As we continue to monitor the situation with the federal stimulus package and receive new information, we will continue to update our stakeholders and small businesses. We’re keeping in close contact with our economic development partners and participating in weekly calls with the Small Business Administration to make sure we have the necessary knowledge to provide support and technical assistance. Here is the current information as of Friday, April 10.

We keep a running list on our COVID-19 resources page, too.

Paycheck Protection Program

The Paycheck Protection Program (PPP) applications for self-employed workers opened Friday, April 10th. Contact your bank or existing lender. Businesses are already starting to receive these funds. If your bank is not able to process PPP, some of the local credit unions may be able to help. As an example, we were told that Greater Nevada Credit Union is even working with businesses who are not current customers. The Federal Reserve also just expanded funding options for banks looking to process PPP loans.  

This program provides a loan of up to 2.5x average monthly payroll. The loan can be forgiven if at least 75% of the funds are spent maintaining employees. You must contact your bank or lender to apply for this funding. You can read more about this program on the SBA website. 

If a business was forced to let go of employees and portions of this loan are not forgiven, it will be a 2-year loan at a 1% interest rate with payments deferred for the first 6 months.

Economic Injury Disaster Loans

EIDL applications are still being accepted. This program allows for a grant advance of up to $1,000 per employee ($10,000 max). If you are offered a loan, it will be at a 3.75% interest rate (2.75% for nonprofits) with up to 30-year terms and payments deferred for 1 year. 

You can apply for both the EIDL & PPP but they should be used to cover different expenses. The PPP is specifically for payroll, and the EIDL is for fixed costs like rent, maintenance, debt payments, and payroll too.  

Business Licenses 

The Reno City Council unanimously approved a 90-day deferral of business license fees owed by businesses that have been closed as a result of the Governor’s shutdown orders. Non-essential businesses that have been closed will have 90 days after reopening to pay their license fees. For businesses that pay a flat rate, fees will be prorated according to how long they were forced to remain closed.  

Unemployment 

There is no update on the status of the Nevada unemployment applications for private contractors, freelancers, and other self-employed individuals. The system is in the process of being upgraded and still maxed-out, so online filing has slowed to a crawl and can time-out. The phone lines are also full. Right now they’re asking for patience while they hire additional staff. We’ve been informed that applicants will receive back-pay when the system is able process self-employed applicants. Check their website for updates.

Technical Assistance

We are available to support our downtown businesses and provide assistance accessing these resources. Please reach out if you have any questions.

The Nevada Small Business Development Center (SBDC) will help businesses with their applications for free. You can sign-up to receive counselling on their website.