LOCAL SELF RELIANCE INFOGRAPHIC & ARKANSAS-FORT SMITH SURVEY RESULTS
April 20, 2020
Last week we posted via social media an infographic produced by Kennedy Smith, a Senior Researcher for the Institute for Local Self-Reliance https://ilsr.org. She provided permission for anyone to use and/or reproduce the infographic. Please feel free to share, print and communicate to your customers as well as the community at large. Download infographic here.
National Main Street Center interactive maps display results from the survey, The Impact of COVID-19 on Small Businesses. The map provides a state and local breakdown of the survey results from small business owners, which we hope will help you better understand what is happening in Main Street programs across your state.
NATIONAL MAIN STREET CENTER SURVEY RESULTS
April 13, 2020
Please CLICK HERE for the results. Findings from Main Street America’s Small Business Survey, highlight the profound impact on the smallest, locally-owned businesses that are the backbone of many downtown districts. This information has been forwarded to our civic leaders.
“… 66% of responders indicated a need to suspend some expenses in the interim while they are mandated to be closed. Main Street programs should engage with city officials on programs at the local level, in which there may be influence and/or control over utility operations, parking fees, etc. In addition, while small business operations are being negatively impacted during this time, property owners represent a key stakeholder group. Main Street programs are also encouraged to dialogue with property owners as partners to help retain small business tenants, and continue as a connector and educator on programs at the federal level designed to suspend mortgage payments.”
Thank you to all who made time to complete the National Main Street Survey!
ECONOMIC INJURY DISASTER ADVANCE LOAN
April 7, 2020
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid. Apply for the Loan Advance here.
PAYROLL PROTECTION PLAN (PPP)
April 7, 2020
Friend of 64.6 Downtown & Main Street Arkansas Ben Muldrow with www.arnettmuldrow.com provides info on the Payroll Protection Plan and how it can help small businesses. Let's keep this funding local by visiting our community banks to apply. This video link is only 23 minutes in length. • $349 billion available (first come first serve), • 2-year term w/ 6 months deferred, and • 1% interest rate. On April 10th, self-employed, independent contractors, and sole proprietors will be able to apply. Apply for the PPP click HERE.
WOMEN-OWNED SMALL BUSINESS GRANT DEADLINE APRIL 13TH
April 7, 2020
The Women’s Foundation of Arkansas will be distributing $5,000 grants to woman-owned small businesses across the state experiencing economic hardship due to COVID-19. Details about the #WomenOwned assistance fund and the application are available here. Apply by April 13.
UPCOMING ASBTDC WEBINARS--SBA LOANS & MORE
April 6, 2020
Please see this week’s webinars hosted by Arkansas Small Business Technology Development Center. You are required to sign-up to participate, and all webinars are recorded. Webinars:
“Cash in a Crisis: SBA Programs and Other Funding Options” Live Webinar Tuesday, April 7 | 10 a.m.
“Applying for the Quick Action Loan Program” Live Webinar Tuesday, April 7 | 2 p.m.
“Budgeting During an Economic Downturn” Live Webinar Wednesday, April 8 | 10 a.m.
“Cash in a Crisis: SBA Programs and Other Funding Options” Live Webinar Thursday, April 9 | 2 p.m.
NATIONAL MAIN STREET CENTER SURVEY REQUEST
April 3, 2020
The National Main Street Center is requesting YOUR feedback (survey takes less than 7 minutes)! This data will become significant for advocating for local, state and federal resources in the future. The survey closes on April 6th and we want as much Fort Smith and Arkansas data as we can get in there! It is available in Spanish here and English here. The national data will come back to us by April 13th and then each state will receive its individual summary report. If our local Main Street program receives greater than 5 responses, we will be provided summaries. Again, this data will become significant for advocating for local, state and federal resources in the future.
FEDERAL STIMULUS PACKAGE SUMMARY
March 30, 2020
Please CLICK HERE for 7 page summary of the Federal Stimulus Package. With this being the 1st week of the month, mortgages/rent payments are due. Some of you may have already engaged in dialogue with your: • lender(s) • landlord • suppliers • past due accounts If you have not, it is imperative that discussions occur where you deem necessary. The question comes down to “what is everyone willing to do to make sure you have long-term tenants and customers?” Please some suggestions provided by Main Street consultant Joe Borgstrom of http://www.placeandmain.com/ : Lenders- Give 3-6 month pause on payments from businesses and property owners. Add the 3-6 months onto the back of the loan. Count the deferment as CRA (Community Reinvestment Act). An alternative is allow interest or principal only (whichever is less) and allow customers to make it up over next two years. Property Owners- Immediate 50% reduction (or pause if granted above by lender) in rent for 3-6 months. Add the discount now to the end of the lease or extend lease. Business Owners- If the two groups above agree to do what’s suggested, commit long term to them
SBA ECONOMIC INJURY DISASTER LOANS
March 27, 2020
If you missed the AR Small Business and Technology Development Center webinar on the SBA Economic Injury Disaster Loans, please see links below of recording and slides. FYI…as you can imagine the SBA is receiving unprecedented response across the nation, so much so, their website crashed. Please listen to the webinar, it very informative. The webinar recording is available here. The webinar slides are available here.
ARKANSAS DIVISION OF WORKFORCE SERVICES PROGRAM PROVIDES ALTERNATIVE FOR EMPLOYERS FACED WITH A REDUCTION IN WORKFORCE.
March 23, 2020
According to the Arkansas Division of Workforce Services, the Shared Work Unemployment Compensation Program provides an alternative for employers faced with a reduction in their workforce. It allows an employer to divide available work or hours of work among a specific group(s) of employees in lieu of a layoff, and it allows the employees to receive a portion of their unemployment benefits while working reduced hours.”
DISASTER LOAN ASSISTANCE IS AVAILABLE FOR ARKANSAS BUSINESSES.
March 23, 2020
Arkansas’s Economic Disaster Declaration has officially been approved and the website is now open for Arkansans to apply.
KEEP CALM AND SMALL BUSINESS ON
March 20, 2020
If you were unable to attend yesterday’s webinar hosted by the Arkansas Small Business and Technology Development (ASBTDC), you can download it here. A copy of the slides is available here. Request an appointment with ASBTDC staff. The ASBTDC is a free resource to Arkansas business, and should be utilized as they have the expertise and resources to guide you.
SMALL BUSINESS UPDATE
March 23, 2020
The new SBA loans may offer up to one year of deferred payments. If you have an existing SBA loan, you should ask for a six-month deferral on payments. • Taxes are due July 15 rather than April 15. • The SBA website is increasing capacity. • States are being given broad flexibility with regard to unemployment. • The Department of Labor has an anonymous hotline: 866-487-9243.