Business News for March 23, 2021 |
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Today's message includes the following news, best practices, and online courses:
- SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022
- SBA Launches Website & Details for Shuttered Venue Grant
- SBA Celebrates Women-Owned Businesses, Introduces New SBA Administrator
- Social media grant hosted by SMB Mad
- Dane County Small Business Awards Accepting Applications
Upcoming Learning Opportunities:
- Digital Marketing & Social Media Conference
- Understanding Your Investment: Building Value in Your Business (business valuation basics)
- Positive Power Plays: Skills for Conflict and Negotiation
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Business News, Resources, and Best Practices |
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SBA Extends Deferment Period
for all COVID-19 EIDL and Other Disaster Loans until 2022
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The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. Borrowers will resume their regular payment schedule with the payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. It is important to note that the interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.
Questions on SBA COVID-19 EIDL and disaster loan payments can be answered by email at DisasterCustomerService@sba.gov or by calling SBA’s Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).
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SBA Launches Website & Details for Shuttered Venue Grant
Applications open April 8, Informational webinar March 30
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The Shuttered Venue Operators Grant (SVOG) is designed to help support live venues, theatrical producers, live performing arts organizations, and other entities impacted by the shutdown of venues due to COVID-19. Eligible applicants may qualify for 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. The SBA anticipates opening the Grant's application portal on Thursday, April 8, 2021.
The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.
To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.
As the SBA builds and prepares to open the program, refer to these resources related to the SVOG program:
To prepare in advance of the SVOG application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements.
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SBA Celebrates Women-Owned Businesses During Webinar
Event will also introduce new SBA Administrator, Isabella Casillas Guzman
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Meet the U.S. Small Business Administration’s new Administrator, Isabella Casillas Guzman, during the SBA’s Women’s History Month panel on March 25. Join the event for a discussion with women business owners as they share their small business stories about how they pivoted during the pandemic and utilized SBA’s financial supports.
You will also hear remarks from Women’s Caucus member Congresswoman Chrissy Houlahan (PA-06). This panel will be moderated by Natalie Cofield, Assistant Administrator for SBA's Office of Women's Business Ownership.
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Digital Dream Grant
SMB Mad offers $2000 grant toward marketing/social media
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Support your social media and marketing needs by requesting a grant of up to $2,000 from Social Media Breakfast Madison. The Digital Dream Grant is funded by DreamBank Madison.
Examples of how this grant could be used include, but are not limited to: website development, social media development, branding, consultant fees, social management platform, video work, digital marketing, and virtual event management.
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Eligibility: Dane County based nonprofits and small businesses seeking financial aid in marketing and/or social media to IMPACT the community
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Deadline to Apply: March 31, 2021
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Questions? Please contact info@SMBMad.org.
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Dane County Small Business Awards Accepting Applications
Application deadline March 31, 2021
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For 39 years, the Dane County Small Business Awards have put the spotlight on small businesses and the contributions they make to the local economy. Winners will be featured in the July issue of In Business magazine.
To apply for this award, your company must be:
- Headquartered in Dane County
- A successful for-profit organization
- Employers to a minimum of three full-time-equivalent employees, and no more than 50 full-time equivalent employees
- Providers of a responsible and rewarding workplace environment
- Supporters (in-kind or financial) to local nonprofit or community organizations
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Upcoming SBDC Virtual Learning Opportunities |
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SBDC Digital Marketing and Social Media Conference
5 Social Media and Marketing Experts in One Day - April 12
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This one-day virtual conference is ideal for one-person marketing departments, marketing professionals looking to expand their skills, and business owners who want to better reach their customers. This semester's all-star lineup includes:
- CONTENT that CONVERTS! – Chantel Soumis
- Voice, Values, & Visuals: 3 Branding Keys to Stand Out Online – Candy Phelps
- A Better Way to Calculate Social Media ROI – Spencer X Smith
- The Ins and Outs of Facebook Audiences – Matt Nelson
- 10 Social Media Tips and Strategies You Should Be Utilizing Today – Josh Klemons
Use code DMSM75OFF to receive $75 off registration.
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Understanding Your Investment: Building Value in Your Business
New date: starts April 20
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Valuing a company means looking at more than a single financial statement. Instead, valuation includes a number of both quantitative and qualitative measures that you can actively work to improve as you work both in and on your business.
This course will help you learn:
- Whether your business is transferable or salable
- Business valuation approaches, methodologies and how discount rates are determined
- Specific strategies to implement to increase the value of your business
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Positive Power Plays: Skills for Conflict & Negotiation
April 22, 2021
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All leaders experience conflict in one form or another, but viewing that experience from a different lens can help you turn conflict into collaborations and reach win-win resolutions. In this course, you will learn conflict styles, strategies for building trust, stages of conflict resolution and how to use them in any situation, emotion management, and more. |
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Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the UW-Madison SBDC office at sbdc@bus.wisc.edu or 608-263-2221 to request accommodations.
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