WBDC: Start Planning Your Business for Recovery in 2021

***Application for eligibility is now closed. 

Looking to Pivot Your Business into Recovery for 2021?

Most businesses have been negatively affected by the pandemic, especially small businesses. If you are a Solopreneur or a small business (< 2 years), and are looking to pivot, reinvent your business, find new customers, learn ways to deliver your service or product differently, you should consider Plan for Recovery!

Start Planning for Recovery Today!

This intense 6 session hands-on workshop will help you:
· Identify your strengths
· Identify new markets
· Define new ways of operating
· Identify opportunities and create new strategies
· Minimize future losses and recover faster
· Protect your business and establish continuity plans
· Come up with a plan for the future

When?
May 2021 Dates
Mondays and Wednesdays 10, 12, 17, 19, 24, and 26
9:00 am – 11:00 am, CDT

Where?
Via Zoom

Application Deadline:
May 3, 2021

Apply Now!

For more information, please contact:
orodriguez@wbdc.org

El programa de protección de pago (PPP)

El PPP es un préstamo de fondo perdido (es decir, es perdonable y no lo necesitas pagar), si lo obtienes, tu negocio puede recibir hasta el 250% de tus costos mensuales de nómina durante un período específico.
Elegibilidad para el primer sorteo del PPP (nunca ha recibido un PPP )
•En funcionamiento el 15 de febrero de 2020.

• No tener más de 500 empleados combinados con las filiales (salvo NACIS 72, 511110 o 5151, entonces 500 por ubicación).

Elegibilidad para el segundo sorteo del PPP (además de lo anterior):
• El importe total del préstamo anterior del Programa de Protección de la Nómina (Paycheck Protection Program, PPP) debe utilizarse antes de solicitar el segundo préstamo del PPP.

• Demostrar al menos una reducción del 25% en los ingresos brutos entre los trimestres comparables de 2019 y 2020; o si estuvo en funcionamiento durante todo el año 2019, puede utilizar los ingresos brutos anuales.

• No tener más de 300 empleados combinados con las filiales (salvo los códigos NACI 72, 511110 o 5151, entonces 300 por ubicación).

Importe del préstamo
• 2.5 veces la nómina media mensual; hasta 10 millones de dólares para el primer sorteo; hasta 2 millones de dólares para el segundo sorteo.

• 3.5 veces el promedio de la nómina mensual de los préstamos para Servicios de alojamiento y alimentación (código NACI 72), hasta 2 millones de dólares.

• Sole Proprietors pueden utilizar los ingresos brutos para calcular la nomina mensual (Sin superar loa $100,000 dólares)

Gastos elegibles
• Todos los costes de la nómina (salarios, prestaciones, comisiones, etc.).

• Contratos de alquiler y arrendamiento comerciales.

• Intereses hipotecarios de la empresa.

• Pagos de servicios públicos comerciales.

• Gastos de funcionamiento cubiertos.*

• Gastos de equipos de protección personal (personal protective equipment, PPE) cubiertos.*

• Gastos de daños a la propiedad cubiertos.*

• Gastos cubiertos* de los proveedores.

*Gastos imprescindibles para los procesos de nómina

Condonación de préstamos
• Puede ser elegible para la condonación del préstamo si los ingresos se utilizan en la nómina y otros gastos elegibles de la empresa.

• Se mantienen los niveles de empleados y de compensación; y

• Un mínimo del 60% debe utilizarse en los costes de las nóminas.

• Los fondos deben utilizarse en las 8 24 semanas siguientes a la recepción del PPP.

Dónde solicitarlo
• Póngase en contacto con su Institución financiera de desarrollo comunitario (Community Development Financial Institutions, CDFI)/ o banco local para solicitarlo o póngase en contacto con nuestros socios prestamistas.

