PPP Loans started coming, EIDL loans fall short, and Businesses want to get back to work!
Happy Wednesday, April 15th (former tax day)!
I’m Brad Meier thanks for joining today.
- Sidelined businesses are looking for ways to reopen. Many of you have found creative ways to stay safe and sell product. Now the State is taking your recommendations for how to reopen.
- Many of you have shared your ideas with me and subsequently on to the State of MN. It’s simple to do, the link is on our page and the form is easy to fill out.
- Additionally, the Critical Business list is constantly being updated-should you be open, but you’re not? Fill this request form and explain how you will do it safely.
- Bad news first: The Economic Injury Disaster Loans (EIDL) were those that promised $10k in 3 days. If you applied, you know by now that the promised funds were much less and didn’t arrive in 3 days. We’re tracking additional funding into the program.
- Good news: Paycheck Protection Program dollars are starting to hit business bank accounts.
- What about independent contractors and sole proprietors? If you’re a salon owner or contractor you are understandably extra frustrated right now. Not only were you shut down, but you still haven’t received any UI benefits. The wait is for federal guidance-no states have distributed yet.
- Bars & Restaurants in Owatonna-the city is working on liquor license adjustments that coincide with your closures-more on that next week.
- Property Tax delays-so far the state doesn’t sound like they’ll take action, which means Steele County would need to do so. They’ve done the preliminary work.
Economic Development Updates:
- Our 3 new business projects continue to move forward-Costco, Minimizer and Rise. There may be some delays, but the projects will continue.
- Daikin, Bushel Boy and Revol expansions are very close to completion.
- Downtown hotel project continues to move forward.
- Foremost Cooperative expects construction to start soon.
- We are working with 2 new business projects this week at the chamber, one for the industrial park another for downtown retail.
Chamber updates:
- Programming note, this Thursday will be Business Bootcamp virtually: How to Reach Your Customers on Line with Google. 12 noon, register on line at chamber page.
- Chamber gift certificates are a great way to thank employees and keep $ local. Let us know ahead and we’ll have them ready, since we’re not in the office. Contact OACCT@owatonna.org.
- Consider the Chamber an extension of your team
- This weekend is a big fundraising weekend, remember the Knight of Nights auction and the YoungLife Cake auction will take place on line.
On a personal note, please keep in mind local businesses and organizations, government leaders, healthcare workers, and those infected by with this virus.
