or attended our recent ND Business Briefing on CARES Act.
CARES Guidance Provided - Summation
At the time of our COVID-19 ND Business Briefing on the CARES Act, provided by the ND Department of Commerce, guidance was not available. Last night,
official guidance was released - a full summary is being prepared but below are key terms that ND Dept. of Commerce has provided:
2 year term
$10,000,000 maximum loan
1% interest rate (vs. .5%) NEW
Max loan amount is the “aggregate payroll costs from the last 12 months” (vs. monthly average 2019 payroll) NEW
Example:
Step 1: Aggregate payroll costs (check rule for definition) from the last 12 months for employees whose principle place of residence is the United States
Step 2: Subtract any compensation paid to an employee in excess of annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year.
Step 3: Calculate the average monthly payroll costs (divide the amount from Step 2 by 12)
Step 4: Multiply the average monthly payroll costs from Step 3 by 2.5
Step 5: Add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020, and April 3, 2020, less the amount of “advance” under an EIDL COVID-19 (because it does not have to be repaid).
GNDC has partnered with ND Department of Commerce to host a series of business briefings via conference call to businesses and GNDC members, trade associations, and local chambers of commerce to discuss current solutions for stressors caused by COVID-19. These calls will occur on a weekly basis on Thursdays at 11:00. Attendees will need to register to receive the call information.
Governor Burgum continues to update the state daily during press conferences discussing impacts and developments specific to COVID-19. These conferences, typically occur at 4:00 and are available online. GNDC understands that it can be difficult to take in this important resource regularly and in entirety. We will be providing bulleted summaries with links - when available, to the key points provided. These will be made available at
GNDC's COVID-19 Informational Hub.
The US Chamber of Commerce has been working closely with the White House, US government agencies and foreign government officials to inform and equip businesses with the most important and up-to-date information to ensure we are all adequately prepared to protect Americans at home and abroad. In order to help businesses, the US Chamber has created a full arsenal to assist with interpretation and utilization.
Other resources created by the US Chamber are available on
GNDC's Informational Hub. The Greater North Dakota Chamber maintains a close relationship with the US Chamber. We are excited to announce a member exclusive presentation as your membership provides access to the US Chamber.
US Chamber Webinar for GNDC Members
The Greater North Dakota Chamber is North Dakota’s premier business advocacy association. The GNDC is the only statewide business association solely dedicated to promoting and defending the free enterprise system on behalf of businesses of every size and in every sector. Become a member today.
Industries Immediately Impacted
This week, GNDC highlighted sat down with industry leaders who have been immediately impacted by COVID-19.
