Business News for April 9, 2021 |
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Today's message includes the following news, best practices, and online courses:
SBA Updates
- Paycheck Protection Program extended
- First Draw and Second Draw PPP loans
- SBA Increases Lending Limit For COVID-19 Economic Injury Disaster Loans
- EIDL Deferment Update
- Shuttered Venues Grant Application Process
- Restaurant Revitalization Fund
Other news & best practices, and online courses:
- Wisconsin to Pay Out $46M More in We're All In Grants
- Public Health Order #15 In Effect
- Dane County, City of Madison to Give Licensed Establishments COVID-19 Relief
- WEDC Report Identifies Wisconsin's Economic Priorities
- MG&E Offers Payment Options
- Minority Business Certification Demystified
Upcoming SBDC Learning Opportunities:
- Digital Marketing & Social Media Conference
- Understanding Your Investment: Building Value in Your Business (business valuation basics)
- Positive Power Plays: Skills for Conflict and Negotiation
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SBA Updates for PPP and EIDL Programs
PPP Extended, Increased Lending Limit for Economic Injury Disaster Loans
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The Paycheck Protection Program has been extended through May 31, 2021
President Joe Biden signed the PPP Extension Act of 2021, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending. Read the press release here.
First Draw and Second Draw PPP loans
If you have not received a PPP loan before, you can apply for a First Draw PPP loan through a participating PPP lender. If you have received a PPP loan and meet further eligibility requirements, you can apply for a Second Draw PPP loan.
SBA Increases Lending Limit For COVID-19 Economic Injury Disaster Loans
Starting this week (week of April 6, 2021), the U.S. Small Business Administration is raising the loan limit for the COVID-19 Economic Injury Disaster Loan (EIDL) program. Applicants can now receive a maximum loan amount of $500,000. The lending limit increased from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase. Any new loan applications and any loans in process will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
EIDL Deferment Update
The SBA announced on March 12, 2021 extended deferment periods for all disaster loans until 2022. SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in calendar year 2021.
Questions?
If you have questions about the Economic Injury Disaster Loan program, the SBA Customer Service Center is available to provide assistance from the hours of 7:00 am to 7:00 pm CST, 7 days a week, at (800) 659-2955, or via email at disastercustomerservice@sba.gov. Please also see more EIDL resources below.
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Shuttered Venues Grant Application Process
SBA Releases Updated FAQ and Application User Guide
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The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
The SBA has temporarily closed the application portal due to technical difficulties; they will reopen the site when those have been resolved. In the meantime, the links below include introduced updated FAQs and a user guide.
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Restaurant Revitalization Fund
Coming Soon, part of the American Rescue Plan Act
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The new Restaurant Revitalization Fund, part of the recently passed American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need.
The RRF will offer $28.6 billion in grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Additionally, $5 billion of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
Detailed application processes have not been released for this program, however you can learn more about the broad details here and on the Wisconsin SBDC COVID resource site. When this information does become available, it will be shared through the SBA's COVID relief page and by contacting restaurants@sba.gov.
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Business News, Resources, and Best Practices |
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Wisconsin to Pay Out $46M More in We're All In Grants
Payments are for Phase 2 Applicants Who Did Not Receive Funding
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Gov. Tony Evers, together with the Wisconsin Economic Development Corporation (WEDC) and the Department of Revenue (DOR), announced more than $46 million to support an estimated 9,300 small businesses across Wisconsin that will receive a $5,000 grant through the We’re All In grant program.
Demand for the ‘We’re All In’ program has exceeded available funding in some phases. The $46 million in new grants announced by Gov. Evers today will be distributed to adversely impacted small businesses that applied for pandemic relief through the ‘We’re All In’ Phase 2 program last year but for which additional funds were not available.
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Public Health Order #15 In Effect
Reduces COVID Restrictions for a Variety of Sectors
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After a month of improving COVID-19 data, Public Health Madison & Dane County issued Emergency Order #15. The order went into effect Wednesday, April 7th and will be in effect until May 5th, 2021.
This order provides updated guidance for sports, indoor and outdoor gatherings, school and childcare (including Public Health Madison & Dane County’s action plan for COVID-19 cases), restaurants and taverns, stores that sell food or groceries, gyms and fitness centers, places of amusement and activity, and fully vaccinated individuals.
Businesses (overview, with specific guidance issued for business types listed above)
- Businesses are limited to up to 50% of approved capacity levels indoors.
- Businesses must develop and implement written hygiene, cleaning, and protective measure policies and must document staff receipt, acknowledgement, or training on these policies.
- All businesses should, to the greatest extent possible, facilitate remote work and other measures that limit the number of individuals present at an office.
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Dane County, City of Madison to Give Licensed Establishments COVID-19 Relief
$568,000 Allocated for Licensed Area Businesses
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With the recent pandemic, instead of conducting annual inspections, sanitarians worked with area businesses to prevent the spread of COVID-19 by following up on outbreaks and working with businesses to implement safe business practices for customers and employees. Now, a 30% credit to licensed establishments for the upcoming licensing year will result in a transfer of funds from Public Health’s reserve fund back to licensed establishments. Qualifying licenses are associated with food and drink establishments, tattoo and body piercing, hotels and tourist rooming houses, bed and breakfast, swimming pools, recreational campgrounds.
Operators in these categories must renew for the 2021-22 licensing year to receive the credit. School and temporary food establishment licenses are excluded from this funding. A resolution authorizing Public Health to provide this COVID-19 credit to licensed establishments for the 2021–22 licensing year will is expected to be approved in the coming weeks.
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MG&E Offers Payment Options
Contact today to set up customized Deferred Payment Agreement
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Madison Gas and Electric (MGE) will work with business customers who are experiencing hardship by continuing to offer Deferred Payment Agreements (DPA). MGE customer service representatives work with individual customers to develop a plan to pay all or a portion of their current bill and past-due bills each month until they get caught up.
If you are behind on your MGE bills, call (608) 252-7141 weekdays between 8 a.m. and 4:30 p.m. to set up a customized payment agreement, and visit the MG&E Resources page for a complete list of resources, including information on new programs as they become available.
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Upcoming SBDC Virtual Learning Opportunities |
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SBDC Digital Marketing and Social Media Conference
This Monday, April 12
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This one-day virtual conference is ideal for one-person marketing departments, marketing professionals looking to expand their skills, and business owners who want to better reach their customers. This semester's all-star lineup includes:
- CONTENT that CONVERTS! – Chantel Soumis
- Voice, Values, & Visuals: 3 Branding Keys to Stand Out Online – Candy Phelps
- A Better Way to Calculate Social Media ROI – Spencer X Smith
- The Ins and Outs of Facebook Audiences – Matt Nelson
- 10 Social Media Tips and Strategies You Should Be Utilizing Today – Josh Klemons
Use code DMSM75OFF to receive $75 off registration.
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Understanding Your Investment: Building Value in Your Business
New date: starts April 20
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Valuing a company means looking at more than a single financial statement. Instead, valuation includes a number of both quantitative and qualitative measures that you can actively work to improve as you work both in and on your business.
This course will help you learn:
- Whether your business is transferable or salable
- Business valuation approaches, methodologies and how discount rates are determined
- Specific strategies to implement to increase the value of your business
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Positive Power Plays: Skills for Conflict & Negotiation
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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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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