OPENS TODAY! Montana Loan Deferment Program

Governor Steve Bullock has created the Montana Loan Deferment Program to assist businesses impacted by COVID-19. The governor is directing $125 million to the program with $25 million specifically dedicated to hotels and restaurants and the remaining $100 million dedicated to other eligible borrowers.

The Montana Loan Deferment Program is facilitated by Montana banks, credit unions, and lending institutions in partnership with the State of Montana. Coronavirus Relief Funds (CRF) will be used to provide payments to participating lenders to convert existing commercial loans to interest only status, with the result being an existing borrower will be able to defer principal and interest payments on existing loans for a period of 6 to 12 months, thereby freeing up a significant amount of otherwise-dedicated capital for the borrower on a monthly basis. Upon approval, the State of Montana will provide a lump sum CRF payment to the lender in an amount equal to the following:

• For borrower obligations with interest rates less than 6%, an amount equal to the full interest payments for the eligible term; or
• For borrower obligations with interest rates of 6% or higher, an amount equal to 6% interest.
• For the duration of the eligible term, the lender will lower the interest rate to 6% for the modified deferral period.
• For variable rate loans, the interest rate used in the calculation will be the interest rate applicable to the loan at the time the application is submitted.
• The maximum amount of CRF participation per loan note is $150,000.
• Entities and individuals with multiple loans for one or several businesses will be allowed to apply for each individual loan

Eligibility

The be eligible, the borrower must certify to the following:

• Borrower is current on all debt obligations, as of December 31, 2019
• Borrower has experienced a 25% reduction in gross revenue – attributable to the direct or indirect impacts from COVID-19 – during a comparable YOY period
• Borrower does not currently have access to 12 months of working capital from any other source, including owners, guarantors, affiliates, capital markets, etc.
• The loan does not have an SBA 7A or 504 guarantee
• Borrower is not a publicly traded company
• Borrower is not engaged in any activity that is illegal under federal, state, or local law
• Borrower can demonstrate business is located in Montana and registered with Secretary of State to do business in Montana
• Borrower certifies accuracy of information provided and agrees certification is subject to all applicable laws – and punishable by law - pertaining to fraud and other false statements

Montana businesses should contact their lender to access the program.

Now Accepting Applications The Montana Business Adaptation Program provides reimbursement for COVID-19 expenses related to keeping staff and customers safe – from the purchase of personal protective equipment to resources needed for staff to work remotely. Eligible small business must be Montana-based, employ 50 or less, have incurred eligible adaptation expenses since March 1 due to COVID-19, and be in good standing with the Secretary of State or local tribal government. Nonprofit entities are eligible. Eligible expenses include costs related to communication, remote work equipment, cleaning supplies, tools to enhance social distancing and sanitation, travel and hotel costs related to quarantining workers. Total funding available is $20 million, the maximum reimbursement amount per business is $5,000. The Montana Business Stabilization Grant program will provide working capital for small businesses to support payroll, rent, accounts payable, debt service and expenses related to shifts in operations in order to retain existing businesses, retain current employees or retain business viability for future re-employment. Eligible small business must be Montana-based, employ 50 or less, have sustained a loss of revenue since Feb. 15 due to COVID 19, and be in good standing with the Secretary of State or local tribal government. Nonprofit entities are not eligible. Total funding available is $75 million, the maximum award amount per business is $10,000.  The Montana Innovation Grant program is intended to help companies scale up, improve capabilities, or drive expanded distribution of products or services developed in response to COVID-19. Projects should demonstrate significant impact in improving public health, safety, and economic impact. Eligible companies include non-profit and for-profit businesses of less than 150 employees that have created an innovative product or service intended to directly confront the COVID-19 emergency. Applicants must have primary operations based in Montana, be in good standing with the Montana Secretary of State and must not be debarred from receiving federal or state funds. Total funding available is $5 million with a maximum award amount of $25,000. Deadline to apply is July 1, 2020. The Social Service Nonprofit Grant program provides grants of up to $10,000 per applicant are available for nonprofit organizations impacted by the COVID-19 public health emergency to retain existing programs and services, employees, or organizational viability for provision of future services and operations. Eligible applicants are registered, Montana-based social service nonprofits that were operating prior to February 15, 2020. This includes senior services, housing services, transportation, public safety, energy assistance, economic development, job training, recreational services and tourism-related activities. Current funding available is $10 million. Deadline removed. Apply Here

Transparency Dashboard Updated Weekly

The state of Montana has launched a dynamic dashboard that shows the Coronavirus Relief Fund grants that have been awarded to businesses and nonprofits. This dashboard will be updated weekly until all grant dollars have been expended. 

COVID-19 RESOURCES

• Montana COVID-19 Hotline: 1-888-333-0461 or COVID19info@mt.gov 
• Montana Coronavirus task force: COVID19@MT.GOV

• If you are a business owner and have questions related to the the phased approach to reopening and how the plan applies to you directly, please call 1-800-755-6672.

