April 2, 2020
Hello, Tourism friends-
Below are some additional resources we are sharing to assist you in navigating through the coronavirus aid relief programs available to businesses and employers.
Earlier this week, the U.S. Travel Association conducted a webinar that focused on the recently passed CARES Act (Coronavirus Aid, Relief and Economic Security Act) and how that impacts tourism businesses. We are sharing the webinar recording with you as well as the slides from the presentation:
Learn what the different parts of the CARES Act mean for you and your travel business from the U.S. Travel Association here.
Additionally, here is some updated and important information directly from the South Dakota District Office of the Small Business Administration:
- The SBA rolled out guidance for the CARES Act – SBA Paycheck Protection Program (PPP) today (applications are made directly with SBA lenders in SD). You can find more information about the Small Business Paycheck Protection Program in these two documents:
Small Business Paycheck Protection Program Overview
Paycheck Protection Program Fact Sheet
- SBA Emergency Injury Disaster Loan (EIDL) are still available: Apply at sba.gov/disaster; loans up to $2M, 30 year term, 3.75% fixed for small businesses, 2.75% fixed for non-profits; payments are deferred for 12 mos. (this is a direct loan from U.S. Government).
- SBA EIDL Advance: This is up to a $10K advance on the disaster loans (EIDL or P3); also apply at www.sba.gov/disaster (check the EIDL Advance box when making an EIDL application).
- SBA Payment Protection Program (P3): https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp; These loans will be handled directly by SBA lenders; applications officially open this Friday, April 3rd. Payments are deferred for 6 months.
- We recommend that small businesses immediately consider applying for all three to get capital in their hands to survive COVID-19. These loans are incredibly small business friendly, with much of them being forgivable (e.g., the P3 loan for 8 weeks); and payments are deferrable.
- For specific information on EIDL and EIDL Advance, clients may directly connect with Burl Kelton, SBA’s Office of Disaster Assistance, to help provide more specific details on EIDL and EIDL Advance. Burl can be reached at [email protected]. Clients wanting to check their loan status should call the SBA Disaster Assistance Customer Service line at 800-659-2955 or email [email protected].
We can’t stress enough how important it is that you be in contact with the South Dakota SBA Office, especially if you need direction or have questions. They are also hosting information webinars that will be extremely helpful to you. If you need to contact the South Dakota SBA office, you can find their contact information here.
As always, if you need anything, don't hesitate to reach out to the team or to me. I can be reached at [email protected]. Please stay safe and well.
All our best,
Jim and Team
Secretary of Tourism