COVID-19 Resources

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Coronavirus Aid, Relief, and Economic Security (CARES) Act

The programs and initiatives in the CARES Act that was recently passed by Congress are intended to assist small business owners. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA).
The Small Business Owner’s Guide to the CARES Act

Economic Injury Disaster Loan (EIDL) Worksheet

Economic Injury Disaster Loans are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the COVID-19. The SBA encourages businesses to download, complete and submit this EIDL worksheet by email to the State of South Dakota Governor's Office of Economic Development - goedinfo@state.sd.us
Fill Out Economic Injury Disaster Loan Worksheet

Paycheck Protection Program

The purpose of the Paycheck Protection Program is to help employers keep their employees on the payroll. The loans offered under the Paycheck Protection Program are forgivable – which means that a business may not have to repay some (or possibly all) of the loan. The SBA created a webpage dedicated to providing information regarding the Paycheck Protection Program. Here you will find program details, frequently asked questions and the program loan application.
Visit SBA's Paycheck Protection Program Website

Rural Energy Savings Program

The Rural Energy Savings Program (RESP) helps rural families and small businesses achieve cost savings by providing loans to qualified consumers to implement durable cost-effective energy efficiency measures. Eligible applicants under the RESP include current and former RUS borrowers, subsidiaries of current or former RUS borrowers, and entities that provide retail electric service needs in rural areas.
Apply for the Rural Energy Savings Program

Small Business Administration

SBA Disaster Relief has been approved for SD.

SBA’s Economic Injury Disaster Loan is a low-interest federal loan up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

The SBA encourages you to download, complete and submit this EIDL worksheet (this is not a SBA loan application). Completed forms can be submitted by email to the State of South Dakota Governor’s Office of Economic Development – goedinfo@state.sd.us

Small businesses can learn more about the program and apply for financial assistance at www.sba.gov/disaster. Small businesses with questions about this SBA loan program or other assistance provided at the state-level can call 605.773.4633 to speak directly with a GOED representative.

Additional resources provided by the SBA are:

Guidance for Businesses and Employers includes how to help prevent workplace exposure, prevent stigma and discrimination and common issues that small businesses may encounter.

The SBA provides a number of loan resources for small businesses to utilize when operating their businesses. For more information on how to connect with a lender, visit sba.gov/funding-programs/loans

Exporting assistance to help small businesses achieve sales through exports and help businesses respond to challenges associated with trade via Export Express – up to $500,000 as a line of credit to finalize an export sale or pursue opportunities overseas; through Export Working Capital – to enable businesses to fulfill export orders; or the International Trade program – to help better compete and react to changing business conditions.

For more detailed information on resources that the SBA is offering, please visit sba.gov

For the most up to date information from the State of South Dakota for small business disaster response, please refer to South Dakota State News.

Of course, you can always call the VCDC office at 605.624.5571 – and we will be happy to help!

Survey of impact of COVID-19

Staff and interns at the VCDC have been calling around to Chamber members to ascertain how the Coronavirus outbreak is currently affecting Vermillion businesses.

We are asking all Chamber members to complete a survey so we can begin to understand the full impact that COVID-19 is having on our Vermillion and surrounding area businesses and community.

Impact survey

Unemployment Insurance Claims

The Reemployment Assistance (RA) program, as part of the Department of Labor and Regulation provides temporary financial assistance for people who have lost their job through no fault of their own. Workers who become unemployed because their employer needs to temporarily shut down or isolate workers due to COVID-19 might be eligible to receive benefits.
Read the full press release here

Deferred Tax Payments due to COVID-19 Outbreak

The U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
View the full press release here

Tax Information

If you are a business that is concerned about filing and paying your taxes on time, the South Dakota Department of Revenue wants to help. Reach out using their Live Chat or call them at 1.800.829.9188 to discuss your situation.
Live Chat

Families First Coronavirus Response Act

As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA.
View Families First Coronavirus Response Act Q&A