Windham Region Chamber of Commerce

grant

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SBA HAS ECONOMIC INJURY DISASTER LOANS TO COVER LOSS OF REVENUE

The SBA currently has a loan called Economic Injury Disaster Loan that you can apply to if your business has a loss of revenue due to COVID.  These loans are very low interest and have had deferred payments for most of the last year (you have not had to start paying them back because of the pandemic).  If you need money to pay your bills this is a good option.  Below is information from the SBA.  You will apply to the SBA for this loan HERE.

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.

Frequently Asked Questions about COVID-19 EIDL Loans

PURPOSE

To meet financial obligations and operating expenses that could have been met had the disaster not occurred

TERMS
  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits (fixed)
  • 30 years
  • No pre-payment penalty or fees

USE OF PROCEEDS

Working capital and normal operating expenses

Example: continuation of health care benefits, rent, utilities, fixed debt payments.

COLLATERAL REQUIREMENTS
  • Required for loans over $25,000
  • SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.

FORGIVABLE
  • NO – EIDL Loan
  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

MATURITY

30 years

PAYMENTS

Deferred one year; interest still accrues
Borrower may make payments if they choose to do so.

Set up online payments through Pay.gov OR mail payments to:

U.S. Small Business Administration
721 19th Street
Denver, CO 80202

Be sure to include EIDL loan number on mailed-in checks.

SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

If you have already applied via the streamlined application portal, please do not resubmit your application.

Loan eligibility

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

Frequently Asked Questions Regarding Agricultural and Farm Loan Collateral Security and the SBA Economic Injury Disaster Loan Program (EIDL)

Cross Program Eligibility on SBA Coronavirus Relief Options

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NEIGHBORS TO NEIGHBORS GRANT NOW OPEN ROUND THREE-FOCUS ON BASIC NEEDS

The Community Foundation of Eastern Connecticut, United Way of Southeastern Connecticut and United Way of Central and Northeastern Connecticut welcome applications for Round Three of the Neighbors for Neighbors Fund. Grants from this Fund are available to organizations serving the basic needs of residents of the Foundation’s 42-town region.
The Community Foundation of Eastern Connecticut established the Neighbors for Neighbors Fund in response to the coronavirus pandemic. The Fund is jointly administered with the United Ways of Southeastern Connecticut and Central and Northeastern Connecticut to address critical gaps in services during this time.
The Fund is designed to be flexible and nimble in supporting the work of nonprofits and others in meeting the basic needs of residents of Eastern Connecticut. It is intended to complement federal, state, and municipal government relief efforts to identify and fill gaps, and to expand local capacity to address all aspects of the outbreak as effectively and efficiently as possible.
The Fund’s resources will be directed to organizations providing direct assistance to high need, vulnerable populations — including low-income individuals, residents without health insurance and/or access to sick days, communities of color, and individuals with disabilities, among others — to address immediate basic needs such as healthcare, food, shelter, childcare and other supports to ensure stability and well-being. We will also consider proposals that address improvements to current system delivery to benefit our most vulnerable citizens.
WHO CAN APPLY:
·   Eligible entities (listed below) that serve the needs of residents impacted by COVID-19 in these communities in Eastern Connecticut: Ashford, Bozrah, Brooklyn, Canterbury, Chaplin, Colchester, Columbia, Coventry, Eastford, East Lyme, Franklin, Griswold, Groton, Hampton, Killingly, Lebanon, Ledyard, Lisbon, Lyme, Mansfield, Montville, New London, North Stonington, Norwich, Old Lyme, Plainfield, Pomfret, Preston, Putnam, Salem, Scotland, Sprague, Stafford, Sterling, Stonington, Thompson, Union, Voluntown, Waterford, Willington, Windham and Woodstock
·   501(c)(3) nonprofit organizations
·   Community organizations using a fiscal agent
·   Faith-based institutions serving the broader community
·   Schools, municipal agencies and other public institutions
This Neighbors for Neighbors Fund will not make grants directly to individuals.
APPLICATION DEADLINE:  Thursday, February 25, 5:00 PM
FOR MORE INFORMATION AND TO APPLY GO HERE.

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WOMEN’S OPPORTUNITY FUND GRANT DEADLINE FEB 15

The Women’s Business Development Council’s Opportunity Fund is pleased to offer the Equity Match Grant Program, providing cash grants
of up to $10,000 to women-owned businesses in Connecticut.

