Sustainable Economic Growth Throughout the Sun Valley Region
Bellevue ● Blaine County ● Carey ● Hailey ● Ketchum ● Sun Valley
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SVED Insider - Special Newsletter #5
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Message from SVED
On Friday March 27th, Congress passed and the President signed a $2 Trillion stimulus bill. The bill contains provisions for individuals and businesses with support through dozens of channels including unemployment insurance, community development block grants, FEMA, SBA and many others.
SVED spent the weekend "unpacking" this bill and we are providing a summary of the two aspects we believe are most beneficial to Blaine County businesses and individuals.
Businesses may be eligible for and apply to both programs, however limitations on the amounts approved may apply if both programs are utilized by the business. At this point, SVED recommends applying for both programs if you are eligible and can use both, but not to accept the funds until there is more clarity on how these two programs will interact. The rules for these programs are still being written and details will continue to emerge. SVED will replace its cancelled Community Forum with webinars for industry groups on this subject. Stay Tuned.
Stay Safe Stay Healthy Do the Right Thing
Click below for the most current information from Blaine County and Visit Sun Valley.
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Unpacking the Stimulus Bill
Paycheck Protection Program (PPP)
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Paycheck Protection Program (PPP)
Who is Eligible?
- Businesses (including sole proprietors & self-employed) & nonprofits except those with Medicaid funds and with fewer than 500 employees
- Must have been "substantially affected by COVID-19," which are described as:
- supply chain disruptions
- staffing challenges;
- a decrease in sales or customers; or
- shuttered businesses
What are the Eligible Expenses?
- Payroll support for employees for whom it paid salaries and payroll taxes or a paid independent contractor
- Mortgage payments (interest only);
- Rent (including rent under a lease agreement);
- Utilities;
- Any other debt obligations that were incurred before the covered period
How Much Can I Apply For?
- The amount to be the lesser of (a) $10 million or (b) 2.5 multiplied by the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the 1 year period before the date on which the loan is made.
- Note (b) above is different for newer companies or those with seasonal employees
How Long Do I Have to Repay and What is the Interest Rate?
- The maximum Maturity is 10 years
- The maximum interest rate will be 4%
Is This Loan Forgivable?
- An eligible recipient shall be eligible for forgiveness of indebtedness in an amount equal to the cost of maintaining payroll continuity and other allowable costs during the covered period (8 weeks from loan origination). The borrower shall submit to the lender an application, which shall include documentation verifying the number of full-time equivalent employees on payroll and the other costs included in "Allowable Use:"
- payroll tax filings reported to the Internal Revenue Service;
- state income, payroll, and unemployment insurance filings;
- financial statements verifying payment on debt obligations incurred before the covered period; and
- any other necessary documentation to be determined
- The amount of any loan forgiveness will be reduced by any reductions in employee wages (in excess of 25% for any employee) or a reduction in the number of employees during the covered period
How Do I Apply?
- These loans will be issued by SBA 7(a) Lenders
- Link to SBA lenders in Idaho
- If you don't see your bank, ask them!
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Unpacking the Stimulus Bill
Economic Injury Disaster Loan Program (EIDL)
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Economic Injury Disaster Loan Program (EIDL)
Who is Eligible?
- Small businesses, including ESOPs, and non-profits affected by the coronavirus in presidential and SBA declared disaster areas (Blaine County is included)
What are the Eligible Expenses?
- Accounts payable, fixed debts, payroll, and other bills due to the virus
How Much Can I Apply For?
How Long Do I Have to Repay and What is the Interest Rate?
- The maximum Maturity is 30 years
- 2.75% for nonprofits
- 3.75% for small businesses
Is This Loan Forgivable?
How Do I Apply?
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Unpacking the Stimulus Bill
Additional Details
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Need more information about these and other programs? Here is the library of resources we used for our summary above.
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The drop-off location is at the Blaine County Sheriff's Office, 1650 Aviation Drive in Hailey. Please
do not bring PPE to St. Luke's. They have their own supply chain for medical supplies.
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For a full list of resources follow the links to Blaine County and Visit Sun Valley above.
Below is a list of resources we are aware of at this point.
Response is still ramping up and we expect to be able to provide more information on a continuing basis.
Here is what we know is available right now. We will link to additional sources as we become aware of them.
Special Newsletter #5
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Share Your Stories & Impacts
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"The Insider" Sponsored by Our
Champion and Legacy Members
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Elevation Air Club
Idaho National Laboratory
Limelight Hotel
Marketron Broadcast Solutions
Sun Valley Community School
Waypoint Real Estate Services
(Jack Bariteau)
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American Capital Advisory, Boise State University, Centerlyne, Clear Creek Disposal, College of Southern Idaho, CSI Foundation, First American Title, Fly Sun Valley Alliance,
First Interstate Bank,
First Lite, Friedman Memorial Airport, Haavik Consulting, LLC, Haymax Capital, Hotel Ketchum, Intermountain Gas,
Magleby Construction
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Old Cutters Inc, Power Engineers, QBSolutions, Sawtooth Club, Sun Valley Board of Realtors, Tamarack Lodge, Webb Landscaping, Zenergy
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Accord Capital Management, Alpine Investment Group, Alpine Lodging - Sun Valley, Amanda Breen Law, Backroads Brands, BigWood Landscape, Chamber of Commerce of the WR Valley, Christensen Global Strategies,
Conrad Bros Construction,
DL Evans Bank, DPPM Project Management, Economical Housing Solutions/Jim Warjone, Evergreen Expeditions, Finance of America Mortgage, Gail Severn Gallery, Galactic Ideas,
City of
Hailey, Hennessy Company, Kenny-Bogue Commercial Real Estate,
Ketchum Grill,
Ketchum Innovation Center,
Kirk Group, KMVT-11, Lawson, Laski, Clark & Pogue, Lallman, Felton, Peterson,
Limpopo Design,
McAlvain Construction, McCann, Daech, Fenton,
Meeting Objectives,
Michael Doty & Associates, Natural Retreats - Sun Valley, Perry's Restaurant, Rick LeFaivre,
Rebecca's Private Idaho,
Redfish Technology, Reid Sanborn, Engel & Volkers Sun Valley,
Sawtooth Brewery,
Sawtooth Development, State Farm Insurance Patrick Buchanan, Success Management, Trish Wilson, Sun Valley Center for the Arts, Sun Valley Institute for Resilience, Sun Valley Marketing Alliance, Sun Valley Real Estate/Christie's, Sun Valley Title One, Top 5, T
railing of the Sheep Festival,
US Bank, The Valley Club, WaFd Band
West Coast Investment Realty,
Windermere Realty, Zions Bank
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Amber Busuttil Mullen, Blaine County Rec District, Blaine County Title, Brad Cleveland, Brian Barsotti, ClearRock Capital, Crank Tank, Dale Ewersen, Darlene Dyer,
Elephant's Perch,
Engel & Associates, Havens Consulting, Jaquet
Sun Valley Tours,
Jim Plomasen, John Alan Partners,
Julie Cord,
KMV Builders, Len Harlig, Lentz Appraisal, Lutz Rental, Mike Thompson, Miller Consulting, Professional Roofing, Propeller Industries, Sandi Viau CPA, Shorty's, Silver Creek Outfitters, The Copy Center, Wood River YMCA
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Membership Supports:
- Business Retention
- Business Expansion
- Business Recruitment
- Economic Data Releases
- Pro-business Advocacy
- Business Infrastructure
- Education
- Networking
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Sun Valley Economic Development| (208) 720-7779 | P.O. Box 3893, Ketchum, ID 83340 | www.SunValleyEconomy.org
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