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Local Funding Available to help businesses retain jobs and file for SBA Assistance
-Social-Media.jpg "Local Funding Available to help businesses retain jobs and file for SBA Assistance")
The North Platte Area Chamber and Development Corporation has teamed up with the City of North Platte to launch a job retention / business retention program funded by $250,000 from the Quality Growth Fund to provide technical assistance provider grants to help businesses apply for federal assistance through the federal CARES Act.
This proposal is providing small grants to all businesses needing to pay for independent third-party costs associated with SBA technical assistance, loan packaging, and funding related expenses. Eligibility would be for “up to $2,500” per operating business entity, on the direct loan EIDL program.
If your business needs technical assistance in preparing for the Payroll Protection Program (PPP) when preparing documents for your bank, up to $1,000 is allocated for third party assistance. Businesses will need to work directly with their bank on the PPP program as the loan will filter through the lending institution. In this case the third-party assistance provider such as an accountant or attorney, can NOT act as an agent for the applicant, and only assist with the preparation. Be sure and get clarity from your banker, per following SBA guidelines.
The PPP is proving the most popular filing for businesses and the simplest in getting some immediate relief.
The funds are not to be used for banks and landlords. In addition to the third-party provider it can also cover costs such as title search and other hard applicable costs.
Each business can choose their own professional assistance provider with the applicable information available on the Chamber & Development website homepage at www.nparea.com, along with a continuously updated Business Resource Guide linking all the programs.
When the COVID-19 crisis descended upon an ever-evolving restricted business environment in mid to late March, the North Platte Area Chamber and Development Corporation was quick to assemble a task force to set guidelines in place for the program. The task force will continue as an advisory panel to oversee the program.
The Quality Growth Fund Citizen’s Advisory Committee and the North Platte City Council unanimously voted to fund the technical assistance program. We thank those pubic officials for their swift action to get this in place.
Simultaneously a plea was made to Chamber and Development accounting and legal professionals and others to gauge their interest in providing the technical assistance. A dozen firms signed up to become those providers.
Federal Programs are allocating $320 Billion to Small Business relief in the form of the SBA direct and indirect loans, with grant provisions.
The local and federal programs are designed primarily as a job retention program, providing capital to preserve the jobs during the tough economic crisis and help the economy and businesses stay functional under the restrictions.
Detailed invoices from the third-party provider would be the proof of the expenditure and evidence will need to be provided of the SBA application filing and the retention of jobs.
Contact the Chamber at 308-532-4966, gary@nparea.com or cassie@nparea.com if you have any questions.