• If your question relates to unemployment insurance/benefits, please contact the Department of Labor and Industry at 406-444-2545. If you think you are eligible for unemployment benefits accessible to workers laid off due to COVID-19, you can apply for benefits online at: www.montanaworks.gov or contact the Unemployment Insurance Division over the phone at 406-444-2545.

• CDC: https://www.cdc.gov/coronavirus/2019-ncov/travelers/index.html
• Visit Montana: VISITMT.COM or 1-800-847-4868

Montana’s Community Snapshot Testing Initiative:
An Invitation to Businesses to Partner in an Early Warning System for Tourism and Gateway Communities

Building from surveillance testing efforts at long term care facilities, with Tribal Nations and with front-line health care workers, the State is pursuing more frequent and widespread COVID-19 testing in order to support businesses and the tourism sector as they reopen in Montana.  The State, in concert with local public health officials, is actively recruiting partnerships with businesses in tourism destination areas to begin voluntary testing of employees who may have frequent interactions with nonresident travelers through the course of their work. The effort, known as Community Snapshot Testing, aims to develop an early warning system for a COVID-19 outbreak through one of the major risk factors facing the state—travel. This increase in testing will not only augment efforts to identify cases early and support COVID-19 response and mitigation measures, it will build a foundation that will better prepare businesses for possible increased exposure that may occur in the future.  

Governor Bullock’s Reopening the Big Sky plan has relied on individuals and businesses to provide leadership in adopting measures to mitigate COVID-19 risks. As a result, Montana enjoys one of the lowest rates of COVID-19 cases in the nation, allowing for the state to proceed with reopening and welcoming back visitors who are critical to our economy. Just as the Governor has asked residents to support local businesses by offering them more than their patronage – he is also asking our state’s visitors to do all they can to respect the decisions Montana businesses make to protect themselves, their employees, and the public.

Resources

• Snapshot Testing Toolkit for Businesses 
   
  • Montana’s Community Snapshot Testing Initiative Brochure
  • Facility plan for cleaning, sanitizing and disinfecting
  • Information about asymptomatic testing 
  • Calendar of upcoming testing events 

Request a Testing Event 

Montana Department of Emergency Services
Statewide Emergency Coordination Center
406.324.4777
Email: mtdes@mt.gov  

Workplace, Employer Resource for COVID-19 Questions The Montana Department of Labor is posting frequently asked questions and resources for businesses and employees at its new webpage dedicated to providing novel coronavirus-related information.  Bookmark http://dli.mt.gov/employer-covid-19

Survey: Childcare and the Workplace Employers, we want to hear from you! Please share your insight by taking this quick four-question survey. Your valuable feedback will help us develop informational resources to support Montana employers whose workforce is experiencing childcare challenges.  Take the survey

Mortgage, Rental Assistance Available Montana Housing’s Emergency Housing Assistance program provides rent, security deposit, mortgage payment, and/ or hazard insurance assistance as-needed for Montanans who have lost a job or substantial income loss as a result of COVID-19.  Initial payments may include up to three months assistance where the eligible household can demonstrate arrears for April and May, with continual inability to make their June payment. Montana Housing will pay the difference between 30 percent of the household’s current gross monthly income and their eligible housing assistance costs, up to $2,000 a month. Household income limits range from $75,000-$125,000 based on family size. Montanans receiving other forms of housing assistance are not eligible. Renters and homeowners can estimate their assistance payment using this calculator.  Apply here

Upcoming Application Deadlines  July 31, 2020: Native American Business Advisors (NABA) Grant program is open for application between June 22-July 31. Learn more and apply here. September 15, 2020: CDBG Affordable Housing Development and Rehabilitation application deadline. Learn more and apply here.  September 15, 2020: CDBG Community and Public Facilities application deadline. Learn more and apply here.  Ongoing: CDBG Housing Stabilization Program applications are accepted on an ongoing basis. Learn more and apply here.  Ongoing: CDBG Economic Development Program applications are accepted on an ongoing basis. Learn more and apply here.

How You Can Support the 2020 Census

• Promote my2020census.gov and 1-844-330-2020 for people to fill out their Census form online or by phone. 
• Post a picture with Census content on your social media to let your family, friends, and followers know that you were counted in the 2020 Census. Use the hashtags #MontanaCensus2020 #makeitcount 
• Get involved with your community’s Complete Count Committee (CCC). CCC's are volunteer committees established within communities to increase awareness and motivate the public to respond to the 2020 Census. A map of CCC's in Montana can be found HERE. 
• Include Census information in mailings that you're sending out. To request free materials be mailed to you contact us HERE. 
• Talk about the Census and become a trusted voice on the importance of a complete count. As a community member that people trust, your support of the 2020 Census can help other people see the benefit of filling out their 2020 Census form. 
• Distribute the Montana public service announcements (PSA) on personal or business social media platforms, websites, newsletters, or other digital communication channels.