Idaho Rebound Cash Grants

The U.S. Treasury guidance allows the state to use Coronavirus Relief Fund (CRF) dollars for expenditures “related to the provision of grants to small businesses to reimburse the costs of business interruption caused by required closure.”

Details:

  • Total Program: $300 million (24% of total CRF award)
  • Individual Business Grant: up to $10,000
  • More than 30,000 Idaho small businesses supported, including businesses in the arts and creative sector, and sole proprietorships
  • Subject to qualification (eligibility to be finalized by the Coronavirus Financial Advisory Committee and made available on Tuesday, May 5 at 9 a.m. Mountain Time)
  • Targeted to those small businesses that did not receive the Paycheck Protection Program or received less than $10,000 through this program
  • All individual grants will be reported on Transparent.Idaho.Gov

Applications are now being accepted for all eligible entities.

Learn more here.

WESTAF CARES Relief Fund for Organizations – applications now closed

The WESTAF CARES Relief Fund for Organizations offers up to $20,000 in general operating support for arts and cultural organizations in the West impacted by the COVID-19 pandemic. Supported by the National Endowment for the Arts, the Fund is open to 501(c)(3) nonprofit organizations, units of state or local government, nonprofit institutions of higher education, and federally recognized Indian tribal governments. Applications will be assessed on inclusivity, demonstrated need, artistic and cultural merit, and public and community benefit. Organizations may apply May 6-May 11, 5 p.m. MDT. 

In anticipation of high demand, WESTAF will monitor application volume closely and, based on program capacity, determine a deadline. For this reason, eligible organizations should strive to submit their applications as soon as possible. 

Qualifying organizations can go to westafcares.gosmart.org to apply.

IMLS CARES Act Grants Now Available for Museum and Library Services

IMLS CARES Act Grants for Museums and Libraries support museums and libraries in addressing their communities’ immediate and future needs caused by the pandemic. Projects may focus on preserving jobs, training staff, addressing the digital divide, planning for reopening, or providing technical support and capacity building for digital inclusion and engagement. Applicants are encouraged to prioritize services for high-need communities.

IMLS CARES Act Grants for Native American/Native Hawaiian Museum and Library Services assist tribes and organizations that primarily serve and represent Native Hawaiians in responding to the urgent and future needs of their communities. Applications focused on digital inclusion, technical support, rehiring or retraining staff, reopening planning, and other pandemic-related priorities are welcomed.

Applications for Pandemic Response Funding Due June 12, 2020

SBA Loans

From the Dept. of Commerce: Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. This includes arts businesses.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). Contact your lender to find out more. 

The Idaho Small Business Development Center is producing webinars to help business owners navigate SBA programs including: Economic Injury Disaster Loans, Paycheck Protection Program Loans, Employee Leave Tax Credits, and Employee Retention Tax Credits. All of these programs and capital options are currently available to Idaho Businesses. Learn more here.

Paycheck Protection Program, also called the 7(a) Loan:
The SBA will provide $349 billion in loans through the Paycheck Protection Program to small businesses and non-profits.
Portions of these loans will be forgiven to the extent that recipients maintain their existing workforce or rehire.
Loans can be up to $10 million with a 4% maximum interest rate for portions of the loan that do not qualify for loan forgiveness. Funding is first come, first serve. 
Learn more here.

SBA Debt Relief:
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:

  •  The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  •  The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

Learn more here.

Economic Injury Disaster Loan:
The program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Borrowers can request an emergency advance of $10,000 within 3 days of submitting the application and do not have to repay the advance if they are denied a loan.
Learn more here.

Express Bridge Loan:
The program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.
Learn more here.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process. Applicants may call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. For more information about available SBA resources and services, please visit SBA.gov/coronavirus.

For any questions on the SBA Economic Injury Disaster Loan program, contact Jerry Miller at (208) 287-0780 or jerry.miller@commerce.idaho.gov or visit commerce.idaho.gov/covid-19.