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.
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.
To extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation is working to provide financial relief through the Save Small Business Fund.
The Fund is providing $5,000 in one-time supplemental cash grants for businesses that have between three and 20 employees and operate in an economically vulnerable community. In our area, this includes the 56001, 56082, 56050, 56055, and 56037 zip codes. Unfortunately it excludes the 56003, 56063, 56024, and 56034 zip codes.
The grant application will go live on Monday, April 20 at 2:00 PM CDT. The application will take about 10 minutes to complete and will only require your business’s W-9 form and basic supporting information about your business.
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.
Today Governor Tim Walz issued an executive order (20-15) authorizing The Minnesota Department of Employment and Economic Development (DEED) to create an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures. This program is different than the federal SBA loans that were also recently announced. Continue reading “State Emergency Business Loan Fund Announced”→
Visit Mankato working with influencers to promote Greater Mankato as a travel destination
It’s no secret that “word of mouth” has always had a strong effect on consumer behavior. If John Doe is patronizing a business and just scarfed up the #WorldsBestPizza, social media is going to know about it. On the contrary, the door of publicity can swing both ways especially if Mr. Doe had to wait a few extra minutes in line to receive his car rental and then plasters his negative review all over the Internet. So in reality, influencers are everywhere sharing their #BestTimeEver and #NeverDoingThatAgain experiences. Anyone can be a critic, but who’s to say they are a credible source? Some have even gone so far as to “arrange” negative reviews on their competitors (UFF DA!).
Influencer marketing has been a strong initiative of Visit Mankato and developing effective strategies through research of our local markets. We have built relationships with notable influencers from around the country that align with our destination’s assets. From there, we work with local businesses to build an itinerary and create an experience for these influencers to promote Greater Mankato by sharing their story through various mediums to followers from all around who share similar interests.
This week the U.S. Senate and House Passed the Tax Cuts and Jobs Act, sending it to President Trump for his signature. This is the most significant federal tax legislation passed in more than three decades and will have sweeping impacts on businesses and individuals alike. Over the coming weeks and months, Greater Mankato Growth will work to keep our members up to speed on the impacts of the bill and what it means for you and your business – so stay tuned to this blog and GMG’s weekly E-news.
First up, an overview of what the bill means for small businesses. The information below is courtesy of the U.S. Chamber of Commerce.
Ever heard the saying, “If you need something done, give it to a busy person.”?
While that may work for errands, many business owners are finding they’re too busy for business anymore. Small business has changed a lot over the past decade and the demands on a business owner’s time have multiplied like rabbits. Continue reading “Are You Too Busy for Business?”→
Business owners rarely see a reason to build on things like their LinkedIn profiles. “I’m not looking for a job.”, is a common response when asked why they don’t have one. But in today’s uber-competitive business climate, where even mom and pops are potentially competing on a global level, it’s more important than ever to be able to differentiate your business, and yourself, from the competition. This is done through personal branding. Continue reading “Why You Need to Grow Your Personal Brand and It’s Not to Land a New Job”→