Creating opportunities for people to live, work, & thrive on the Lower Cape |
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Inside Scoop - February 2021 |
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Bringing you the latest tools to help your business.
Looking out the window this morning, spring is in the air in so many ways. Spring is a sign of renewal and a feeling of hope. Let's make the most of hope and position your business for the coming summer. Here are some resources to help; additionally, CDP Staff is available to provide assistance as you prepare for the coming year!
February's Inside Scoop:
- Equivico by NCRC - Grant Fund for women and minority business owners
- Cape Cod Commission - COVID-19 Recovery and Resiliency Workshops
- New and Renewed SBA programs - including 20 and fewer employees
- Cape Cod Tech Council - Technology Survey
- SCORE Cape Cod upcoming workshops
- Ascent - SBA Free Leaning Platform for Women Small Business Owners
- Navigating the Alphabet Soup of Food Safety
- Center for Corporate and Professional Education workshops
- Business Legal Consults
- CDP Business Assistance staff is here to help - Make an appointment now
As always, if there is a business topic that comes up for which you need more information or assistance, please email or call. CDP staff will help find resources to answer your questions.
Stay Well!
Pam
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Stavros Niarchos Foundation (SNF) Small Business
Growth & Recovery Fund
The grant program intends to support businesses that have been greatly impacted by COVID-19, including those owned by or serving socially and economically disadvantaged individuals. Some of the factors examined in making that determination may include whether the business is located in a low- and moderate-income census tract, (Wellfleet, Truro and Provincetown fall in this category) whether it otherwise serves LMI communities (because the Cape is a tourist destination most businesses do not meet this criteria), and whether it is owned in whole or in part by owners who identify as women, racial or ethnic minorities, veterans, and/or people with disabilities.
The application period will remain open from February 17th until March 19th at 11:50 pm EST.
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The Cape Cod Commission is pleased to announce the first round of industry-specific webinars in its COVID-19 Recovery and Resiliency Workshop Series. This two-part virtual series is designed to assist Cape Cod business owners in navigating the economic impacts of the pandemic. The first round of industry-specific virtual workshops will introduce the Commission's broader business recovery and resiliency efforts and provide real examples of business resiliency and continuity to help local businesses identify effective pandemic-responsive strategies, including digital marketing, eCommerce, and collaboration/networking practices.
We would greatly appreciate your support in sharing this information with businesses in your community and networks.
The series schedule is as follows:
All interested Cape Cod business owners are invited to attend this free workshop series, but space is limited, and registration is required. Business owners unable to attend their own industry's workshop are encouraged to participate in a different workshop that fits their schedule. More information and registration details are available at cccom.link/business-recovery.
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Update on SBA Programs
PPP to smallest businesses
In order to reach the smallest businesses, SBA will offer Paycheck Protection Program loans to businesses with 20 or fewer employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.
SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
- Eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
A critical goal from Congress for the latest round of PPP was to reach small and low- and moderate-income (LMI) businesses that have not received the needed relief a forgivable PPP loan provides. Congress set a $15B set-aside for small and LMI first draw borrowers. With existing policies, the current round has only deployed $2.4B to small LMI borrowers, in part because a disproportionate amount of funding in both wealthy and LMI areas is going to firms with more than 20 employees. The less than 20 exclusivity period combined with the changes to expand access for sole proprietors, ITINs, returning citizens, and student loan debt will help us achieve Congressional goals.
- Seasonal businesses can pick a 12 week period in 2019 to compare to 2020
- 60% must still go to payroll
- There are some new uses of funds including PPE, sneeze guards and software
- New organizations allowed including 501(c)6, and news groups
- Accommodations and food services can get 3.5x monthly average payroll.
- Other industries remain at 2.5x average monthly payroll.
- Still have head count requirements and safe harbors
- A 1st Draw is available to businesses who did not get a PPP loan in 2020.
- A 2nd draw of PPP funding is for businesses must have exhausted their first round funding and show gross receipts reduction of 25% in one quarter of 2020.
- There are different application requirements for the two types. Visit your bank's website for their application and requirements.
EIDL Advance Funding
If a business had PPP and EIDL funding in 2020, and their PPP forgiveness was reduced by their EIDL Advance, this will be reversed. They are still working out the process as to how this will happen.
