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The House passed the $480 billion relief bill. It has now moved to the President’s Office for signature. President Trump has expressed on multiple occasions that he supports the bill and will sign.
“The bill includes more than $320 billion for the Paycheck Protection Program, created by the CARES Act, which was passed late last month. The program, which quickly ran out of money because of heavy demand, provides forgivable loans to small businesses that keep their employees on the payroll.
About $60 billion of the additional PPP funding would be set aside for businesses that do not have established banking relationships, such as rural and minority-owned companies.”
The Institute for Health Metrics and Evaluation (IMHE) have provided very thorough data tables to predict COVID-19 projections.
Data tables have been provided for expected peak times, predicted number of deaths per day and hospital resource use.
The projection tables can be viewed for individual countries or US states.Access the Data Here
Experts discuss strategies and tools to create a positive and productive work environment — even if you can’t see your team every day.
Empathy, transparency and flexibility are critical to caring for your employees and keeping them engaged during the coronavirus pandemic.
Experts unpacked these three pillars of a successful company culture — both during a crisis and in the long term.
1. Make employee health priority No. 1 with policies, protocols, and one-on-one working input
2. Create a fun, empathetic and efficient work-from-home culture that serves employee needs and business goals
3. Embed flexibility into company culture
4. Have hard conversations with transparency, empathy and humility
5. Adopt best practices gleaned from the crisis
U.S. Secretary of Agriculture Sonny Perdue today unveiled a one-stop-shop of federal programs that can be used by rural communities, organizations and individuals impacted by the COVID-19 pandemic.
The COVID-19 Federal Rural Resource Guide is a first-of-its-kind resource for rural leaders looking for federal funding and partnership opportunities to help address this pandemic.Download the Rural Resource Guide here
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
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 – email@example.com
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!