Business Stabilization Grant reporting due soon, more PPP available

2020 was difficult for businesses, non-profits, ag producers and so many others due to COVID-19. In late April the first round of COVID Relief Funds through the CARES Act rolled out for Montanans, in the form of grants and loans. $1.25 billion was allocated to Montana with almost $700 million being allocated to grant and loan programs.

Eastern Plains Economic Development Corporation (EPEDC), serves Fallon, Carter, Wibaux, Prairie, and Dawson County and is committed to providing the support needed in eastern Montana through grant writing, business development and technical assistance. Throughout the pandemic EPEDC has directly assisted 38 businesses, nonprofits and/or others apply for COVID relief funds. These funds had to be spent by the end of 2020 and could be used for a variety of needs to keep doors open such as payroll, rent, utilities, supplies and other necessities. As 2020 comes to a close, businesses that received these funds are reminded to complete their Final Report before or by January 31st.

The COVID Relief bill that was signed on Sunday, December 28, 2020 outlines additional Paycheck Protection Plan (PPP) funding in the amount of $285 billion. This round of PPP will come out with stricter guidelines including being available to employers with less than 300 employees that experienced at least a 25 percent drop in sales from a year earlier. The available amount per business is also capped at $2 million. The agreement also sets aside $12 billion specifically for minority-owned businesses. This round of funds will also allow those who have already received a first round of PPP to apply for a second amount. There is not yet a timeline for when funds will become available to apply for.