EIDL Portal - Open until 12/31/21 - No second round is available.
- extended 1/1/21 through 6/30/21
- Now for 70% of wages/employee for 1st $10,000 per employee per quarter
- Must show a 20% reduction from prior year.
SBA Debt Relief - 7a, 504 and Microloans - SBA will extend their loan payment program.
This is a new program that will be direct from the SBA; details are coming soon.
Applies to theaters, movie theaters, concert halls, museums, zoos etc.
Will start with the hardest hit
- 1st round (1st 14 days) for those with only 10% of prior year gross receipts and <50 employees
- 2nd round (2nd 14 days) for those with only 30% of prior year gross receipts and <50 employees
- Future rounds (after 28 days) will allow for higher revenues
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Cape Cod Tech Council Wifi Needs Survey
The Cape Cod Tech Council needs input related to WIFI access across Cape Cod. They are looking for feedback from all communities to identify needs. Please share your experience and if you know of others that have a lack of WIFI access, please help them fill out the survey as well.
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SCORE Cape Cod continually offers workshops for small business owners in our area. Here are some that are coming up. Visit SCORE Cape Cod to see the full list of live remote sessions and the list of previously recorded webinars on a wide range of topics.
Wednesday, March 3, 2021 from 9:00 AM to 10:30 AM EST
Join SCORE for a discussion on how to maximize the results of your Facebook efforts to raise brand awareness, create new contacts and drive sales.
Wednesday, March 17, 2021 from 9:00 AM to 10:30 AM EDT
Join us for a discussion about how to create or refine your social media strategy, including networks, target audiences, and tips on creating engaging content.
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"Tips from SCORE " 2020 edition is available for free download. It provides hints, tips and techniques for owning, managing and growing a small business.
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New SBA Free Leaning Platform for Women Small Business Owners.
Learn about Ascent, the online digital learning platform for women small business owners. Ascent is the first-of-its-kind online resource specifically designed to help the nearly 10 million American women entrepreneurs grow and scale their small business. All content is backed by research on the needs of empowering women business owners and female entrepreneurs.
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Navigating the Alphabet Soup of Food Safety
Join the CDP and Cape Cod Cooperative Extension for this free 1-hour webinar.
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Center for Corporate and Professional Education at Cape Cod Community College - is offering free training through June 30th on a variety of topics. If you would like to find out if your employer is eligible to send their employees at no-cost (highly likely), contact Danielle Dupuis, Program Coordinator, at ddupuis@capecod.edu prior to registering for this program.
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Upcoming Workshops
Navigating the Alphabet Soup of Food Safety - March 8th 1pm
Business Law Legal Consults
2nd Tuesday of the Month
Individual QuickBooks Help
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Loans
The CDP has micro loans up to $50,000 for small businesses on the Lower Cape. Visit our website for complete program details and eligibility requirements.
We are able to lend to businesses that have a limited credit history, are too new to obtain a bank loan or that need help developing a business plan or cash flow projections. We even work with local banks offering loan packaging to potential applicants.
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The CDP offers Individual Business Guidance in a number of ways.
How can we help your business?
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Individual Business Guidance
Are you self-employed, a solopreneur or a small business owner, and live or work on the Lower Cape?
The CDP offers individual business guidance for all types of businesses.
What are your business needs?
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Professional Services Grants Still Available for 2020.
Many businesses are finding the need to change their business model in these turbulent times. The CDP has Grant Funds available to help business owners hire specialized consultants to quickly implement these changes whether in technology, legal or marketing.
Make an appointment to learn more and to help stabilize or grow your business.
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Individual Mentoring through SCORE
SCORE offers individual mentoring across the Cape. The CDP partners with SCORE to offer mentoring on the Lower Cape. Due to COVID19 all SCORE Mentoring Session are currently being help remotely. Please register with SCORE using the link below.
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The CDP's small business and technical assistance programs are made possible by the following funders: |
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Mass Growth Capital Corporation
USDA Rural Business Development Grant
Barnstable County Economic Development Commission
Cape Cod Foundation
Cape Cod Five Charitable Foundation Trust
Rockland Trust
TD Charitable Foundation
Santander Bank
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This institution is an equal opportunity provider and employer. |
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