Project Updates and Community Impact

Financial Resources for Rapid City’s Small Businesses

With the disruption of business as usual the last few weeks, several small businesses are feeling the pinch and rightfully concerned about the financial health of their company and employees in the months ahead.

Many of our clients and customers are local, small businesses so we know the weight of these disruptions well.

This week, we’ve received several resources that help explain the numerous programs being offered by the Government and the Small Business Administration (SBA) to help ease the financial burden during this time.

We encourage you to take advantage of all these agencies have to offer to help ensure you and your business are covered.

Resource #1: Economic Injury Disaster Loan Powerpoint from the SBA – Instructions
Resource #2: The Economic Injury Disaster Loan (EIDL) Program vs The Paycheck Protection Program (PPP)

This helpful table to describe the The Economic Injury Disaster Loan (EIDL) Program vs The Paycheck Protection Program (PPP) was forwarded to us, but the original with additional resources and detail may be found here:

Resource #3: Keeping Workers Paid and Employed Act
Resource #4: Coronavirus Aid, Relief and Economic Security (CARES) Act 


The CARES act signed into law on Friday March 27  includes $10 billion in funding to provide an advance of $10,000 to small businesses and nonprofits within three days of applying for an SBA economic injury disaster loan (EIDL).  Even if you don’t want or need a loan, you can get the grant by applying for the loan. 

Eligible entities include any business with less than 500 employees AND which has been in business for one year.   This includes any sort of legal entity, including  cooperatives, ESOPs or any individual operating as a sole proprietor during the covered period (January 31, 2020 to December 31, 2020). Private non-profits are also eligible for both grants and EIDLs.

Effectively anyone in this country who is in a small business is being handed $10,000 of tax free money.  In South Dakota, for example this would include ranchers, hair stylists, cleaning service, mechanic shops.  Literally any small business. If you own a rental house is that a business?  That is unclear.   Apply and see what happens.

Get in line quick. It is first come first serve.  EIDLs are loans of up to $2 million that carry interest rates up to 3.75% for companies and up to 2.75% for nonprofits, as well as principal and interest deferment for up to 4 years. The loans may be used for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.

The EIDL grant does not need to be repaid, even if the grantee is subsequently denied an EIDL. It may be used to provide paid sick leave to employees, maintain payroll, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.  At this time, there may or may not be forthcoming regulations that require to prove where you have spent the monies.  We suggest you keep track of the use of the funds, even though that is not likely.

A business that receives an EIDL grant between January 31, 2020 and June 30, 2020, as a result of a COVID-19 disaster declaration, is also eligible to apply for a PPP loan. However, in either case, the emergency EIDL grant award of up to $10,000 would be subtracted from the amount forgiven in the PPP loan.  See separate blogs on PPP loans.

How do I apply for the loan/grant? 

To get started on the loan/grant application look here. Click on the link that says Business Loan Application (Form 5).  You will need to reduce the documents to PDFs and send to SBA.  One commentator believes that simply filling out pages one and two will give the SBA enough information for you to “earn” the grant.   But for now, we suggest reading the filing requirements on page 4 of 6 and providing the five requested items.

The Ketel Thorstensen News Page has numerous resources to help guide you through:

Resource #5: Additional Resources and Local Business Promotion from Elevate Rapid City

Finally, Elevate Rapid City also has additional resources from the SBA and details of available grants for businesses. They are also working hard to help local restaurants and businesses who have been affected by the City shutdowns to rework their business plan and continue to offer their services via carryout, delivery, and remote options. Check out their resource page at: to learn more.

As always, be sure to reach out to relevant Government Agencies and review your plan with your Accountant to be sure you make the best choice for you and your team.

#rapidcity #smallbusiness  |  #dreamdesign #dreambig



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Dream Design International, Inc.
18 East Kansas City St., Suite 3
Rapid City, SD 57701
(605) 348-0538