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SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

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WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.” “The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”Key PPP updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;

• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;

• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;

• The PPP provides greater flexibility for seasonal employees;• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and

• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;

• Has no more than 300 employees; and

• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The new guidance released includes:

• PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;

• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and

• Interim Final Rule on Second Draw PPP Loans.

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares. ###About the U.S. Small Business AdministrationThe U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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SBA Launches Largest Expansion of Women’s Business Centers in 30 Years

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20 Women’s Business Centers to Open Across America

Supporting Women-Owned Small Businesses

WASHINGTON – The U.S. Small Business Administration today announced grant funding and the historic launch of 20 new Women’s Business Centers (WBC) across America to serve rural, urban and underserved communities alike.  The opening of the 20 new WBCs is the largest single expansion of WBCs across America in its 30-year tenure, and these centers will be pivotal to the success of women-owned businesses as they continue to recover during this time.  The WBCs will be hosted in rural and underserved markets and widen the footprint and partnership with Historically Black Colleges and Universities (HBCUs).

“Over the past several months, we have seen Women’s Business Centers provide aid to our nation’s innovative and determined entrepreneurs, allowing countless small business owners to pivot with confidence to stay afloat during the pandemic,” said SBA Administrator Jovita Carranza.  “Expanding the WBC program is part of this Administration’s longstanding commitment to the success of female entrepreneurs and women-owned small businesses.  Adding these new Women’s Business Centers to the already existing network of centers across America will boost timely resources to our nation’s female economic drivers, providing them with local training and counseling.”

SBA’s WBCs are a national network of 136 centers that offer one-on-one counseling, training, networking, workshops, technical assistance, and mentoring to women entrepreneurs on numerous business development topics, including business startup, financial management, marketing, and procurement.

“Opening the doors to the new Women’s Business Centers is crucial to the vitality of women-owned small business owners.  This network expansion will provide female entrepreneurs with the resources they need to start, grow, and expand their businesses,” said Associate Administrator for the Office of Entrepreneurial Development Allen Gutierrez.  “We look forward to the continued success of the WBC program as it contributes to the overall health of our economy and creates jobs in their local communities.”

In addition to opening these 20 new WBCs, SBA will launch Ascent, a free digital e-learning platform geared to help women entrepreneurs grow and expand their businesses.  A live webinar is scheduled for Thursday, January 7, 2021, at 1 p.m. ET.  Register here.

The 20 WBCs will begin opening on January 1, 2021, in the following states:

Alabama

     1. Regional Economic Assistance for Communicating Hope (REACH) Catalyst Women’s Business Center – Clanton, Alabama

Arizona
     2. Chicanos Pro La Causa, Inc. (CPLC’s) Women’s Business Center – Phoenix,                       Arizona

California
     3. El Pajaro Regional Women’s Business Center – Monterey, California
     4. Mission Community Women’s Business Center serving Kern County – Bakersfield,            California

Georgia
     5. Access to Capital for Entrepreneurs (ACE) Savannah Women’s Business Center –             Savannah, Georgia

Maine
     6. Coastal Enterprises, Inc. (CEI) WBC South – Portland, Maine

Mississippi
     7. Women’s Business Center at Jackson State University (HBCU) – Jackson,                         Mississippi

Missouri
     8. New Growth Women’s Business Center, West Central – Springfield, Missouri

Montana
     9. Missoula Women’s Business Center – Missoula, Montana

Nebraska
     10. GROW Nebraska Women’s Business Center (GNWBC) – Omaha, Nebraska

New York
     11. Women’s Enterprise and Development, Mid-Hudson – Hudson, New York

North Carolina
     12. Winston Salem State University (WSSU) Women’s Business Center (HBCU) –                   Winston Salem, North Carolina

Ohio
     13. Women’s Business Center of Central Appalachia – Portsmouth, Ohio

Pennsylvania
     14. Women’s eBusiness Center of Excellence – Erie, Pennsylvania

Tennessee
    15. The Women’s Business Center South – Memphis, Tennessee

South Carolina
    16. South Carolina Women’s Business Center – Charleston, South Carolina

South Dakota
    17. South Dakota Women’s Business Center (East) – Sioux Falls, South Dakota

Texas
    18. Women’s Business Center of Montgomery County, East Harris County, and West                Chambers County – Houston, Texas

Virginia
    19. Women’s Business Center of Richmond – Richmond, Virginia

Wisconsin 
    20. Wisconsin Women’s Business Initiative Corporation Southwest – La Crosse,                      Wisconsin

To learn more about SBA’s programs and services for women entrepreneurs, visit online at www.sba.gov/women, and to find other WBC locations and SBA resources, visit www.sba.gov/tools/local-assistance.

