Emergency Small Business Assistance Fund - Opens November 19th, 2020
Emergency Small Business Assistance Fund
After four previous rounds of funding for the Emergency Small Business Assistance Fund program, the Oregon legislature and Governor Kate Brown approved $20 million more to Business Oregon’s Emergency Business Assistance Grant Fund.
Here is a breakdown of information that was received, as it stands right now.
The portal should be opening Thursday, November 19th (maybe late morning or early afternoon).
These funds are the $20 million from EBoard/CARES funds.
The $55 million is a separate pot and will be awarded to Counties.
This will be on a first come/first served basis with a geographic overlay and open until somewhat oversubscribed.
Expect the portal to close quickly, maybe 24 hours?
There are two parts to the process. The application and the follow up information.
The application will be relatively simple and needs to be complete as soon as possible once portal opens. Make sure all questions are answered and boxes are checked. Here are some suggestions of info to have on hand when completing the application (please understand I haven’t seen the application, so am taking best information of what will be needed):
Company name as registered with SOS, address, & phone number
Information from form 132 to provide hours to get to FTE. FTEs will be used, not specific employee numbers.
PPP, EIDL & EIDLA awards amounts.
Info on any business owner(s) that hold 20% or more in the company. Name, address, phone # & SSN.
After eligibility of company and completeness of application are determined, follow up documentation will be requested and include:
Financial statements (P&L/Income Statements) for comparable periods in 2019 and 2020 demonstrating a 25% decline in revenues/sales (between March 1, 2020 and August 31, 2020) unless the business was required to close under Executive Order (EO) 20-12 and EO 20-65 (revenue/sales verification waived for these businesses).
Loan documents for PPP & EIDL loans.
Oregon Employment Department (OED) Form 132 to verify employment (Q4 2019, Q1 2020, Q2 2020 or Q3 2020).
This information will need to be returned no later than December 1, 2020.
It is expected to have these funds fully deployed and out to small businesses by December 15 (payments to businesses will be batched daily as applications are completed and awards are finalized).
We hope this information helps. Please pass along to small businesses that are looking for assistance.
Your friends at OOA