C.O. businesses offered guidance on renewed federal aid programs

BEND, Ore. (KTVZ) -- The Congress has approved and President Trump has signed an additional funding and relief package to help workers and business owners struggling with the impacts from COVID-19.

The relief bill, known as Phase 3.5 of the Coronavirus Stimulus Package, adds an additional $310 billion in funding to the Paycheck Protection Program (PPP) and $60 billion to the Economic Injury Disaster Loan (EIDL) program. President Donald Trump signed the bill Friday.

Together, PPP and EIDL are the two primary programs designed to help businesses suffering hardships due to COVID-19.

Central Oregon workers and business owners can apply for one or both of the popular programs, both of which ran out of money after the first round of relief funding earlier this month. 

The Small Business Administration website has the most current information for both programs. Business owners are encouraged to apply as early as possible and can find current information on the Paycheck Protection Program webpage and Economic Injury Disaster Loan webpage.

Business owners who have already applied for the PPP through their bank but did not receive funding should contact their bank about their application status. Some banks are expected to continue the process based on the initial application, though this could vary by bank. Business owners who applied for the EIDL through the Small Business Administration but have not received funds do not need to reapply.

Anyone with an interest in these Small Business Administration funding programs should consider taking some steps to ensure the quickest processing possible. These include:

• Be current – check the SBA website for the most recent guidance and forms.
• Be aligned – clearly know how you arrived at your average monthly payroll costs and loan amount.
• Be thorough – follow all the steps outlined in the forms and checklists.
• Be yourself – put the borrower’s name on the application as your company’s legal name. It should  match the name registered with the Secretary of State.
• Be prepared – collect your supporting documents and have them ready when applying.
• Be consistent – make sure to provide consistent information on all documentation.
• Be in touch – contact your banker with questions about PPP. For EIDL, your best local resource is the Small Business Development Center at Central Oregon Community College.

COCC’s Small Business Development Center is available to assist businesses with these programs. Contact the center at sbdc@cocc.edu or 541-383-7290 to schedule an appointment via phone or video conference. Small business advice is available at no cost to the business and is always confidential.

ABOUT COEIN
COEIN’s website, www.coemergencyinfo.blogspot.com provides a collective resource for up-to-date information. Access to accurate, timely information both locally and nationally is encouraged. Our County Public Health experts in Crook County, Deschutes County and Jefferson County point to the Oregon Health Authority and the Centers for Disease Control and Prevention as good sources of information. Daily situation updates are available via email at http://bit.ly/COVID19UPDATES COVID-19 phone line: Monday to Friday, 8 a.m. to 6:30 p.m. 541-699-5109

Central Oregon Emergency Information Network (COEIN), includes Deschutes County Health Services, Deschutes County Sheriff’s Office, St. Charles Health System, Crook County Health Department, Crook County Sheriff’s Office, Jefferson County Health Department, Jefferson County Sheriff’s Department, tri-county public schools, City of Bend, Bend Police, Bend Fire & Rescue, and others. COEIN’s purpose is to collect, coordinate and distribute timely and accurate information. 

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To obtain this information in an alternate format such as Braille, large print, electronic formats, etc. please contact the COEIN JIC at 541-316-0087 or centraloregoninfo@gmail.com.