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Deadlines Loom For Small Business Grants, But Application Help, And More, Is Available - 1380 KCIM

Deadlines Loom For Small Business Grants, But Application Help, And More, Is Available - 1380 KCIM


Deadlines Loom For Small Business Grants, But Application Help, And More, Is Available - 1380 KCIM

Posted: 31 Mar 2020 09:30 AM PDT

Although the doors at the Carroll Chamber of Commerce and Carroll Area Development Corporation (CADC) office in the depot are closed to the public, staff members are working hard to support our area businesses. Executive Director of both organizations, Shannon Landauer, says the impact becomes more far-reaching every day.

The Chamber has distributed information to local businesses helping them identify whether they are essential or non-essential and Iowa State Ciras has also provided resources for manufacturing and production mainly on their status as well. A link to that is included below. Landauer says another invaluable resource, Kimberly Tiefenthaler with the Small Business Development Center, is working in the Chamber offices in Carroll to help get answers to area businesses as quickly as possible and more.

This can include businesses owned 51 percent or more by women, minorities, disabled veterans or disabled individuals. The City of Carroll has also worked with the CADC to develop the Carroll Small Business Relief Program, allocating $100,000 in Local Option Sales Tax (L.O.S.T) funds to help businesses now, prior to the delivery of state and federal aid.

The first round of applications for the Carroll grants are due by Thursday, April 2. Recipients will be determined right away with payments potentially going out as early as this Friday. Landauer says the application process has been simplified; there are, however, some requirements.

This is not limited to businesses that have mandated closures. Landauer says she does not have any solid numbers as of yet on the impact of the COVID-19 pandemic on Carroll and area businesses, but now, more than ever, it is important for everyone to support local.

More information on the assistance available or to speak with Kimberly Tiefenthaler can be also found below.

________________________________________

To contact the Chamber, CADC or Tiefenthaler:

          Phone: 712-792-4383 leave a message if necessary and they will call back

          Email: chamber@carrolliowa.com

                  

Iowa State Ciras: https://www.ciras.iastate.edu/covid-19/other-resources/

Grant Application Open for Portland Small Businesses Hurt By COVID-19 - The Portland Mercury

Posted: 30 Mar 2020 10:12 AM PDT

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The short application window for small businesses impacted by COVID-19 in Portland to apply for up to $10,000 in emergency grant funding opened Monday. The $2 million grant package, approved by Portland City Council last week, is expected to support at least 150 local businesses who've been financially crushed by the virus' spread.
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Businesses have until 11.:59 pm Wednesday, April 1 to apply.

The public funding is available for business with less than 50 employees that make no more than $2 million in annual gross revenue. According to Prosper Portland, the city development agency overseeing the grant, eligible businesses must be "public facing and directly impacted by new COVID-19 public health requirements" or have experienced at least a 25 percent decline in revenue since Feb 1, 2020.

Nonprofits, franchises, rental companies, and local businesses with more than three locations are ineligible for the funds.

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Businesses will be granted between $2,000 and $10,000 in funding, depending on need. Those funds should be dispersed starting Friday, April 10. During last week's council session, Prosper Portland Director Kimberly Branham acknowledged that the small grants are insufficient long-term solutions.

"This will provide interim relief," said Branham. "We think of this as a stopgap measure, understanding state and federal government has resources coming in months ahead."

The Oregon Legislature will be considering state-level economic support during a special session expected to commence in a few days.

How to apply for Facebook's coronavirus business grants - Business Insider - Business Insider

Posted: 28 Mar 2020 07:40 AM PDT

Small businesses across the country are teetering on the edge of collapse because of the novel coronavirus, and Facebook is stepping in to help.

The social network will spend $100 million on grants to support over 30,000 small businesses in 30 countries, Facebook COO Sheryl Sandberg announced Tuesday. The funds will be paid out in a combination of cash and advertising credits to businesses that need help covering operational expenses and in paying rent or their employees, Business Insider's Dominic Reuter reported.

Restaurants, coffee shops, gyms, fitness studios, and cultural institutions across the United States have closed as authorities urge Americans to practice social distancing to slow the spread of the novel coronavirus that has already killed more than 20,000 people across the globe. Some cities forced the closures, while others shuttered voluntarily as customers embraced social distancing in an attempt to slow the virus' spread.

"We've heard loud and clear that financial support could enable them to keep the lights on and pay people who can't come to work," Sandberg wrote on Facebook Tuesday. "Whatever happens next, we will be working to help businesses weather this storm."

Here's how you can get a grant from Facebook for your business.

State senator outlines relief programs for small businesses - MyWebTimes.com

Posted: 30 Mar 2020 04:10 AM PDT

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State Sen. Sue Rezin told small businesses affected by the COVID-19 outbreak in a Facebook Live video Friday to apply for state grants and loans now that are available to assist them.

Rezin, a Morris Republican, said the question she's asked most is: If the business owner has enough cash flow now but they are not sure if they will in the next month, should they apply for any of the grants or loans?

Rezin said she's talked to several state officials, including the head of the state chamber of commerce, and they all agreed.

"They say apply today," Rezin said, noting the applications take 30 days to process. She said if a business owner decides they don't want to take loans or grants a month from now, they can opt out.

Rezin said sales tax deferral is one of the programs to help provide relief for small businesses.

This program applies for eating and drinking establishments that incurred less than $75,000 sales tax liability. These businesses will not be charged penalties or interest for payments due March, April or May if they are paid late. Rezin said this gives relief to nearly 80% of bars and restaurants in Illinois.

She said business owners still must file sales tax returns, even if they are not able to make a payment. Sales tax liabilities for March, April and May will be due in four installments starting May 20 extended through Aug. 20.

Rezin said low-interest small business loans are available up to $2 million at disasterloan.sba.gov.

She said the state treasurer's office is making $250 million available to banks and credit unions for low-interest bridge loans to help businesses throughout Illinois. Go to illinoistreasurer.gov for more information.

In order for businesses or nonprofits to be eligible, they must meet three qualifications: first, they had to be shut down or limited due to COVID-19.

"We're talking about gyms, hair and nail salons, restaurants, many places are shut down due to COVID-19, you would qualify for this bridge loan — you should go to the treasurer's website," Rezin said.

To qualify, these business must have less than $1 million in liquid assets, or $8 million average annual receipts per the Small Business Association standard requirements. The businesses also must be headquartered in Illinois or agree to use the funds in Illinois.

The Department of Commerce and Economic Opportunity is offering hospitality emergency grant programs to help businesses pay working capital, payroll and/or rent. Bars and restaurants that made $500,000 and $1 million in revenue in 2019 are eligible up to $25,000; bars and restaurants that made less than $500,000 in revenue in 2019 may qualify up to $10,000.

"I know this is not a lot of money, but it will help businesses to cash flow until we get relief," Rezin said.

"Apply today and get into the queue," she added.

Another program, the Illinois Small Business emergency loan fund, offers small businesses outside the city of Chicago with fewer than 50 employees and less than $3 million in revenue in 2019 low-interest loans up to $50,000.

Businesses will owe nothing for six months. and then will begin fixed payments, at a low market interest rate for five years.

"It's something to get you through in unprecedented territory," Rezin said.

Another DCEO grant program offers small businesses up to 50 employees the opportunity to partner with their local government to obtain grants of $25,000 in working capital.

Go to www2.illinois.gov/dceo/Pages/default.aspx for more information on the DCEO's programs.

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