FAQs – COVID-19: Demystifying Financial Programs & Resources

On March 30, IEDC hosted a webinar entitled, "COVID-19: Demystifying Financial Programs & Resources” in which economic developers provided details and advice on the recently-passed CARES Act and other financing programs for businesses. Robin Barnes, Principal at Resilience Resolutions; Vincent DiCara, Founder of DiCara Training and Consulting; Brett Doney, CEcD, FM and President/CEO of Great Falls Montana Development Authority and John Zakian, National Disaster Resilience Grant Program Manager with the City of Minot, ND were on the panel. The Honorable Jane Campbell, President/CEO of the US Capitol Historical Society, served as moderator. You can access the full webinar recap here.

How does business apply for the relief program?

The Senate Committee has compiled a comprehensive guide to the CARES act and the various relief programs and assistance for small business. It is accessible here. 

Where do you apply for the Economic Injury Disaster Loan (EIDL) program?

To apply for an EIDL online, please visit https://disasterloan.sba.gov/ela/

Can a business receive the $10,000 grant without applying for the EIDL?

The Small Business Administration is providing a $10,000 loan advance on eligible applicants for the EIDL. The funds only become available once the application is successful, so an application would have to be submitted for the EIDL in order to get access to this non-repayable loan advance. 

Can you apply for more than one relief program? If you are receiving funds from multiple sources, does this impact how much relief will be received?

Yes, you can apply to more than one relief program, and there is no stipulation that a business will be penalized for having multiple funding sources.

How does one receive PPP and EIDL?

The Paycheck Protection Program (PPP) is administered through a bank that is a 7(a) lender. The EIDL is made available through the Small Business Administration (SBA).

Are 501(c) 6 non-profit organizations eligible for the SBA loan program?

501(c) 6 non-profit organizations are eligible for the EDIL but not for the PPP. The U.S. Chamber of Commerce Foundation has put together a checklist for business and non-profit eligibility where you can access more information on this here.

What are some strategies of finding more capital for a Revolving Loan Fund (RLF)?

RestoreYourEconomy.org has may resources on RLFs including the publication "Case Studies in Revolving Loan Funds for Disaster Recovery", an RLF webinar, and The Leadership in Times of Crisis Toolkit for Economic Recovery and Resiliency.