  • Lendistry
  • AlliesForCommunity Business /CRF AliadosParaLasEmpresasComunitarias Fondo de Reinversión Comunitaria (Community Reinvestment Fund , CRF ) (anteriormente conocido como Accion)

Para obtener orientación sobre el PPP, complete este formulario de admisión:
Formulario de admisión para el asesoramiento empresarial del PPP

EIDL Overview: What you need to know

Economic Injury Disaster Loan

EIDL Advance funds were originally calculated based on the number of employees on an applicant’s COVID-19 EIDL application: $1,000/employee, up to a maximum of $10,000. The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Eligibility
• All forms of business (Profit & Non-profit businesses), ESPOs, and tribal businesses
• Must employ no more than 500 employees
• Independent contractors, sole proprietors can apply as well

Eligibility for the Targeted EIDL Advance
• Must be located in a low-income community
• Must show at least 50% decrease in revenue
• Must employ 10 employees or less

Uses
• Can be used to pay business expenses (working capital, payroll, bills, fixed debts).
• Recipients do not have to be approved for an EIDL loan to receive the EIDL advance

Loan Amount for EIDL Loan
• Based upon businesses working capital for 6 months
• Maximum amount is subject to change based upon SBA guidelines

Grant Amount for EIDL advance
Up to $10K max

Interest Rate & Repayment for EIDL loan only
• 3.75% interest for small businesses, 2.75% for non-profits
• 30-year loan
• Payments deferred for 12 months ( your loan will continue to accrue interest, but you are not required to make any payments)
• No repayment necessary for the EIDL advance (grant)

Where to Apply
EIDL Loan is open and can apply directly on the SBA website: https://covid19relief.sba.gov
EIDL advance currently unavailable until further notice

 

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The Cook County COVID-19 Recovery: Small Business Assistance program provides support for small businesses impacted by the COVID-19 pandemic.   

Shuttered Venue Operators Grant (SVOG) Program

Sign up here for free business advisory: SVOG Advisory

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

The Shuttered Venue Grant is being administered by the Small Business Administration (SBA).

Who is eligible for the Shuttered Venues Grant?
 • Live venue operators or promoters
 • Theatrical producers
 • Live performing arts organization operators
 • Relevant museum operators, zoos, and aquariums who meet specific criteria
 • Motion picture theater operators
 • Talent representatives

Each business entity owned by an eligible entity that also meets the eligibility requirements.

What other eligibility requirements?
 •
Must have been in operation as of February 29, 2020
 • Venue or promoter who received a PPP loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount

What are the grant amounts?
 • For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
 • For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.

How do I apply?
Applications will open on April 8th 2021.

Click here for SVOG Technical Assistance

During the first 59 days of opening SVOG, SBA will reserve no less than $2 billion of program funding for grants to entities that have no more than 50 employees.

What are the allowable uses of the funds?
Funds may be used for specific expenses, which include:
• Payroll costs
• Rent payments
• Utility payments
• Scheduled mortgage payments (not including prepayment of principal)
• Scheduled debt payments (not including prepayment of principal on any indebtedness incurred in the ordinary course of business prior to February 15, 2020)
• Worker protection expenditures
• Payments to independent contractors (not to exceed $100,000 in annual compensation per contractor)
• Other ordinary and necessary business expenses, including maintenance costs
• Administrative costs (including fees and licensing)
• State and local taxes and fees
• Operating leases in effect as of February 15, 2020
• Insurance payments
• Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds)      

Grantees may not use award funds to:
 • Buy real estate
 • Make payments on loans originated after February 15, 2020
 • Make investments or loans
 • Make contributions or other payments to, or on behalf of, political parties, political committees, or candidates for election
 • Any other use prohibited by the Administrator

What is the grantees’ obligation for record-keeping?

Grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the SVOG program. They must retain employment records for four years following their receipt of a grant and retain all other records for three years.

