Northwest Mountain MSDC Announces 2020 Virtual Events

The Northwest Mountain Minority Supplier Development Council has released the new dates for their 2020 premier events. Considering the global, national, and local health risks posed by the recent outbreak of COVID-19, the Northwest Mountain MSDC’s responsibility is, first and foremost, to support its Council Members, MBEs, and Community Partners. The Council has spent a significant amount of time thoughtfully assessing the current situation and have decided to go virtual for all 2020 events. Don’t forget to save the following dates:

Scholarship Fundraiser & Silent Auction: September 3, 2020

Leadership & Advocacy Awards: October 1, 2020

Business Conference 3 Part Event: October 8, 2020; November 12, 2020; December 10, 2020

More information, including how to register for these events, will be available soon.

About the Council
Founded in 1978, the Northwest Mountain Minority Supplier Development Council is a nonprofit organization whose mission is to drive economic value by equalizing opportunities. As an affiliate of the National MSDC, the Council certifies minority owned businesses and provides access to supplier development, supply chain inclusion, networking events and formal introductions. The Council serves the states of Alaska, Idaho, Montana, Oregon, Utah, Washington and Wyoming.
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NMSDC is Connecting MBEs with PPP Funding with Instructional Video

The NMSDC wants to ensure that no minority business owner “in need of PPP funding” is left behind! Please find the recently created and shared PPP Loan Application Instructional video featuring G. Winston Neal, President of BCF, and Ashley O’Neal, SVP with Midwest BankCentre below. To  learn more about the NMSDC’s efforts to help MBEs access PPP funding, click on the links below.

NMSDC Press Release for providing PPP loans to MBEs

NMSDC PPP Loan Instructions

View the PPP Loan Application Instruction Video – BCF/Midwest BankCentre

Apply for PPP Loan via BCF/Midwest BankCentre, applications need to be entered by June 26th

U.S. Bank and Paycheck Protection Program

U.S. Bank, member of the NMSDC, continues to provide Paycheck Protection Program (PPP) funds. If you are still interested in applying for PPP funds, please read the attached press release for application instructions (see below).

Seventy-five percent of our Council MBEs that have applied for PPP funds have received financial support. If you have not applied for PPP funding, please consider doing so. The net effect is that you are eligible to receive two months of forgivable wages and salaries, plus some mortgage, lease, and utility support.

Click here to read the Press Release

Click here to learn more about PPP

US Bank continues to take applications for the  Paycheck Protection Program (PPP) that may be beneficial to your business. On June 5 the President signed the Paycheck Protection Program (PPP) Flexibility Act into law, which affords significant changes to the PPP as outlined below.

US Bank is accepting new applications online through June 19. 

We accept applications for customers nationwide and for non-customers in states where we operate branches. If you know of a small business that may be interested, please share the attached information with more details on the programs. Small businesses can also visit usbank.com/ppp for more information or to apply.

Those with questions may call our Business Service Center at 800-673-3555 between Monday and Saturday from 8 a.m. to 8 p.m. CT.

What is the program?

The PPP is a potentially forgivable loan that helps small- and medium-sized businesses impacted by COVID-19 to cover payroll and other eligible non-payroll costs. For more information, please visit usbank.com/ppp.

What has changed?

Congress made substantial changes to the forgiveness rules and repayment terms, most importantly:

  • Extended covered period
    The Act lengthened the time that businesses have to incur costs to 24 weeks, so they may have more expenses eligible for forgiveness.
  • More flexibility on covered expenses
    The new rules require only 60 percent of the forgiveness amount to be used for payroll, while the rest can be used for non-payroll costs such as mortgage interest, rent and utilities.
  • Extended maturity date and payment deferral period
    New loans will have a 5-year term. In addition, borrowers will not have to start making payments until the SBA has completed its review of the borrower’s application for loan forgiveness. If the borrower does not apply for loan forgiveness within 10 months after the end of the covered period, payments must begin at that time.
  • Adjusted requirements for employment levels

Businesses have until December 31, 2020 to return to pre-COVID levels of employment and exemptions for some businesses who have had to reduce employment levels due to certain regulations.

If a business applied and received funding already, the changes apply to most existing loans as well, notwithstanding the loan agreements.

COVID-19 Response “New Normal” Planning

Have you started working on a plan on how to reopen your business in the midst of this COVID-19 Pandemic? The Seattle Metropolitan Chamber of Commerce, Challenge Seattle, Boston Consulting Group, together in partnership with over 200 regional/national/international companies have created a plan to help you.

Washington State COVID-19 Response “New Normal” Planning

Click here to view the short version of this report.

Click here to view the full report.

Coronavirus Small Business Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Below are a couple of guides with information to help you choose which option is best for you and your business. 

U.S. Chamber of Commerce COVID-19 Small Business Guide

COVID-19 Loan Options for Businesses

Strategies to Assist Employees Affected by Coronavirus Disease

As we face hardships from the Coronavirus Pandemic, it is necessary to support our teams. Below are some tips for employers to share with their staff regarding things to think about as we move forward in combating these new and unprecedented challenges. Thank you to Tim Otani of Union Bank and NWMMSDC board member for the valuable pointers.

Strategies to Assist Employees Affected by Coronavirus Disease

Visit your State Sites for updated information and support:

Employees should visit Sallie Mae for student loan support:

Sallie Mae Student Loans: 3-month COVID-19 forbearance.  Call (800) 472-5543 and when prompted verbally reply “COVID-19.”  System will provide you with the information and place COVID-19 forbearance on your loan.

Dealing With Coronavirus Anxiety: Expert Tips
https://www.psychology.org/resources/expert-tips-coronavirus-anxiety/

10 Considerations for Managing Your Business Through a Crisis

It is important to create a business strategy to help mitigate some of the offsets caused by the Coronavirus Pandemic. Below are ten recommendations by Reggie Brown, lecturer for the University of Washington Foster School Consulting and Business Development Program, to help you plan and not panic.

10 Considerations for Managing Your Business Through a Crisis

Visit your State Sites for updated information and support: