During this time of economic distress, the Downtown Reno Partnership is working to be a resource for those impacted by this crisis. With so many different programs available, it can be difficult to navigate and understand what is right for you and your business. Our economic development department has been busy following announcements, participating in webinars, joining conference calls, and researching the information that can help relieve the financial burden of these uncertain times.  

We’ve put together an ongoing COVID-19 update page, but keep scrolling for the most up-to-date and relevant information for our downtown businesses. Please forward this email to fellow business owners throughout the city.

We’ll have more business-owner specific information for you coming in the next few days, too.

SBA Loans 

First thing to do is apply for the SBA Disaster Loan Assistance 

These disaster loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 

A new streamlined process allows applicants to download the forms to complete and either mail them in or upload them directly. The SBA wants to encourage people to apply and let them determine eligibility.

They are continuing to make modifications to be sure that assistance is available for businesses to meet their financial obligations. The fixed interest rates are 3.75% for businesses and 2.75% for nonprofits with up to 30 year terms and 1 year of deferment. Funds should currently take about 2-3 weeks to arrive. 

Here are some people to contact if you have questions not answered by the SBA website. 

• Corey Williams – West Coast Public Information Officer: Corey.Williams@sba.gov | 571-457-9778 
• Joseph Amato – Nevada District office: joseph.amato@sba.gov | 540-840-8033 
• Elizabeth Hill – SBA’s  Carson City office: elizabeth.hill@sba.gov | 775-222-0401 
• SBA Disaster Assistance customer service: disastercustomerservice@sba.gov | 800-659-2955 
• Saul Ramos – Spanish language SBA loan assistance: saul.ramos@sba.gov | 702-782-9986 

In response to demand, the SBA is now be hosting a weekly webinar to answer your questions about Disaster Assistance. All small businesses are welcome. They encourage you to invite your partners to the webinar. Register  here.   

WHEN: Tuesday, March 31 at 2:00 PM  
WHERE:  ZOOM Video Webinar  
WHO:  Corey D. Williams and Joseph P. Amato, speakers 

Federal Stimulus Package 

The federal government is in the process of approving a stimulus package to help bolster the economy and provide relief to financially distressed businesses and individuals. In addition to additional funding for the SBA loans, there is also a provision that will include up to $10,000 of grant money to accompany the loans. So be sure to apply for Disaster Loan Assistance right away.  

The stimulus package is extensive and also includes measures for Paycheck Protection Programs, community development, rural development, economic stabilization, and especially checks for taxpayers. All U.S. residents with an adjusted gross income of up to $75,000 for individuals and $150,000 for couples will receive a cash rebate of $1,200 (individuals) or $2,400 (couples). 

The International Economic Development Council has done a fantastic job summarizing the stimulus package.  

Unemployment

The most immediate assistance for the self-employed will come from the new unemployment provisions in the federal stimulus package. The plan dramatically expands eligibility for unemployment benefits. Nearly everyone but remote online workers and those already on paid leave should be eligible.   To sign-up for unemployment benefits if you have not already, visit: http://ui.nv.gov/css.html  

They also have tutorial videos for those unfamiliar with the process: https://www.youtube.com/playlist?list=PLKU0G2uxOM7AwxvSH-GyeQAgiwxHFzEdF   Nevada is experiencing the highest volume of unemployment claims in the nation, so it is important to file online and be patient. The call centers are completely inundated and trying to catch up.

Other Small Business Resources 

The state economic development agencies have banded together to create a single source of information on the Las Vegas Global Economic Alliance site.

America’s Small Business Development Center has compiled a list of small businesses resources.

United Way of Northern Nevada and the Sierra’s Emergency Assistance Fund (EAF) has now posted the 2020 Application Instructions & Guidelines.

There is Bartenders Guild Grant available to help bartenders and their families affected by bars being closed. You do not need to be a member of the guild to apply.

Facebook Small Business Grants are offering financial support to businesses experience disruptions. They will begin taking applications in the coming days.

Yelp announced $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period. Learn more about the program. 

For the gig-economy that has a lack of financial safety nets and employment protections, there is a resource page for gig workers. 

Candid.org has setup a page to share and track the philanthropic response to the current pandemic.

If you have questions about any of these programs or resources, you can contact our Economic Development Manager, Nathan Digangi, and he can help you find the answers you’re looking for.