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SBA Extends COVID-19 Economic Injury Disaster Loan Application Deadline through Dec. 31, 2021

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WASHINGTON— The U.S. Small Business Administration today announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.  The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020. To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits, and agricultural businesses to make it through this challenging time.  “Following the President’s declaration of the COVID-19 Pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” Administrator Jovita Carranza said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.” EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and a 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofits are encouraged to apply to get the resources they need.
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SBA Press Release: Injury Disaster Loans Available to Montana Small Businesses.

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Disaster Field Operations Center West

Release Date:  Dec. 22, 2020Contact:  Richard A. Jenkins, (916) 735-1500, Richard.Jenkins@sba.gov
Release Number:  MT 16822-01Follow us on Twitter, Facebook, Blogs & Instagram

SBA Economic Injury Disaster Loans Available to Montana Small Businesses

SACRAMENTO, Calif. – Small nonfarm businesses in 12 Montana counties are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began Oct. 6, 2020.

Primary counties: Custer and Rosebud;

Neighboring counties:  Big Horn, Carter, Fallon, Garfield, Musselshell, Petroleum, Powder River, Prairie, Treasure, and Yellowstone.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size 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.

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3 percent for businesses and 2.75 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Dec. 17, 2020.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also 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. 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 economic injury is Aug. 17, 2021.

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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Montana SBA Director tours small businesses.

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Montana SBA Director Brent Donnelly made a quick stop at Vintage and Rustics Wednesday Decemeber 16, 2020. It was one of many stops he made during a week long road trip that makes ones stop in all Montana’s counties.

Donnelly said that they were doing this to help the small businesses, which make up 99.3% of the businesses in Montana and 65% of the workforce. They have found that the businesses are doing well as they are full of grit and resilience. They have gotten feedback that online sales have increased, and people are purchasing gift cards and then ripping them up to help the business. He wants to thank small businesses for their tenaciousness and is using this trip to help encourage shopping locally.

Jacki from Vintage and Rustics, when asked by Donnelly, how Covid was affecting her business? said that their business is doing okay; it is a struggle that they lost the Bucking Horse Sale week, which is a second Christmas to them. Also, that masks have increased shoplifting. They cannot correctly identify people wearing masks that are caught stealing when viewed on the camera system. Because of this, they cannot ask them to leave the store if they return. She also stated that customers have been supportive but are not shopping as often as they use to.

The trip was a success in helping spread the word to the community that our small businesses need us now, more than ever.

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Southeastern Montana Development Corporation receives MEDA Impact Award for Powder River County Bridge Disaster Recovery Effort.

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On July 29, 2020, the Economic Development Administration (EDA) announced that it had awarded Powder River County a $7 million grant from the EDA’s Disaster Recovery Program to replace or upgrade four bridges and resurface approximately 18 miles of road damaged by flooding in 2019. The EDA allocation is the second major grant Powder River County has received for the project. Last February, the Montana Department of Commerce awarded Powder River County with a $750,000 grant from the Delivering Local Assistance (DLA) Program. The two grants represent 89-percent of the $8,750,000 project and are the result of a collaboration between Powder River County, Southeastern Montana Development Corporation (SEMDC), the regional economic development group, and Great West Engineering.

The award was given for the significant impact that these efforts have had on Southeastern Montana.

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Virtual Bazaar for Native Artist, Crafters, and Producers. December 12th and 13th

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NADC and it’s E-Commerce TRIIA is sponsoring a Virtual Bazaar for Native Artists, Crafters, and Producers this weekend on the 12th and 13th. We are partnering/collaborating with Social Distance Powwow Marketplace https://www.facebook.com/groups/832568190487520/ for this event. You can sign up as a vendor through the 11th. Please sign up as a guest to browse and shop Native Small Businesses. Also please share and forward to others!https://my.boothcentral.com/…/triia-virtual-native-art…

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Mendoza to Join Economic Development Group

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Press Release

For Immediate Release

Contact: Jim Atchison, SEMDC 748-2990

Date: December 8, 2020

Photo (1)

Mendoza to Join Economic Development Group

(Colstrip)  Southeastern Montana Development Corporation (SEMDC) recently announced that they have hired additional staffing to assist the regional non-profit economic development group. 

