While most small business owners have familiarized themselves with the Paycheck Protection Program (PPP) and the SBA’s Emergency Economic Injury Disaster (EID) loan programs (if not, check out this handy chart from the North Dakota Commerce Department), there are some who find they may slip through the cracks or not get the assistance, security, or protection they need through either program (or simply are hesitant to get tied up in a Federal program if it can be avoided). For those in this latter category, there may be other options available through the Bank of North Dakota (BND) and their local banks.
There are two particular COVID-19 Relief Programs BND recently brought on line which may be worth pursuing: the COVID-19 Pace Recovery Program (CPRP) and the Small Employer Loan Fund (SELF). Applications under both programs will be accepted and must be received by November 30, 2020, and must be submitted by a lender at your local financial institution.
If you have questions about options for your business in these interesting times, please feel free to contact us through the portal above or by phone. We also recommend reaching out to your trusted financial advisors, CPAs, and lenders to get guidance in pursuing options that are best for your business and on an individual level. If you need a referral, we’ll be glad to provide one as well to help you get the assistance you need to weather the storm.