Congresswoman Susan W. Brooks

Representing the 5th District of Indiana
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Small Business Information

The Paycheck Protection Program

The deadline for small businesses to apply for PPP has passed! However, for current PPP applicants, the Treasury Department did update the final rule of the program on August 11th. For more information:

SBA Website (PPP Program Information) https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

Treasury Website (PPP Final Rule Addendum):  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf


Additional Resouces: 

SBA Website (EIDL Loan Program): https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.


Main Street Business Lending Program

On April 9, 2020, the Federal Reserve announced the creation of a Main Street Business Lending Program. The Main Street Lending Program was established with the approval of the Treasury Secretary and with $75 billion in equity provided by the Treasury Department from the CARES Act. For more information about the Main Street Lending Program, visit www.bostonfed.org/mslp.

  • This facility will ensure credit flows to small and mid-sized businesses that may not have been supported through the Paycheck Protection Program or the Fed’s other lending facilities.
  • The Treasury will invest $75 billion into a special purpose vehicle (SPV) to purchase eligible loans.
    • The facility can purchase up to $600 billion in loans.
    • The SPV will stop purchasing loans on September 30, 2020, unless extended.

For more information on the Main Street Business Lending Program and eligibility requirements, click PDF iconhere.

For a FAQ Sheet on the Main Street Business Lending Program, click PDF iconhere.

For more information on Federal Reserve Facilities, click PDF iconhere

 

The Federal Reserve Board modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals and social service organizations. As detailed in term sheets released on Friday, July 17, 2020, the Board approved two new loan options to provide support to a broad set of nonprofit organizations that were in sound financial condition prior to the pandemic.

Based on public feedback to proposals released for comment on June 15, the following changes were made:

  • The minimum employment threshold for nonprofits was lowered from 50 employees to 10.
  • The limit on donation-based funding was eased.
  • Several financial eligibility criteria were adjusted to accommodate a wider range of nonprofit operating models.
  • Each organization must be a tax-exempt organization as described in section 501(c)(3) or 501(c)(19) of the Internal Revenue Code.

     

Indianapolis Small Business Assistance

 

As you know, small businesses in Indianapolis have been hit hard by the pandemic. These enterprises are the lifeblood of our community, and LISC Indianapolis is working hard to provide the resources they need to stay afloat.

LISC draws on our local roots, national breadth, strong partnerships, and a comprehensive set of resources and services to pursue inclusive economic development in the following areas: talent, district and business.

NEW GRANT OPPORTUNITY

LISC has an exciting new grant opportunity for Indy small businesses that we hope you will promote to your network. Through a program we’re calling Neighborhood Business Grants, funded by our partner Lowe’s, we will award $20,000 grants to 75 businesses in Indianapolis.

Designed to help small business owners meet their most immediate needs, grant funds may be used to:

  • Pay rent and utilities
  • Meet payroll
  • Pay outstanding debt to vendors
  • Upgrade technology infrastructure
  • Take care of other immediate operational costs

The application window is August 18 – August 23 at 11:59 pm ET. The Neighborhood Business Grants program will focus on underserved communities that often lack access to flexible, affordable capital This includes businesses owned and led by minorities and women. Businesses throughout the Indianapolis metro are eligible to apply, but business located within LISC’s priority neighborhoods including Quality of Life Plan neighborhoods, Great Places 2020 neighborhoods and Inclusive Economic Opportunity Districts will receive prioritization. We will also prioritize businesses in these sectors: Construction, Manufacturing, Retail, Transportation, Warehousing, Real Estate Renting or Leasing.

This program is separate from previous small business grant applications from LISC.

You must submit a new application to be considered for a Neighborhood Business Grant

Apply Now

 

Learn more about the program and confirm your business' eligibility here.