Angela Mendoza has joined SEMDC as the new Grant Administrator & Public Relations Coordinator. She will also take on the additional task of special event planning.  

Jim Atchison, SEMDC Executive Director noted that “due to the tremendous increase in our grant and planning workload in the past 2-3 years, we had to find and add key personnel to assist us.  Finding someone like Angela, with her experience and abilities was certainly beneficial and we are very pleased to have her a part of the SEMDC team”

“ I am truly looking forward to being a part of an organization that makes such a positive impact on the community,” Mendoza says “ I am excited to become a contributor to the economic growth in Eastern Montana”  

Mendoza brings over 20 years of experience as a business leader and several years of experience with grant writing and administration. Originally from Coeur D’ Alene, Idaho, her business background began as she worked her way through the ranks in retail and then went on to earn a bachelor’s in business from Eastern Oregon University, a master’s degree in organizational leadership from Southern New Hampshire University.

As the Grant Administrator & Public Relations Coordinator, Mendoza will work closely with the SEMDC staff and the public sector to ensure the growth and economic stability within the four-county SEMDC service region. 

SEMDC is a regional non-profit economic development group that was established in 1997 to stimulate and encourage economic activity in the four (4) Counties of Custer, Powder River, Rosebud and Treasure.  Today, SEMDC works with the private, public, and non-profit sectors to help create and retain jobs in these four counties.  Our track record has documented over 1,097 jobs created or retained and nearly $60 million dollars in project assistance since 1997.  Since 2005, we have been designated by the State of Montana as a Certified Regional Development Corporation (CRDC) and the federal Economic Development Administration (EDA) as an Economic Development District. For more information contact SEMDC at 406-748-2990 or www.semdc,org

~ End ~

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Paycheck Protection Program (PPP) Loan Data – Key Aspects

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Paycheck Protection Program (PPP) Loan Data – Key Aspects

SBA Values Transparency, Accuracy, and Protecting Taxpayer Funds
Small businesses are the driving force of the American economy and are essential to America’seconomic rebound from the global pandemic. SBA is committed to ensuring that any release of PPP loan data does not harm small businesses or their employees.

PPP Is A Delegated Loan Making Process PPP loans are not made by SBA. PPP loans are made by lending institutions and then guaranteed by SBA. Accordingly, borrowers apply to lenders and self-certify that they are eligible for PPP loans. The self-certification includes a good faith certification that the borrower has economic need requiring the loan and a certification that the borrower has applied the affiliation rules and is a
small business, among other certifications. The lender then reviews the borrower’s application, and if all the paperwork is in order, approves the loan and submits the information to SBA.

PPP Loan Data Is Not Indicative of Loan Forgiveness or Program Compliance. A small business or non-profit organization that is listed in the publicly released data has been approved for a PPP loan by a delegated lender. The listed loan amount reflects the current loan approval amount. However, the lender’s approval does not reflect a determination by SBA that the borrower is eligible for a PPP loan or entitled to loan forgiveness. All PPP loans are subject to SBA review and all loans over $2 million will automatically be reviewed. Eligibility and compliance will be reviewed during the loan forgiveness process. Further, a small business’s receipt of a PPP loan should not be interpreted as an endorsement of the small business’ commercial activity or business model.

Canceled Loans Do Not Appear in the PPP Loan Data The public PPP data includes only active loans. Loans that were canceled for any reason are not
included in the public data release. Including only active loans provides a more accurate picture of the businesses being supported by PPP, as canceled loans did not receive any PPP funds.

PPP Loan Demographic Data Is Voluntarily Submitted PPP loan data reflects the information submitted by lenders to the SBA for PPP loans. Approximately 75% of all PPP loans did not include any demographic information at the time of loan application. The loan forgiveness application expressly requests demographic information for borrowers so that SBA can better understand which small businesses are benefiting from PPP loans.

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SBA Economic Injury Disaster Loans Available to Montana Small Businesses

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SACRAMENTO, Calif. – Small nonfarm businesses in nine Montana counties and neighboring counties in South Dakota and Wyoming are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began Sept. 29, 2020.

Primary Montana counties:  Big Horn and Carter;

Neighboring Montana counties:  Carbon, Custer, Fallon, Powder River, Rosebud, Treasure and Yellowstone;

Neighboring South Dakota counties:  Butte and Harding;

Neighboring Wyoming counties:  Big Horn, Crook and Sheridan.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size 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.

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3 percent for businesses and 2.75 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Nov. 20, 2020.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also 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. 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 economic injury is July 20, 2021.

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