Author: Greater Mankato Growth

Governor Walz Announces Timeline to End all COVID Restrictions in Minnesota

by Greater Mankato Growth, posted in Business Development, Public Affairs

Governor Walz announced a three-step process that will lead to an end of COVID-19 restrictions in the May 6 address. Restrictions will be loosened at noon on May 7, 2021, all capacity restrictions will end by May 28, and the masking requirement will be removed when 70% of Minnesotans ages 16+ are vaccinated or by July 1, whichever comes first. Full text of Executive Order 21-21 can be found here.

The changes announced in the May 6 address are as follows:

STEP ONE: Noon on Friday, May 7

  • Outdoor occupancy restrictions for restaurants, bars, and other places of public accommodation offering food, beverages, or tobacco products will be completely removed.
  • Indoor capacity limit per table will increase from six to ten individuals per table.
  • The closing curfew of 11:00 pm will be completely removed.
  • Food and beverage businesses with sufficient indoor space to exceed the 250 person capacity restriction will be able to exceed that as long as they remain within 75% capacity and can follow Stay Safe Minnesota Guidance.
  • Indoor public pool capacity will be set at 50%, not to exceed 250 people; however, spaces with sufficient capacity can exceed 250 people if they can follow Stay Safe Minnesota Guidance and stay within 50% capacity guidelines. All restrictions on outdoor pool areas will be removed.
  • For fitness, recreation, indoor sports facilities, and other similar facilities, the 50% capacity guidelines will continue, but only for indoor spaces within the facility. Maximum indoor capacity of 1500 for spaces capable of following Stay Safe Minnesota guidelines will be removed. Mask restrictions for these facilities will only be required indoors.
  • Indoor social gatherings will increase from 15 to 50 people.
  • Total indoor capacity for entertainment venues will be removed if they can safely exceed 250 people while remaining under 50% capacity and follow Stay Safe Minnesota guidelines. All outdoor capacity for these spaces will be removed.

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Restaurant Revitalization Fund – Be Prepared to Apply Monday at 11 a.m.

by Greater Mankato Growth, posted in Business Development, Public Affairs

Greater Mankato Growth participated in the U.S. Small Business Administration webinar on April 28th to learn more about the Restaurant Revitalization Fund and its application process. In short, the Restaurant Revitalization Fund will allow restaurants, bars, and other similar entities (a full list of eligible entities can be found here) to receive a grant that covers all lost revenue in 2020 compared to 2019. Please note special rules apply to entities that opened after January 1, 2019 or that still haven’t opened. This blog post will first share how to apply and will then share additional details on the specifics regarding the program.

The SBA will open up the opportunity to create an account at restaurants.sba.gov this Friday at 8 a.m. Central Time by choosing “Register to start your application.” Applicants are strongly encouraged by the SBA to create their accounts on Friday and not to wait until Monday. The opportunity to submit an application will open on Monday, May 3, at 11 a.m. Central Time. The SBA holds that the website is designed to support expected traffic with all restaurants submitting applications at that time. Applicants are strongly encouraged by the SBA to submit their application at the first possible minute. Additionally, applicants are encouraged to review all documentation at the SBA’s webpage on the fund. Please note that a recording of the SBA webinar can be viewed at the end of the “How to Apply” section of this blog.

Edit: 4/29/2021 The SBA’s Restaurant Program Knowledge Database serves as a growing list of FAQs that may answer questions that you have specific to your business.

How to Apply

The first step applicants should take is registering (creating a login account) at restaurants.sba.gov on Friday at 8 a.m. Applicants that plan to submit their application via the point of sale (POS) providers Square or Toast do not need to register. Entities utilizing Clover or Aloha should still register. The only requirement when registering on Friday is that applicants must have a mobile phone as a text will be utilized to verify the login.

It’s key for applicants to to begin preparations ahead of the when the application process opens Monday May 3, at 11 a.m. Applicants can prepare by following instructions below, reading the program guide, having all documentation prepared in labeled PDFs, and completing the sample application. Applicants that have conducted this pre-work are expected to complete the application in roughly 25 minutes. The SBA encourages that restaurants that seek to apply should be prepared to submit their application in the first possible minute after the portal opens. The website currently handles more traffic than is expected on Monday and is not expected to crash.

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Restaurant Revitalization Fund: A Deeper Look

by Greater Mankato Growth, posted in Business Development

EDIT: April 20, 2021 – The SBA has launched their website on the Restaurant Revitalization fund and has released a program guide (PDF). A DUNS number or a SAM.gov account will no longer be required.

