Recovery Loan (CARL) Pilot
Additional Funding Options
Federal and State Resources
The U.S. Small Business Administration is keeping on top of things for you as well. General guidance for preventing workplace exposure to acute respiratory illnesses, including COVID-19 is available.
The CDC also has a specific resource page of Interim Guidance for Businesses and Employers to help you plan, prepare and respond to Coronavirus.
To best serve businesses and communities dealing with the threat of COVID-19, the Department of Commerce has temporarily re-directed human and financial resources to support you.Visit our website for the most current information.
At the national level, our association, along with the AWBC, have developed a project titles "Resource Partners Training Portal (RPTP)." This includes a training platform containing inforamtion to assist small businesses with surviving and recovering from the pandemic.
NDSU and the Nice Center have teamed up with Microsoft to develop arecovery and assitance tool that contains information on 150+ federal, state, and local resources to support individuals, small businesses, and non-profits affected by the pandemic. Nice.help
Tools
America’s SBDC partners are doing their part to help small businesses during the the COVID-19 pandemic.
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.
eBay has laynched "Up & Running" to immediately bring small businesses online.