COVID-19 Emergency Stabilization Loan 
 

Good Afternoon,
 

      Yesterday, the BLDC was approved by the Butte-Silver Bow Commissioners to utilize $200,000 from the Anaconda ARCO fund towards a COVID-19 Emergency Stabilization Fund to help small businesses in Butte-Silver Bow.  This stabilization loan is for any small business that has been impacted by the COVID-19 emergency, as well as:

-  Borrowers who do not qualify for or have access to conventional credit from a bank may apply.

- Businesses must be directly affected by the COVID-19 emergency.

- Demonstrated need for non-traditional stabilization financing due to the impact of COVID-19

- Loan amount $1,000- $10,000 unrestricted working capital can be used for day-to-day operations, a/p, overhead costs, and payroll only.

- These funds cannot be used to pay business owners’ personal expenses, debt restructuring, leasehold improvements, purchase equipment, facility improvements.
 

All documents must be received from the BLDC loan department prior to:
 

- 2 most recent years of business tax returns and personal tax returns for the principal owner(s) with a history demonstrating repayment ability prior to COVID-19

- YTD financials - January 2020-February 29, 2020 and 2019 year-end financials.

- Businesses must show the ability to service the debt with normal business cash flows.

- Businesses must be registered with the Montana secretary of state and have a current business license.

- Collateral requirements on the loan will be waived. This is an unsecured loan with a personal guarantee.

- Primary lender contact information

- Credit must reflect no tax liens or judgments. A credit report will be obtained on all owners with 20% or more ownership

- Up to a three-year repayment term, depending on the loan amount.

- No early repayment penalties.

- 0% interest for six months, 2% thereafter. payments will be deferred for the first six months.

- Funds will be dispersed within 7 business days of the application deadline (to complete and approved applications).

      A funding panel comprised of 2 County Commissioners, BLDC Staff, and BLDC board members will be reviewing applications, scoring applications and making the final decisions on funding. Applications will be scored on the following criteria: Loan request amount, length of time in operation, direct impact from COVID-19, the potential for repayment, current operation structure, mandatory closures & employee layoffs.

      The application can be completed online or filled out by paper and emailed back to Audrey at acombo@bldc.net. To request a document version to print, please email acombo@bldc.net or visit www.bldc.net.  If you prefer to drop-off the application in person, you may call the mainline at and have a curbside pick-up of your application at 65 E. Broadway, Butte. 

The deadline is on March 30th at 5 pm.  

If you have any questions or comments at this time please reach out to any of our staff below:

Joe Willauer          jwillauer@bldc.net

Audrey Combo        acombo@bldc.net

Holly Carpenter      hcarpenter@bldc.net 

Shea Schroeder          sschroeder@headwatersrcd.org

Julie Jaksha         jjaksha@headwatersrcd.org 

Thank you and please stay safe,

Joe Willauer

Governor Steve Bullock today announced that uninsured Montanans, who receive a recommendation from a provider, will be eligible to receive coverage for COVID-19 testing and treatment.

Economic Injury Disaster Loan Program

Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.

The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan 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. 
 

• Economic Injury Disaster Loan Program
• Guidance for Businesses and Employers
• SBA Products and Resources

Guidance for Businesses and Employers

The President's Coronavirus Guidelines for America - 15 Days to Slow the Spread

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:

• Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
• Preventing Stigma Related to COVID-19
• Share Facts about COVID-19
• CDC Coronavirus Disease 2019 (COVID-19) Web page
• Information on Coronavirus Disease 2019 (COVID-19) Prevention, Symptoms and FAQ
   

The following interim guidance may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.

To prevent stigma and discrimination in the workplace, use the guidance described below and on the CDC’s Guidance for Businesses and Employers web page.

Below are recommended strategies for employers to use now. In-depth guidance is available on the CDC’s Guidance for Businesses and Employers web page:

• Actively encourage sick employees to stay home
• Separate sick employees
• Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees
• Perform routine environmental cleaning
• Advise employees before traveling to take certain steps
  • Check the CDC’s Traveler’s Health Notices for the latest guidance and recommendations for each country to which you will travel. Specific travel information for travelers going to and returning from designated countries with risk of community spread of Coronavirus, and information for aircrew, can be found on the CDC website.
• Additional Measures in Response to Currently Occurring Sporadic Importations of the COVID-19:
  • Employees who are well but who have a sick family member at home with COVID-19 should notify their supervisor and refer to CDC guidance for how to conduct a risk assessment of their potential exposure.
  • If an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace but maintain confidentiality as required by the Americans with Disabilities Act (ADA). Employees exposed to a co-worker with confirmed COVID-19 should refer to CDC guidance for how to conduct a risk assessment of their potential exposure.

SBA Products and Resources

SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans as described by the CDC’s Guidance for Businesses and Employers.
 

Local Assistance

SBA works with a number of local partners to counsel, mentor, and train small businesses. Contact us your local SBDC staff at:  

Julie Jaksha                533-6780     jjaksha@headwatersrcd.org

Courtney Edwards      533-6781    cedwards@headwatersrcd.org

American Express Financial Hardship — Amex is evaluating accounts on a case-by-case basis under its Financial Hardship Relief program to provide support for cardholders impacted by COVID-19. If approved, your interest rate may be lowered to rates as low as 0%, and you may receive a waiver on late and other account fees. Just note that if you accept the relief, your accounts may be frozen, and you won’t be able to use them until paid off. Your Membership Rewards balance will also be frozen, and the issuer may notify the credit bureaus that your account limits were lowered.

American Express Working Capital — Amex business cardholders can enroll with no credit check and get ongoing access to funds used for vendor payments between $500 and $150,000 with repayment terms of 30, 60 or 90 days. These charge a fixed fee between 0.6% and 5.25%.

Chase — You can call the number on the back of your card and ask to speak with an account representative about the possibility of relief from fees and interest. Multiple readers have reported success in having interest and late fees waived due to hardship related to COVID-19.

Internal Revenue Service (IRS) — The Treasury Department and IRS just announced a three-month delay for any tax payments owed up to $1 million. You’ll still need to file your returns by April 15, 2020 but will have until July 15 to pay. This will apply to individual tax returns but should also cover many pass-through entities and small businesses.

1.   Buy a gift card or gift certificate

2.  Order take-out or delivery

3.  Attend online webinars, shows, or events

4.  Tip a little extra on your beverage or meal

5.  Support your local food bank

6.  Donate to non-profits

7.  Catch-up on writing positive reviews for your local small businesses

8.  Order online merchandise

9. Pledge to patronize small businesses when they are back in full operation.

10.  Practice the Golden Rule

BLDC

Joe Willauer          jwillauer@bldc.net
Audrey Combo        acombo@bldc.net
Cassandra Sunell     csunell@bldc.net   
Holly Carpenter      hcarpenter@bldc.net    

Headwaters/SBDC

Julie Jaksha         jjaksha@headwatersrcd.org
Courtney Edwards       cedwards@headwatersrcd.org
Eric Seidensticker         eseidensticker@headwaters.org
Susan Ossello          sossello@headwatersrcd.org
Shea Schroeder          sschroeder@headwatersrcd.org