Grants are awarded for clearly defined projects that will have a measurable impact on the business. Priority will be given to eligible minority-owned businesses and those disproportionately impacted by COVID-19. WBDC is looking to support women entrepreneurs needing to purchase critical business assets or looking to pivot to an online business model. NOTE: grant funds cannot be used towards operating expenses, payroll, or real estate improvements.

Applicants are required to provide a minimum of a 25% match. For example, a client receiving a $10,000 grant must have invested a minimum of $2,500 in their business over the past 12 months OR be able to invest an incremental $2,500 of their own funds at the time of grant distribution.

Qualified business applicants must be:
● Registered in Connecticut and in good standing with the State
● Operating for a minimum of two years

Only complete applications will be accepted. Required documentation includes:
● A Letter of Intent describing the project to be funded and forecasted impact (including supporting cost estimates and proposals)
● A complete business plan, including two years of past financials (balance sheet, profit and loss, cash flow statement) and three years of financial projections
● Complete tax returns – 2018, 2019 and 2020 (if available)
● Copy of business bank account statement
● Proof of CT residency and business ownership, including Articles of Incorporation or a letter of good standing from the CT Secretary of State

GO HERE FOR APPLICATION AND INFORMATION

Application Open Date: February 1
Information Session: February 8
Application Closing Date: February 15
Grant awardees announced: April 5
Grants distributed: April 15
For more information, please visit ctwbdc.org or email microgrants@ctwbdc.org .

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DEADLINE FOR RESTAURANT GRANT FEB 5 AT 5PM

CT Restaurant Relief Fund

The COVID-19 pandemic has placed an incredible burden on the Connecticut restaurant industry. Connecticut was home to 8,000+ restaurants and employed over 160,000 people before the mandated closure on March 16, 2020. This resulted in thousands of layoffs, and ultimately over 600 restaurants closing their doors in Connecticut. We continue to see closures every week.

CT restaurant owners and operators need immediate financial relief in order to stay in business, aid their employees, and survive the impact of this crisis. The mission of the CT Restaurant Relief Fund is to provide immediate financial relief to Connecticut’s restaurant industry with funds designed to save these businesses and protect its workforce.

The COVID-19 pandemic has placed an incredible burden on the Connecticut restaurant industry. Connecticut was home to 8,000+ restaurants and employed over 160,000 people before the mandated closure on March 16, 2020. This resulted in thousands of layoffs, and ultimately over 600 restaurants closing their doors in Connecticut. We continue to see closures every week.

GRANT SIZE & SCOPE

The CT Restaurant Relief Fund initiative strives to provide Connecticut’s restaurants with immediate financial support in the form of grants valued at $5,000 per location. In this unprecedented time, the luxury of establishing an endowment before engaging the community to identify grant recipients does not exist. The CHEF will distribute funds as they become available. Membership in the Connecticut Restaurant Association has no bearing on selection. Grants awarded to restaurants still in operation are to be used to keep their doors open and workers employed.

GOALS

There are three primary goals of the CT Restaurant Relief Fund:

• To provide restaurants with critically needed financial support immediately.

• To financially support restaurateurs, keeping restaurants open and workers employed.

• To provide those seeking a reputable source through which to financially support the Connecticut restaurant industry and its employees affected by COVID-19.

DISTRIBUTION OF GRANTS

Staff from the Connecticut Restaurant Association and Connecticut Hospitality Educational Foundation will oversee the distribution of grants.

Qualifications

1. Restaurant is located in Connecticut;

2. At least 25% sales loss in 2020 compared to 2019 OR business opened after October 1, 2019;

3. The restaurant remains open providing modified service (takeout / delivery);

Additional Criteria to be Considered:

1. Priority for sole proprietors, women owned and minority owned businesses;

2. Overall Sales % decrease comparing 2020 to 2019;

3. Additional grants received;

4. Members of the Connecticut Restaurant Association Board of Directors and the Connecticut Hospitality Educational Foundation Board of Directors ARE NOT eligible for these grants.

Grant Distribution Guidelines:

1. CHEF launches Grant Application at 12 pm on January 25, 2021.

2. Applications accepted through 5 pm February 5, 2021.

3. All applications will be reviewed and scored based on the qualifications and criteria above.

4. CHEF Staff will review all applications using a rubric method and then provide award recommendations to the CT Hospitality Educational Foundation Board of Directors.

