FINANCIAL RELIEF FOR BUSINESSES DUE TO COVID-19

Gail Noggle, Executive Director, Economic Development Alliance – Bolivar/Polk County, is available to any local business seeking help during this COVID-19 pandemic. You can reach her at (417)328-5811 or by email at gnoggle@bolivar.mo.us.

We have compiled some of the most pertinent information for you as a business owner or manager or for your employees. Follow us on Facebook at https://www.facebook.com/BolivarMOEconomicDevelopmentAlliance/

For an update on the Covid-19 outbreak, number of cases in Polk County and the number quarantined, visit the Polk County Health Center at www.polkcountyhealthcenter.org or visit the health center’s Facebook page here for daily updates.

To watch Gov. Parson’s Briefings regarding COVID-19 or to see the latest information on the number of cases in Missouri reported to the Missouri Department of Health and Senior Services, click here.

SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
News Release from March 24, 2021 –  The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

SBA reaches $200B milestone in loans to aid small businesses and non-profits (Feb. 2021)

The U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided U.S. small businesses, non-profits, and agricultural businesses a total of $200 billion in emergency funding. For more information, click here.

 SBA, Lenders take steps to improve Paycheck Protection Program (Feb. 2021)

The SBA released Feb.10 new data showing that more small businesses were receiving assistance through the PPP program. For more information, click here.

 Economic Injury Disaster Loan extended through December 2021 

(From the SBA newsletter) (Jan. 2021)

This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan (EIDL) has been extended to Dec. 31, 2021, pending the availability of funds.

Learn more and apply for an Economic Injury Disaster Loan

Federal Coronavirus Resources

(From the SBA newsletter) (Jan. 2021)

State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House’s COVID-19 Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.  Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.

Learn more about the federal government’s response

Paycheck Protection Program opens again in 2021

(From the SBA newsletter) (Jan. 2021)

The SBA has re-opened the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders. PPP provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:

  • First Draw PPP loans- for those borrowers who have not received a PPP loan before Aug. 8, 2020.
  • Second Draw PPP loans- for eligible small businesses with 300 employees or less and that previously received a First Draw PPP loan. These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.

The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.

To learn more about other Coronavirus Relief Options and Lending Options, visit the Small Business Administration website here.

Entertainment, Arts program open for Shuttered Venue Operators

(From the SBA newsletter) (Jan. 2021)

Looking for more information about the Shuttered Venue Operators Grant Program? Does your business offer a live venue or serve a role in the performance arts industry? On Jan. 28, 2021, the SBA added a new frequently asked questions, which includes information about eligibility, application, use of funds, and more. To find out more, visit the SBA website.

COVID-19 RELIEF AND TAX CREDITS

(From the SBA newsletter) (Jan. 2021)

Did you know that businesses impacted by the pandemic may be eligible for federal tax credits and other relief? Get up-to-date information on COVID-19 tax and filing requirements and benefits.

Learn more

PAST ENDEAVORS / NEWS RELEASES

Covid-19 Business Survey (July 15, 2020)

Click Here to read the results from a survey the Economic Development Alliance sent out, in partnership with the Bolivar Area Chamber of Commerce, to gain some information from businesses to see how they have managed during the COVID-19 pandemic.

Zoom Meetings

Gail Noggle hosted Zoom meetings for several weeks in 2020 to discuss COVID-19 concerns that local business license holders might have regarding their small business and to offer guidance on where to find resources.

Launch of Patronicity Crowdfunding Program to Benefit Local Businesses in Bolivar – posted 4/24/20

The Economic Development Alliance & the City of Bolivar partnered together in 2020 to set up an online fundraising campaign to raise money to help support local businesses during the financial struggles they were experiencing due to the COVID-19 crisis. Patronicity is the crowdfunding platform where we launched our campaign, Survive and Thrive — Bolivar MO Disaster Relief Fund. Donations were made at http://www.patronicity.com/bolivar.

Through this fundraising program, six businesses were awarded $500 grants in June 2020.

 Small Business Development Center Offers Resources – Posted 4/24/20

America’s Small Business Development Centers and its partners are doing their part to help small businesses during the COVID-19 pandemic. Find more information about grant funds and other resources on the America’s SBDC website here.

The Missouri Small Business Development Center and the Missouri State University are offering Q&A sessions and workshops for businesses who are navigating these financial conditions. Visit their website here.

 Unemployment Questions– 4/13/2020

If you have a question regarding the filing of unemployment due to COVID-19, review this FAQ shared by the Missouri Job Center by clicking this link: FAQ for unemployment questions.  (Please note the email in the second paragraph should be esuiclaims@labor.mo.gov .)

What is available for your business (posted 4/2/20)

 Click on this link for the webinar: Webinar for Small Businesses

 Chamber video for employers and families (posted 4/2/20)

 Missouri Chamber legislative experts Matt Panik and Kara Corches outline what the bill means for Missouri employers and families in this video.  Relief efforts covered:  Available aid for businesses, business tax provisions, unemployment insurance measures, paid leave amounts and limits and individual stimulus checks.

 Link to apply for Economic Injury Disaster Loan (posted 4/2/20)

 Coronavirus Aid, Relief, and Economic Security Act (CARES) (posted 4/2/20)

 Payment Protection Program

SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Loan can be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Find out more here.

Other SBA assistance

This Small Business Owner’s Guide to the CARES Act will provide information for the Payment Protection program, as well as Small Business Administration’s Economic Injury Disaster Loans (EIDL), SBA Debt Relief loans and SBA Express Bridge Loan Pilot Program. Should you experience problems completing your online SBA application for the Economic Injury Disaster Loans, call 1-800-659-2955, press 2 when prompted, then press 2 again. For more information, download the Guide here.

The CARES Act also provides for Pandemic Unemployment Assistance (PUa) and Pandemic Federal Additional Compensation (PFAC). The Missouri Department of Labor is awaiting guidance from the U.S. Department of Labor. For information, click here.

 Families First Coronavirus Response Act (FFCRA) (posted 4/2/20)

 More Information regarding Business Relief

 Shared Work Unemployment Compensation program

 Support for non-profit agencies

 DED activates economic development network

 KPM CPAs share details regarding FFCRA

 Missouri receives Federal Disaster declaration