COVID-19 Resources for Small Businesses
Paycheck Protection Program to Re-Open (updated 4.27.20)
The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 9:30am CDT.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Small Business Relief Fund – loan program from Governor’s Office of Economic Development (updated 4.3.20)
CARES Act and SBA Loan Information (updated 4.2.20)
To say these are challenging times is a gross understatement. We know that everyone has been impacted by COVID-19 and many small businesses are struggling. We are here for you and want to help in any way possible. Please reach out to us by phone (626-2595) or email (email@example.com) to see how we can help.
There has been so much information about assistance programs that are available, it can be confusing and overwhelming. NECOG-DC is not directly involved with any of these programs, but we can try and answer your questions as best we can.
The Governor’s Office of Economic Development is in the process of rolling out a new loan program that was just approved by the state legislature this week. What we know now is the loans will be up to $75,000 at 0% interest with $0 processing fees. We’ll certainly share more information as it becomes available.
Here is the best summary I have seen so far for the SBA programs available. This information comes from the South Dakota District Office of the Small Business Administration.