5. Grants will begin to be distributed beginning on February 23, 2021 and will continue based on additional funds received.

6. Only one grant will be issued for restaurant groups. If you own more than one restaurant, consider applying for the business in most need.

**dates subject to change. Please check website for updates.

Questions? Contact apply@ctrestaurantrelief.org.

All applications will be reviewed. Application deadline is February 5 at 5 pm. Reminder: Only one application will be considered from each restaurant group. If you own more than one restaurant, consider applying for the business in most need.

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SHUTTERED VENUE OPERATORS GRANT

This grant will be made available thru the COVID Relief Grant approved in December.  The application and money will be administered by the SBA, Small Business Administration.  It is financial relief for Arts venues that have been shuttered due to COVID.  The program has not been worked out as of yet and will be open for application in the near future.  We will keep you posted.  Here is some information.

Program details

The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

For additional details, see our Shuttered Venue Operators Grants Frequently Asked Questions.

Who can apply

Eligible entities include:

  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Relevant museum operators, zoos and aquariums who meet specific criteria
  • Motion picture theater operators
  • Talent representatives, and
  • Each business entity owned by an eligible entity that also meets the eligibility requirements

Other requirements of note:

  • Must have been in operation as of February 29, 2020
  • Venue or promoter must not have received a PPP loan on or after December 27, 2020

Detailed information on eligibility requirements coming soon.

Amount of SVO Grant

Grant amount will be either:

  • For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
  • For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.

How to apply

SBA is in the process of setting up the grant program and is not yet accepting applications. Those who have suffered the greatest economic loss will be the first applications processed under the following schedule:

Note: On January 20, 2021, SBA updated the proposed plan for issuing Shuttered Venue Operators Grants during the first and second priority periods. To clarify, priority awardees will not need to satisfy the small employer set-aside. During the first 59 days of opening the SVO Grants, SBA will reserve no less than $2 billion of program funding for grants to entities that have no more than 50 employees.

First Priority

1st 14 days of grant awards

Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Second Priority

Next 14 days of grant awards

Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.

Third Priority

Beginning 28 days after First & Second Priority Awards are made

Entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020.

Supplemental Funding

Available after First & Second Priority

Recipients of First and Second Priority round who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)

Allowable use of funds

Funds may be used for specific expenses, which include:

  • Payroll costs
  • Rent payments
  • Utility payments
  • Scheduled mortgage payments (not including prepayment of principal)
  • Scheduled debt payments (not including prepayment of principal) on any indebtedness incurred in the ordinary course of business prior to 02-15-20)
  • Worker protection expenditures
  • Payments to independent contractors (not to exceed $100K in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (incl. fees and licensing)
  • State and local taxes and fees
  • Operating leases in effect as of 02-15-20
  • Insurance payments
  • Advertising, production transportation, and capital expenditures related to producing a theatrical or live performing arts production. (May not be primary use of funds.)

Grantees may not use award funds to:

  • Buy real estate
  • Make payments on loans originated after 02-15-20
  • Make investments or loans
  • Make contributions or other payments to, or on behalf of, political parties, political committees, or candidates for election
  • Any other use prohibited by the Administrator

Grantee Recordkeeping

Grantees will be required to maintain documentation demonstrating their compliance with the eligibility and other requirements of the SVO Grant program. They must retain employment records for four years following their receipt of a grant and retain all other records for three years.

Application and additional guidelines will be posted when available.

For more information

For additional information, email SVOGrant@sba.gov. All emails regarding SVO Grants will be sent using an official government email address ending in @sba.gov.

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EMERGENCY GRANTS FOR RESTAURANTS

Connecticut, thru DECD, is pushing through a new grant program to distribute $35 million in emergency funds to restaurants, bars and other small to mid-sized businesses in an attempt to help keep them in business until the federal COVID19 pandemic relief bill is in effect.

Businesses whose revenues are down by at least 20% will go into a pool, with grants then calculated by a formula based on tax and payroll data.  Grants will be between $10,000 and $30,000, with a goal of helping 2,000 businesses too big to qualify for the last round of Small Business Grants which provided $5,000 grants to 10,000 businesses with 20 or fewer employees. Both grants are funded with money from the CARES Act.  Connecticut hopes to issue these grants before the end of the year, with further details expected later this week.  At this time there is no application.  Businesses should be prepared to apply as soon as the application is available online.  We will keep you all posted.