Is your small business or nonprofit in need of assistance due to financial hardships caused by the COVID-19 pandemic?
Programs and loans exist to help out entities that are struggling, and Thrive Allen County is here to help.
Thrive is an especially good place to turn if you have yet to meet with your bank, or are not sure what assistance opportunities are available.
Thrive CEO Lisse Regehr said the organization is “happy to be a place of information,” and can help businesses and nonprofits “understand about programs [that] are out there.”
Even if you just need a kind ear to listen to your money-oriented troubles, Regehr said Thrive is here to “listen without judgment [regarding] how hard this time is.”
Certain assistance mechanisms such as the Paycheck Protection Program (PPP) must be pursued through your bank, but Thrive can help prepare you to meet with the bank beforehand so the exchange is as efficient and painless as possible.
The PPP can help cover significant payroll and operating expenses (2.5 times the average monthly payroll for the prior 12 months), as well as various benefits, and can be forgiven up to 100 percent. (Congress plans to soon approve billions of dollars in additional funds for PPP.)
As Regher put it, Thrive can make sure that by the time you sit down with your banker that you’re “completely ready to go.”
Assistance through the Economic Injury Disaster Loan (EIDL) does not require a banking institution and can be pursued individually online.
An attractive component of the EIDL loan is a one-time $10,000 grant that does not have to be paid back.
Again, Thrive employees are familiar with the EIDL and can help you complete the forms.
The EIDL can also provide up to $2 million in operating expenses, which must be repaid. But payments are 12 months out. (Phase II of the EIDL will provide only $25,000 per business.)
Regher emphasized that Thrive can “definitely talk with businesses on their forms,” and encouraged business-owners and nonprofit coordinators (including those who operate individual churches) to preemptively pursue opportunities that may become available or were once available and may become so again.
One good example of a potentially recurring opportunity is the Hospitality Industry Relief Emergency (HIRE) fund, the $5 million pool was depleted in short order, but may soon be replenished by the state of Kansas.
There may also be grant monies available for financial relief depending upon what your business or nonprofit does, and such opportunities may become increasingly available moving forward.
Regehr also said that, even if Thrive does not immediately have answers to help you weather your business’ or nonprofit’s financial difficulties, “[they] will find you answers,” and help research possible solutions.
She encouraged those in the community to contact Thrive by phone (620-365-8128), email (email@example.com) or Facebook, in order to make an appointment.
Thrive continues to be available to assist with other needs as well, including: finding a job, filling out your census forms or getting health insurance through the online Marketplace.