• Financial assistance programs are surfacing to help small businesses during the pandemic and economic downturn. 

    We encourage you to work with your local lender to compare options and see what works best for your business. For fastest approval, be prepared to specify your economic loss due to COVID-19. Please be patient with our local lenders, as they are implementing these options as quickly as they can, and we are all learning together.

    If you think an assistance program might benefit you, act quickly since there are funding caps associated with some programs. Please be aware of fraudulent schemes and only discuss finances with a trusted professional.

     

  • websitebuttons20.jpg
  • white-banner-section-headers.jpg
  • Program Overview

    The Paycheck Protection Program is part of the CARES Act and provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. This program is implemented by the Small Business Association (SBA) with support from the Department of the Treasury.

    Fully Forgiven

    Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll.) Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

    Who is Eligible

    Small businesses with 500 or fewer employees - including non-profits, veteran organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors - are eligible. Businesses with more than 500 employees are eligible in certain industries.

    When to Apply

    Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. There is a funding cap, so apply sooner than later.

    How to Apply

    You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

    Local Point of Contact to Learn More

    Participating Yankton Banks (Contact the bank you have a relationship with first.)

    Online Resources

    FAQ Document - Released April 8, 2020

    Program Overview

    Lender Information

    Borrower Information

    US Chamber of Commerce PPP Guide (We recommend taking a look at this guide...it explains things well!)

     

  • white-banner-section-headers2.jpg
  • Program Overview

    The CARES Act expands the Small Business Association's long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL Program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. These loans are administered and approved by the U.S. Small Business Association (SBA).

    Who Is Eligible

    Small businesses with 500 or fewer employees - including most private non-profits, cooperatives, ESOPs, tribal small businesses with fewer than 500 employees, sole proprietorships, and independent contractors - are eligible.

    When to Apply

    Now. This program is currently available.

    How to Apply

    We encourage you to talk with your lender to see which financial assistance program is best for you, and if you're able to take advantage of more than one program. (ie: The Paycheck Protection Program (PPP) prohibits borrowers from taking out two loans for the same purpose.) 

    Apply online at SBA.gov/disaster.

    Local Point of Contact for More Information

    Yankton Small Business Development Center | (605) 665-0751

    Online Resources

    US Chamber of Commerce EIDL Guide

     

  • white-banner-section-headers3.jpg
  • Program Overview

    In response to the Coronavirus pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This program is administered by the SBA.

    What it Does

    This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be available within three days of a successful application. This loan advance will not have to be repaid, even if the business is denied for the loan.

    When to Apply

    Now. This program is currently available.

    How to Apply

    To access the advance, a small business must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments. Apply online at SBA.gov/disaster.  *A high volume of these applications is expected nationally, so act quickly.

    Local Point of Contact to Learn More

    Yankton Small Business Development Center | (605) 665-0751

    Online Resources

    US Chamber of Commerce EIDL Guide

     

     

  • White Space