CORONAVIRUS UPDATES & RESOURCES
During times of uncertainty, our Chamber remains committed to providing business resources to guide you. The well-being of our community and businesses is a priority. Following are articles, information, and tools you can share with your staff and use for your company. We will continue to update this list as we learn more.
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LOANS AND FUNDING
Check out business resources that are available.
CARES Act Loans for Small Businesses
Congress has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan. Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process.
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
North Dakota Launches Care19 app to Combat COVID-19
Governor Doug Burgum and the North Dakota Department of Health in partnership with ProudCrowd, creators of the popular Bison Tracker app, launched a free mobile app, Care19, to help slow the spread of COVID-19 in North Dakota. Visit the App Store to download on your device now and help #SlowTheSpread
Economic Injury Disaster Loan
EIDL (Economic Injury Disaster Loan) provides up to $10,000 for economic relief to businesses that are currently experiencing a temporary loss of revenue and is a forgivable loan to applicants. Applicants need to prove the loss of revenue due to COVID-19 as part of the application and you apply online.
Paycheck Protection Program
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
- The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.