Business News for September 17, 2021
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Today's message includes the following news, best practices, and online courses:
- EIDL Loan Updates
- Badger Bounceback Provides Grant Opportunities for Movie Theaters and Venues, Summer Camps, Minor League Sports Teams, and Destination Marketing Organizations
- 5 Exercises to Help You Build More Empathy
Upcoming SBDC Learning Opportunities
- Launch into Leadership
- Skills for Conflict & Negotiation
- HR Basics for Non-HR Professionals
- Entrepreneurial Training Program (ETP) for aspiring entrepreneurs
- The Employment Imperative: Tackling Workforce Challenges
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Business News, Updates, and Best Practices
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EIDL Loan Updates
join the SBA Virtual Summit and celebrate!
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Recent changes to the SBA's Economic Injury Disaster Loan (EIDL) program may make the program more beneficial for specific borrowers. This Federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing access to working capital for operating expenses with a 3.75% interest rate and a loan repayment period of 30 years.
As of September 8, 2021, new COVID EIDL policy changes have taken effect that entail the below updates to the program:
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Maximum loan cap increased from $500,000 to $2 million
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Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
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Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
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Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership
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Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
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Exclusivity Period: From September 8, 2021 to October 8, 2021, the above policy changes will be applicable to applications for <$500K while applications for >$500K will not be approved and therefore receive the policy changes until October 8, 2021
Additional EIDL program details:
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Destination Marketing Organization Grants
applications closing September 29
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The Destination Marketing Organization (DMO) Grant Program will provide financial support for organizations that promote and develop tourism activities in Wisconsin. A total of $15 million is available, up to $1,000,000 per eligible organization, based on expenses incurred between March 3, 2021 and December 31, 2022.
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5 Exercises to Help You Build More Empathy
empathy is a skill that can be developed; not a fixed trait
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There are three types of empathy - cognitive empathy, emotional empathy, and empathic concern or compassion - all of which can serve as an opportunity to enhance our social health.
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Learn more about how to build empathy
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Want to build more leadership skills? Check out our upcoming SBDC courses on delegation, conflict resolution, difficult conversations, and more
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Upcoming SBDC Learning Opportunities
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Launch into Leadership
September 29, 30 & October 1, 2021
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Taking on new supervisory responsibilities is a great opportunity and challenge. Many in supervisory roles have learned either by trial and error or by following what was done by their predecessor. In most cases, this is not a very effective strategy. This virtual online series will start you in the right direction with fundamental leadership skills and ideas for how to continue your growth as a supervisor and leader.
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HR Basics for Non-HR Professionals
October 18 & 19, 2021
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Whether you're a new leader who wants to know the basics, a small business owner or manager with HR responsibilities as part of your role, or a business that does not have a dedicated HR expert on your staff, this is the program for you.
Topics Include:
- Employment laws most often violated by small businesses
- Independent contractors vs. employees
- Exempt vs. non-exempt employees
- Overtime and other pay
- FMLA, OSHA, harassment policies, and more
- Disciplinary processes
... and more!
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In this session, developed with Columbia, Sauk, and Marquette Counties in mind, we’ll translate regional workforce data into day-to-day business by learning how long-term trends are impacting the current labor market and how one local business is responding.
Guest presenters include Matt Kures, Community Development Institute at the UW-Madison, Division of Extension and Todd Spencer, V.P. of Human Resources at TriEnda Corporation
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Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the UW-Madison SBDC office at sbdc@bus.wisc.edu or 608-263-2221 to request accommodations.
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