Business News for April 19, 2021 |
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Today's message includes the following news, best practices, and online courses:
SBA Updates:
- Preparing to Apply for the Restaurant Revitalization Fund (RRF)
- How to request an EIDL Loan Increase
- How to Request an EIDL Advance Reevaluation
- SVOG Portal Update
Other News, Tools & Best Practices:
- TeleWORKS Toolkit from Greater Madison Metropolitan Planning Organization
- WEDC Announces Wisconsin Main Street Downtown Pitch Contest
- Building a Psychologically Safe Workplace
Upcoming SBDC Learning Opportunities:
- Positive Power Plays: Skills for Conflict and Negotiation
- *Just Added!* Financial Management - Sprint!
- Buy, Build, or Sell - Next Steps for Your Business
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Business News, Resources, and Best Practices |
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Preparing to Apply for the Restaurant Revitalization Fund (RRF)
Learn more so you can apply when the portal becomes available
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Late last week, the SBA announced more detailed information about the program; you have the option to sign up for RRF email updates if you are looking for additional information.
This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. The program includes a wide range of eligible entities, including - but not limited to - food stands, caterers, bars, bakeries, brewpubs, and more. See details below for a full list of eligible entities.
Allowable Use of Funds
- Business payroll costs (including sick leave)
- Payments on any business mortgage obligation
- Business rent payments (note: this does not include prepayment of rent)
- Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
- Business utility payments
- Business maintenance expenses
- Construction of outdoor seating
- Business supplies (including protective equipment and cleaning materials)
- Business food and beverage expenses (including raw materials)
- Covered supplier costs
- Business operating expenses
Learn More & Prepare to Apply
The SBA is not yet accepting applications for RRF, but they have released more detailed information about the program and how to apply. Available resources:
When to Apply
The launch date has not yet been announced for this program. For the first 21 days that the program is open, the SBA has identified priority groups - including self-certified small businesses owned by women, veterans, or socially and economically disadvantaged individuals.
Following this 21-day period, all eligible applicants will be able to submit applications.
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Would Your Business Benefit from a Larger EIDL Loan?
How to request an EIDL loan increase
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The SBA announced last month that they are extending (deferring) the first payment due date for all COVID-19 EIDL loans until March 31, 2022, unless the borrower voluntarily continues to make payments before that time. The interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.
In addition, the SBA is offering higher loan eligibility amounts for some borrowers. Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts. The SBA has begun reaching out to businesses with more information about this option (Note: beware of scams and phishing emails pretending to be SBA officials), but those businesses who received a loan subject to the previous loan limit can submit a request for an increase now.
To make this request, send an email to COVIDEIDLIncreaseRequests@sba.gov with the subject "EIDL Increase Request for [insert your 10-digit application number]." This email should include a request for an EIDL loan increase, plus the following loan information:
- Business name:
- Business address:
- Loan number:
- Application number:
- Owner name:
- Phone number:
Do not include any financial documents or tax records with your initial request; the SBA will follow up if additional documents are needed. Because the SBA is receiving a high volume of requests, it will likely be several weeks before you receive a response.
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Were You Denied a Targeted EIDL Advance Application?
How to Request an EIDL advance reevaluation
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The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Advance funds of up to $10,000 are available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
Applicants may qualify if they:
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Are in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. A mapping tool is available to help potential applicants determine if they meet the low-income community eligibility requirement; and
- Can demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later. Applicants who meet the low-income community criteria will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction.
This request should:
- Use the subject line “Reevaluation Request for [insert your 10-digit application number]”
- In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number
- Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review.
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The SBA has been testing the Shuttered Venue Operators Grant application portal; they are aiming to reopen the portal by the end of the week.The SBA will continue to share updates regularly. For the most current updates, continue to check SBA’s Twitter feed.
For more information about the Shuttered Venue Operators Grant program, visit sba.gov/svogrant.
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How Does the "Return to Work" Look in the Future?
Greater Madison Metropolitan Planning Organization (MPO) Shares Remote Work Survey Results & TeleWORKS Toolkit
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From the results of the Greater Madison MPO’s 2020 Madison Region Remote Work Survey, the organization has created a TeleWORKS Toolkit that combines feedback from this survey with national data and local employer spotlights to inform ongoing conversations centered on how to make telework effective for organizations, individuals, and regional goals to reduce driving in Dane County.
The toolkit highlights key benefits and challenges of telework; tips for a successful approach; and profiles of five employers in Dane County navigating lessons learned and planning for the future.
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WEDC Announces Wisconsin Main Street Downtown Pitch Contest
Applications now open, close on May 28
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The Wisconsin Main Street Downtown Pitch Contest provides one grand prize winner the chance to receive $10,000, plus $5,000 each for two runners-up, and $1,500 each for nine regional winners.
The contest is open to Wisconsin residents 18 and older with a for-profit business idea located (or planned to be located) in a community that is part of either the Wisconsin Main Street Program or the Connect Communities Program. Both existing and planned businesses are eligible, although businesses must be open and investments made no later than Dec. 31.
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Building a Psychologically Safe Workplace
TEDx from Amy Edmondson
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As offices return to in-person work, one subtext of these conversations is the importance of psychological safety (in addition to physical safety). Psychological safety is a shared belief held by members of a team that the team is safe for interpersonal risk taking. Amy Edmondson, an organizational behavioral scientist at Harvard was the first person to introduce the construct of “team psychological safety.” In her popular Ted Talk (11m 26s), she offers three things individuals can do to foster team psychological safety:
- Frame the work as a learning problem, not an execution problem. Hearing everyone's thoughts helps teams deal with uncertainty.
- Acknowledge your own fallibility (the tendency to make mistakes or be wrong). Say simple things like, “I may miss things, I need to hear from you.”
- Model curiosity and ask lots of questions. These behaviors create a necessity for voice.
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Upcoming SBDC Virtual Learning Opportunities |
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Positive Power Plays: Skills for Conflict & Negotiation
This Thursday! April 22, 2021
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All leaders experience conflict in one form or another, but viewing that experience from a different lens can help you turn conflict into collaborations and reach win-win resolutions. In this course, you will learn conflict styles, strategies for building trust, stages of conflict resolution and how to use them in any situation, emotion management, and more. |
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*Just Added* Financial Management - Sprint!
Learn financial basics this May course - starts May 5
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Whether you are starting a new business or looking to organize your current business’ finances, accurate financial information is one of the most valuable tools you have to drive success. This class will provide participants with an overview of basic financial management terminology and concepts.
This class is designed for participants who:
- Already have financial management systems in place (i.e. Quickbooks)
- Are looking to use financial information to make better-informed decisions in your business
- Are looking for an introduction to key financial tools and concepts, or those who are looking to revisit these topics
- Have recently taken on financial management responsibilities, or staff members who need a better overall grasp of financial concepts
This course is being offered at no cost thanks to funding from the CARES Act. Registration is limited for this course; participants must commit to all 5 sessions to participate.
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Buy, Build, or Sell - Next Steps for Your Business
May 18, 2021
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While there is no crystal ball that can tell you whether it’s time to buy a business, build your business or sell/close your business, there are ways to monitor the financial performance of your company that can help guide your decisions. This class will help you understand how to analyze your business’ financial performance as well as some qualitative factors to consider when making decisions regarding your investment in your business. |
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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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