The following blog was shared by the US Chamber of Commerce with its members regarding the recent changes to the payroll tax.
On Friday evening, August 28, the IRS released its first notice regarding implementation of the President’s executive order on payroll tax deferral. The document, which is just over two pages, can be found here: https://www.irs.gov/pub/irs-drop/n-20-65.pdf.
Nicollet County CARES funding is being used to provide assistance to small for-profit and not-for-profit businesses in Nicollet County adversely impacted by the COVID-19 pandemic. Grants of up to $10,000 will be provided for eligible expenses to:
- Businesses without employees (self-employed persons, sole proprietors, independent contractors, homebased business, etc.): Grants of up to $5,000.
- Businesses with 1-20 full-time equivalent (FTE) employees in addition to the owner: Grants of up to $10,000.
Your business or non-profit may be eligible to receive supplies to help prevent the spread of COVID-19. Funds to procure health and safety supplies are available as a part of the CARES stimulus package through Nicollet County.
Distribution of supplies and personal protective equipment (PPE) will depend on available supply and community needs. The first application submission deadline is August 21, 2020. The county expects to offer additional weekly applications and distribution opportunities in early September. Please check back to their website for updates: https://www.co.nicollet.mn.us/800/Nicollet-County-CARES
Eligibility overview: Read More
Since the beginning of the COVID-19 Crisis, one of the most common questions we have received is “How is the economy of Greater Mankato doing?” Unfortunately, many of the primary indicators designed to show economic performance have a significant lag period, particularly when attempting to analyze an individual Metropolitan Statistical Area (MSA). For example, July unemployment figures at the MSA level are not scheduled to be released until September 2 and 2019 GDP figures at the MSA level are not scheduled to be released until December 2020.
In a collaboration between Harvard University, Brown University and the Bill & Melinda Gates Foundation, an economic tracker has been released that allows a much more timely and much more local look at the available data. While data has not been released for the Mankato-North Mankato MSA as a whole, we can look at data for both Blue Earth and Nicollet County. Data can be reviewed at tracktherecovery.org or by viewing the report below, which contains data accessed on August 12, 2020 as well as a comparison of employment figures released by the Bureau of Labor Statistics.
Consumer spending, small business revenue, and the number of small businesses open have all tracked up since their low points around April 1. Nicollet County is currently outperforming the state average in all three of these categories and small business revenue is currently up 14.6% relative to revenue in January. With significant fluctuations, Blue Earth County consumer spending and small business revenues, which outperformed state averages when data was first accessed one week ago, have currently dipped just below the state average, but are still showing significant improvements relative to April.
The two charts outlining change in employment and change in earnings among low-income workers have the biggest lag in this group and we look forward to seeing the change in these charts when they are updated to reflect the 3,000 jobs the Mankato-North Mankato regained in June.
The Blue Earth County Board of Commissioners recently approved allocating $2 million in economic support to organizations affected by COVID-19. This funding is from federal legislation: the CARES Act.
Small locally owned businesses adversely affected by COVID-19 may apply for a one time grant of up to $10,000 (per applicant) to cover expenses for up to three months through Blue Earth County’s Business Assistance Grant Program. Read More
This is a guest blog submission from Dan Solomon of the Minnesota Department of Labor and Industry.
The Minnesota Dual-Training Pipeline is an innovative approach to address current and future workforce needs. The program works with employers to change the conversation from “How do we find workers with the skills we need?” to “How do we GIVE workers the skills we need?”
Pipeline exists to support employers in creating or enhancing a competency based dual-training approach where workers receive a combination of related instruction strategically paired with on-the-job training. Dual-training grants through the Minnesota Office of Higher Education provide funding for employers to create new and expand existing dual-training initiatives. Pipeline focuses on the four industries of advanced manufacturing, agriculture, health care services and information technology. In the Mankato area, Pipeline is thrilled to most recently support workforce training efforts at Jones Metal, Dotson Iron Castings, V-Tek, Inc. and Mankato Clinic.
Minnesota Dual-Training Pipeline is here for business and available to provide consultation with employers interested in setting up dual training any time throughout the year. In addition, Pipeline hosts industry forums to bring business leaders together to share information and provide updates as well as hosts a speaker series with a variety of topics of interest to employers. Pipeline also hosts 101 Webinars for those brand new to the program who would like to learn more. The next Pipeline 101 webinar is on August 11 from 9am to 10am and you can sign up at the following link here: https://www.dli.mn.gov/business/workforce/pipeline-events
To learn more about Minnesota Dual-Training Pipeline or to contact one of the Pipeline staff, visit https://www.dli.mn.gov/pipeline .
Recently Greater Mankato Growth distributed 66,000 face masks in Blue Earth and Nicollet Counties in response to the statewide mandate. The intent was to assist businesses in welcoming customers, keeping employees safe, and assisting in keeping costs down for area businesses. See full news release here. Read More
This is a guest blog by Greater Mankato Growth member, Mankato Clinic.
As the Greater Mankato region experiences an increase in COVID-19 cases, business owners and managers have many questions and concerns on how to stay open and keep customers, staff and our community safe.Read More
This is a guest blog post by Joe Paulsen from Greater Mankato Growth member business, Pinnacle Business Traction.
At the virtual Entrepreneurial Operating System (EOS) conference in May, my biggest take away came from the creator of EOS, Gino Wickman. He gave a keynote address titled: “Managing Human Energy Coming Out of a Crisis.” Gino provided 10 Disciplines for Leaders who want to perform at the top of his/her game in good times or challenging times. Following are the 10 Disciplines with a brief explanation:Read More
This is a guest blog post by Greater Mankato Growth member business, Eide Bailly LLP.
As economies reopen across the country, many organizations have turned a critical eye to how they should reopen in the wake of the next normal. In a time of great operational uncertainty, how organizations can reopen and reposition themselves in the marketplace effectively will be critical to their long-term success.Read More
The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) is now reopened for all eligible business to apply for the $10,000 grant advance and loan. The program was previously closed for new applications for a period of time due to a funding lapse. Businesses can get more information and apply for this program here.