In our blog post on the small business support included in the American Rescue Plan, it was clear that the Restaurant Revitalization Fund (RRF) will be a key opportunity for many of our hardest-hit businesses to recover. It is not yet known when applications for the RRF will become available, with the SBA stating that it will take “weeks, not months.” While full details of this program are not yet available, this blog post will dive deeper into what we know right now about the Restaurant Revitalization Fund, how it can be used, and how to prepare to take advantage of it. Click here to skip right to the section on how to prepare to apply.

What is the Restaurant Revitalization Fund?

As part of the American Rescue Plan, signed into law on March 11, 2021, Congress recognized the great burden placed on restaurants, bars, and other similar places of business with the creation of the Restaurant Revitalization Fund (RRF). This established a $28.6 billion fund that restaurants can use to cover up to all of their pandemic-related revenue losses. The amount is determined by subtracting 2020 revenue from 2019 revenue and providing a grant for the difference, minus any PPP loans received. For example, a restaurant that made $400,000 less in revenue in 2020 compared to 2019 and also received $100,000 in PPP loans would be eligible for a grant of $300,000. Separate calculations are used to cover businesses that opened in 2019, 2020, or haven’t opened yet. These grants are not taxable and expenses covered by them can still be deducted as normal. Note: The RRF does not contain enough to cover all eligible restaurants without additional funding from Congress. As such, businesses eligible for a first or second draw PPP loan are urged to continue to take advantage of that despite the fact that it reduces the amount of the RRF grant.

Continue reading “Restaurant Revitalization Fund: A Deeper Look” →

MN Governor Announces Changes to COVID restrictions

by Greater Mankato Growth, posted in Business Development, Public Affairs

Today, Governor Walz announced reduced COVID-19 restrictions (Executive Order 21-11) for social gatherings, increases to business capacity limits, and increases to large venue capacity limits.

EO 21-11 FinalDownload

A summary was provided from the Minnesota Department of Employment and Economic development:

Effective Monday, March 15th, at 12:00pm (Noon): 

To make it easier to safely gather with family, we are doing the following: 

  • Social gatherings: Up to 50 people outdoors or 15 people for indoor gatherings, both without household limits. 
  • Religious services: Remove capacity limits but social distancing required.  

Continue reading “MN Governor Announces Changes to COVID restrictions” →

American Rescue Plan – Key Provisions Impacting Businesses

by Greater Mankato Growth, posted in Business Development, Public Affairs

This week, President Biden signed the $1.9 Trillion American Rescue Plan. This is the third major stimulus package passed by the Federal Government in response to the COVID-19 pandemic. While there has been much discussion about relief to individuals including a new round of $1400 stimulus checks & unemployment benefit extensions as well as increased funding for vaccine purchase & distribution, this blog post will focus on the relief programs impacting businesses including the creation of the Restaurant Revitalization Fund, expansions and changes to the PPP & EIDL loan programs, and expansions and changes to the Employee Retention Tax Credit Program. The full text of the law can be found here.

Restaurant Revitalization Fund

Edit: An updated post specific to the Restaurant Revitalization Fund & how to prepare for an application can be found here.

  • Restaurants, bars, & other elligible entities will be elligible to apply for a grant equal to 2019 revenue minus 2020 revenue minus PPP loans already received.
    • Businesses that opened in 2019 will determine their amount of grant eligibility by multiplying their average monthly gross revenue in 2019 by 12.
    • Businesses that opened in 2020 that experienced operating losses will be elligible for a grant under a similar formula that covers losses incurred.
    • Businesses that have not yet opened but that have already incurred payroll costs will be elligible for a grant that covers those expenses.
    • *Note: Formulas for determining grant eligibility for all three above categories may be modified via SBA guidance.

Continue reading “American Rescue Plan – Key Provisions Impacting Businesses” →

COVID-19 Resources for Businesses

by Greater Mankato Growth, posted in Business Development, Business Insights & Inspirations, Membership, News and Media

Operating your business safely during a pandemic

Conducting business activities amid the COVID-19 pandemic takes careful planning to ensure employees and customers are safe and business goals are met. Mayo Clinic experts have carefully developed strategies and protocols focused on mitigating COVID-19 within the health care setting, where halting transmission is critical. They are also currently tailoring those strategies to support and advise businesses in settings outside of health care.

Mayo Clinic has refined its expertise and may offer advisory services in the following areas, which may be relevant to your business:

Continue reading “COVID-19 Resources for Businesses” →

Governor Walz Loosens COVID Restrictions

by Greater Mankato Growth, posted in Business Development, Public Affairs

Effective Saturday, February 13 at Noon, Governor Walz has amended Executive Order 20-01 with Executive Order 20-07, loosening on COVID restrictions. Full details of the changes can be viewed in Executive Order 20-07.