What can I do now to prepare for when the applications open up?
 1. Register for a Dun and Bradstreet  (DUNS) number
• Obtaining a DUNS number is a pre-requisite to registering for SAM,
• You cannot use a TIN, EIN or other means of identification for SAM

2. After receiving your DUNS # then register at the federal government’s System for Award Management (SAM)

3. Collect documents that prove your eligibility and show your expenses, for PPP and/or RRG

4. Calculate your expected loan or grant using the appropriate calculation

How to register for a DUNS number?

Register online:
• Go to fedgov.dnb.com/webform
• Select “Click here to get your DUNS Number”, and follow instructions
• Check whether your business already has a DUNS #, and if not, request a new one

Register by phone:
• Call toll-free number: 1-866-705-5711
• Tell the operator you are applying to a Federal financial assistance program and need a DUNS #

What you need to register:
• Legal name of your business entity
• Address
• Phone number
• Name of the business owner
• Legal structure, e.g. LLC
• Year the entity was created
• Total # of employees, full- and part-time

Is there a fee for a DUNS registration?
• Registration is free

How long does it take to receive a DUNS number?
Typically it takes 2-3 days for you to receive a DUNS number – so register now

How do I register with SAM?

Register online:
• Create a user account at login.gov (the portal through which SAM operates)
• Enter your email address
• Have a working phone number – login.gov will send you a security code

When you register:
When the prompt, “Why are you registering?” appears, select: “I only want to apply for federal assistance opportunities like grants, loans, and other financial assistance programs

What you need to register:
• DUNS #
• Ownership information
• Bank account information
• Financial information
• Taxpayer Identification Number (TIN) or Employer Identification Number (EIN)
• CAGE/NCAGE (if you do not have one, you will be assigned one during  registration)
• Notarized letter for entity administrations

Do I need to pay for SAM registration?
Registration is free

What other information do I need to register on SAM?
Self-assertion from each entity, including but not limited to:
1. Data about the types of goods and services your entity provides
2. Entity size
3. Optional Electronic Data Interchange (EDI)
4. Disaster relief data

Representations and certifications, related to an entity’s small business status, and responses to commonly used Federal Acquisition Regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS) provisions/clauses, and Architect-Engineer Responses

Points of contact: you will be asked to provide contact information for all mandatory points-of-contact provided during your registration, including but not limited to:
• Accounts receivable
• Electronic business
• Government business

Small businesses can sign up to receive updates:  Click Here

Preliminary Checklist of Documents:  Click Here

The SBA has developed Tutorials to assist small businesses:

Shuttered Venue Operators Grant Overview

SAM.gov Entity Registration Training

Eligibility for Live Venue Operators or Promoters

Eligibility for Talent Representatives

Eligibility for Museum Operators

Eligibility for Motion Picture Theatre Operators

Eligibility for Live Performing Arts Organization Operators

Use of Funds

For additional information visit:  Click here

Be a Small Business Vaccine Leader: Join Us 4/6/21

On Tuesday, April 6th at 2:00 PM EDT, Reimagine Main Street will host a launch event regarding the important role small business owners can play in promoting vaccine access, confidence, and equity. As part of the event, we will:

  1. Release results of a survey fielded in conjunction with the U.S. Black Chambers Inc.U.S. Hispanic Chamber of Commerce, and the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship;
  2. Hear from several diverse small business owners who are working on this issue;
  3. Launch an education and outreach effort (including tools and tips sheets for Asian American and Pacific Islander, Black, Latin(x), and Native small employers) to encourage more small business leaders to promote vaccinations for their workers and communities; and,
  4. Announce the commitment of hundreds of small business leaders who are taking action in their communities.

Register for the Event

We are asking you and all small business owners across the country to pledge your leadership in this area with both your business and community.

By taking the pledge, you are committing to championing the vaccine with your employees and in your community through at least one action that can include getting the vaccine when it is your turn, creating a vaccine plan for you and your employees, or assisting with vaccine promotion and distribution in your community.

Learn More About The Pledge

Small businesses fully reopening is critical to putting our economy on the path to recovery. We hope you will take the pledge and join us on April 6.

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