Business Recovery Resources
Find Volunteers to help: Golden Volunteer connects volunteers and interns to opportunities with local organizations. In addition to formal volunteer roles, this platform makes it easy for individuals to post needs and for others to lend a helping hand. Find local opportunities now. For organizations, it only takes a couple minutes to list your opportunities. Start here!
Idaho Department of Commerce - resources for employers and communities, including:
Available to all eligible entities, from those who are self-employed up and businesses with up to 50 employees starting on May 27, 2020
National Foundation of Credit Counselors - Toolkit (see small business resources halfway down)
RELIEF FUNDING SOURCES
SBA, Paycheck Protection Program (PPP) - Apply directly through your bank
SBA (as of 4/20/2020)
Last week the Small Businesses Administration announced it is no longer able to accept new applications for the Paycheck Protection Program (PPP) & Economic Injury Disaster Loan (EIDL) programs.
Before we get started on that however, there are three things to keep in mind regarding the SBA programs.
If you have an existing application with a bank in progress, keep it active. Provide the documentation required and keep your application in the queue in the event that Congress allocates additional funds to these programs. You will be next in line.
If you were given a loan number from the SBA, or some other indication that your loan application was approved, it is very likely that the amount you were approved for is in the SBA calculations that prompted them to close the program down. Your loan is required to be funded within 10 days from loan approval. Keep an eye on your bank account for these funds.
If your business received PPP funds, pay close attention to the terms included in your loan documents. In particular, there are specific requirements for the forgivable portion of your loan. SVED will be working with the banking community to put together an FAQ and Best Practices Guidelines for the spending the PPP funds. We are also considering a live webinar on this topic depending on demand. Please email David if you would participate in a webinar on this topic.
ALTERNATE FUNDING RESOURCES
US Chamber Foundation
TO QUALIFY YOU MUST
* Employ between 3 and 20 people
* Be located in an economically vulnerable community
* Have been harmed financially by the COVID-19 pandemic
OPENS MONDAY AT 1:00 PM and is first come, first serve!
*Only Ketchum, Bellevue and Carey Zip Codes qualify. We don't know why.
Region IV Development
Region IV Development assists small businesses in obtaining commercial financing throughout Idaho. These loan programs generally require established credit-worthiness and collateral.
* Loans up to $250,000 for real estate, equipment, inventory and/or working capital
* Terms up to 7 years for working capital, 10 years for equipment, and 20 years for real estate
* Loans up to $150,000 for real estate, equipment, inventory and/or working capital
* Terms up to 7 years for equipment and working capital and 15 years for real estate
* Loans from $2,500 to $20,000 for equipment, inventory and/or working capital
* Quick turn-around time
This new initiative will purchase qualifying loans from lenders that lend to U.S. businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. Firms that have taken advantage of the Small Business Administration’s previously announced Paycheck Protection Program are eligible to participate in the Main Street program. The program is not yet operational or accepting applications, but is expected this week.
Inquire with your Lending Institution
Idaho Department of Labor will receive federal funds that will go toward the expansion of the UI program to include the gig economy workers, sole proprietors/self-employed and those that are not normally eligible.
Are independent contractors or self-employed workers covered?
Yes. Find details about the benefit on our Pandemic Unemployment Assistance program web page.
I heard I am going to get $600 more per week? When does this start?
You’ll find more information on the Federal Pandemic Unemployment Compensation program on the Labor website.
Will I be required to look for work if I am temporarily out of for work because of coronavirus (COVID-19)?
No. If you are unemployed due to COVID-19 related reasons and will be returning to work with your employer, you are not required to seek work or register for work with us. Answer ‘yes’ to the question asking if you are returning to work on your unemployment application. You are still required to submit your weekly reports and to maintain contact with your employer.
PRIVATE SECTOR GRANTS & AID
Free advertising for Blaine County Restaurants
If you are an existing customer, contact us at 877-629-2709 or email@example.com.
If you are seeking new financing, contact us at 888-720-3215 (888-648-7859 en español) or click here to begin your request.
Today, we’re announcing $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.
Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis.
If you have an existing brick & mortar business that has been negatively effected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately*. Then through your capital raise, you can receive over $100,000 of investment from your community.
These are just a sampling of the grant opportunities out there. Check with your industry and professional associations for more help. Do your own Google search and see what you find.
MORTGAGE AND RENTAL RELIEF
If your mortgage is owned by any of several government sponsored agencies, you are eligible for temporary relief from payments and protection from negative impacts on your credit profile. The specific plans vary but in general you are eligible for a 180 forbearance upon request for COVID-19 related hardships. These benefits and protections are also available to renters living in housing financed by the agencies.
Idaho Legal Aid Services Eviction assistance
Non-Profit Recovery Resources
The following websites are constantly providing ideas and webinars to help nonprofits navigate this time and make sense of the information. As more information becomes available that is unique to nonprofits, we’ll update this page.
Golden Volunteer - Golden Volunteer connects volunteers and interns to opportunities with local organizations. In addition to formal volunteer roles, this platform makes it easy for individuals to post needs and for others to lend a helping hand. Find local opportunities now. For organizations, it only takes a couple minutes to list your opportunities. Start here!
LOCAL FUNDERS/GRANT MAKERS
And their COVID Fund