(406) 234-2705 info@mcaedc.org

https://commerce.mt.gov/News/PressReleases/governor-bullock-announces-emergency-loans-now-available-for-small-businesses-in-montana

 

 

Governor Bullock Announces Emergency Loans Now Available for Small Businesses in Montana

Governor Steve Bullock today announced that small businesses across Montana impacted by the novel coronavirus (COVID-19) are now eligible to apply for emergency loans through the Small Business Administration.

“We are monitoring the impacts of coronavirus in real time – both from a public health perspective and an economic health perspective,” Governor Bullock said. “Ensuring that small businesses in Montana have access to capital and resources that will allow them to weather temporary closures and bounce back from critical quarantine efforts is paramount to my administration.”

This week, the governor submitted Montana’s request for business assistance through the SBA’s Economic Injury Disaster Loan program. Access to that program has been approved.

Businesses are now eligible to apply for up to $2 million in 30-year loans with an interest rate of 3.75 percent. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Businesses may now apply directly to the SBA’s Economic Injury Disaster Loan program here: https://www.sba.gov/funding-programs/disaster-assistance

More information about the Economic Injury Loan Program

  • If a small business has suffered substantial economic injury as a result of COVID-19, it may be eligible for financial assistance from the U.S. Small Business Administration.
  • Small businesses and small agricultural cooperatives that have suffered substantial economic injury may be eligible for the SBA’s Economic Injury Disaster Loan (EIDL) Program.
  • Substantial economic injury is the inability of a business to meet its obligations as they mature and to pay its ordinary and necessary operating expenses.
  • An EIDL can help meet necessary financial obligations that a business could have met had the disaster not occurred.
  • It provides relief from economic injury caused directly by the disaster and permits the business to maintain a reasonable working capital position during the period affected by the disaster.
  • The SBA provides EIDL assistance only to those businesses that SBA determines are unable to obtain credit elsewhere.
  • The loan amount will be based on the business’ actual economic injury and financial needs.
  • The interest rate on EIDLs is currently at 3.75 percent per year.
  • The term of the loans cannot exceed 30 years.
  • Terms and conditions will be determined by the business’ ability to repay the loan

 

Governor Bullock Announces Emergency Rules to Streamline Unemployment Benefits for Workers Impacted by COVID-19

 

Governor Steve Bullock today announced emergency rules to make unemployment benefits accessible to workers laid off due to COVID-19 and waive the typical one week waiting period before receiving benefits.

“The rules we’ve implemented today will ensure that workers impacted by COVID-19, whether it’s because they’ve been laid off, are quarantined, or need to take care of a family member, can do so without worrying about how they will make ends meet during these difficult times,” Governor Bullock said. “We will continue to do everything we can to support workers and businesses as we begin to fully understand the impacts of COVID-19 in Montana.”

The United States Department of Labor approved a request from the Montana Department of Labor & Industry to support workers financially impacted by COVID-19. The rules filed today with the Secretary of State’s office will go into effect immediately.

The rules allow a claimant directed by their employer to leave work or not report to work due to COVID-19 to qualify as being temporarily laid off by the employer and eligible for benefits. Workers who must quarantine or who need to take care of a family member due to COVID-19 are also considered temporarily laid off and eligible for benefits.

Additionally, the emergency rules allow DLI to waive the one week waiting period before typically receiving benefits to ensure Montanans don’t experience a long gap without a paycheck.

Montana employers will also receive help through these rules. Individual claims will not be chargeable to a specific employer’s account. The rules also include a provision that could extend the time employers have to file wage reports and pay unemployment insurance contributions if the delay is related to COVID-19.

Claimants are responsible for staying in contact with their employer and return to work when they have the opportunity. Claimants are not eligible for benefits if they could work from home but choose not to.

People who think they are eligible for these benefits can apply for benefits online at: montanaworks.gov or contact the Unemployment Insurance Division over the phone at for UI benefits online or over the phone at: (406) 444-2545

 

Resources

Montana Department of Commerce: https://commerce.mt.gov/

Montana Department of Public Health and Human Serviceshttps://dphhs.mt.gov/publichealth/cdepi/diseases/coronavirusmt

Montana Department of Public Health and Human Services Hotline: 1-888-333-0461 or COVID19info@mt.gov 

Montana Coronavirus task forceCOVID19@MT.GOV

Montana Disaster and Emergency Services on: FacebookTwitterInstagram

Centers for Disease Control and Preventionhttps://www.cdc.gov/coronavirus/2019-ncov/travelers/index.html

Small Business Administration: https://www.sba.gov/funding-programs/disaster-assistance 

Visit MontanaVISITMT.COM or 1-800-847-4868