Hospitality ERG-Round 2
Hospitality ERG (HERG Round 2), which will focus on businesses in the hospitality sector that were closed on March 13, 2020, as a result of Executive Order 2020-06, including restaurants, bars, breweries, cafes and similar on-site dining establishments.
Due to the continuing need of assistance, the Hospitality ERG will focus on hospitality businesses including:
- Restaurants – to include food services and drinking establishment that derive a minimum of 51% of their sales from prepared food;
- A bar or lounge with a current on-sale liquor license issued by the appropriate legal entity;
- An entertainment venue to include indoor recreation entertainment (e.g., bowling alleys, indoor golf clubs, and indoor trampoline parks where service fees apply; dance studios, movie, drama or music theaters and facilities used to host community and private events); and
- A production company that provides technology and audio-visual services to meetings and events.
First Draw PPP Loans-Still Available
You can still apply for a First Draw PPP Loan until March 31, 2021. SBA is currently accepting First Draw PPP loan applications from participating lenders.
The following entities affected by Coronavirus (COVID-19) may be eligible:
Sole proprietors, independent contractors, and self-employed persons
Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of
500 employees, or that meets the SBA industry size standard if more than 500
Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
Second Draw PPP Open Thru March 31
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Maximum loan amount and increased assistance for accommodation and food services businesses
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
Who may qualify
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
Valentine’s Day Guide- Downtown Bismarck
It’s never too early to start planning for a very special day celebrating all kinds of love and we want to help you with yours! Whether your celebration involves a significant other, a group of best friends, the kids, or yourself. Updated regularly.
You’re invited to our 5th annual Makewell event on March 6th in downtown Bismarck and online. Introducing Makewell: Unpredictable.
After a year like 2020, we’ve all learned to expect the unexpected. But how do we live with uncertainty? In our lives? Our work? With our families?
With a virtual room full of makers from around the region, we will explore, challenge, and undercover how to not only survive, but thrive in seasons of unpredictability.
Both online and (limited) in-person tickets are available, however, general admission ends Saturday and prices increase so don’t wait!
Founder of Makewell, Ashton Hauff recently put out a statement that said she will be stepping down as founder of Makewell and hopefully passing the baton to a new leader. Ashton started Makewell in 2016- through those years she has connected thousands of makers and go-getters throughout the region, created events, retreats, training shops & mentorship programs, and SO much more. Ashton is a big part of the downtown community and we wanted to thank her for all her amazing work and the work she does in the future!