The major changes are as follows:

  • Capacity for private social celebrations & events (including but not limited to weddings, funerals, life milestones, family reunions, religious services, and other similar occassions) occurring at venues involving the consumption of food or alcohol has increased from 10 indoor & 15 outdoor to 50.
  • Maximum capacity of indoor and outdoor space for restaurants, bars, gyms, & venues providing entertainment expanded from 150 to 250.
  • Facilities allowing food and beverage consumption are allowed to remain open until 11:00 pm rather than 10:00 pm

Greater Mankato Growth Nonprofit Engagement Fund

by Greater Mankato Growth, posted in Business Development, Community Events, Marketing & Communications, Membership

Download

Greater Mankato Growth has partnered with Mayo Clinic Health System to offer Greater Mankato Growth’s Nonprofit Engagement Fund for memberships, programs, and events. This partnership was established to ensure nonprofit organizations and their staff can take advantage of the many benefits offered through Greater Mankato Growth. The partnership recognizes that nonprofit organizations throughout Greater Mankato are a steady source of economic growth for our region as well as a key partner in providing vital services, employing residents, and improving the quality of life.

“Nonprofit organizations provide vital services that impact the health and wellness of our employees, patients and community members. We are excited to be the sponsor for Greater Mankato Growth’s nonprofit scholarship fund which will enable leaders from this sector to participate in various GMG opportunities,” Dr. James Hebl, Regional Vice President, Mayo Clinic Health System, Southwest Minnesota

Nonprofit Membership Rate:

Nonprofits are now eligible to pay the Basic Level pricing at $330 and receive the benefits of the Engaged Level (typical pricing at $770). To be considered, nonprofit organizations must meet one of the following criteria:

• Have an annual budget or gross revenue of $400,000 or less;

• Be able to prove financial hardship with detrimental impact to the local community. This information must be included in the application narrative.



Engagement Funds for Events and Programming:

Through the Greater Mankato Growth Engagement Fund, Greater Mankato Growth (GMG) will offer
partial funding toward Greater Mankato Growth events and programming, which includes but is not limited to:


• Professional Development;
• GMG Talent Programs (including but not limited to Leadership Institute, Young Professionals,
Navigators, and Executive Sounding Board);
• Volunteer Groups, such as Ambassadors and Cavaliers;
• Events (including Business After Hours, Business Awards & Hall of Fame, Annual Meeting, and
other connecting events).

TO APPLY FOR THE NONPROFIT RATE OR ENGAGEMENT FUNDS PLEASE EMAIL A ONE PARAGRAPH
REQUEST TO INFO@GREATERMANKATO.COM or learn more details here:

Click to access GMG%20Nonprofit%20Scholarship%20Fund%20one%20sheeter%202.2021.pdf

New Business Focus, First National Bank Minnesota Featuring Mike Bresnahan and Eric Peters

by Greater Mankato Growth, posted in Business Development, Feature, Marketing & Communications, Membership, News and Media, Photos and Videos

First National Bank Minnesota is a full-service financial institution headquartered in St. Peter, Minnesota, with banking offices in Mankato, St. Peter, Gaylord, and Belle Plaine. Our primary geographic market covers a large area in south central Minnesota, including Nicollet, Blue Earth, LeSueur, Scott, Carver, and Sibley counties.

Continue reading “New Business Focus, First National Bank Minnesota Featuring Mike Bresnahan and Eric Peters” →

Accountability at Your Business through Traction

by Greater Mankato Growth, posted in Business Development, Business Insights & Inspirations

Over the last several months, businesses have been impacted by COVID-19 in many ways. Some industries have been impacted more severely than others. Across the board, businesses have had to act and adjust like never before. Joe Paulsen with Pinnacle Business Traction would like to help you with ensuring that your company has the Traction it needs to overcome current and future challenges.The following is part six of a guest blog series where Joe will share tips on how you can gain traction in difficult times.  

Discipline and accountability will give your company the Traction it needs to survive or thrive in any environment.  This is especially essential when navigating challenging times.  You need to have the discipline of meeting regularly with your leadership team, reviewing and analyzing your scorecard metrics each week, reviewing your past quarter’s performance and forecasting your next quarter while learning from your past successes and mistakes.  Accountability comes from helping and holding each team member responsible for their commitments, metrics and tasks.  This will provide your organization the Traction necessary to be the best you can be allowing you to get everything you want from your business.

Joe Paulsen (Meet Joe) and Pinnacle Business Traction’s passion is to Enrich the Lives of Entrepreneurs and Business Leaders in the Mankato area.  He has been implementing EOS since 2016 and has helped over 35 entrepreneurial organizations get everything they want from their organizations.  Please reach out to him if you are wanting more information or assistance.  joe@pbtraction.com 

GMG is offering the best-selling book Traction – Get a Grip on Your Business to members wanting to learn more about the Entrepreneurial Operating System. Please email jsprague@greatermankato.com to schedule a time to pick-up your free copy at the GMG office.