Frankfort Business recovery resources
ECONOMIC RECOVERY GRANTS FOR SMALL BUSINESSES
Governor Beshear has made funds available to local governments for reimbursement of necessary expenses related to the COVID-19 pandemic. The City of Frankfort has determined that the continued operation of our small businesses is a necessary expense. Completed applications should be submitted to Rebecca Hall by mail, email, or drop off. Please return the completed application by close of business Friday, October 30, 2020. Hard copies of the grant documents, including the application, can be picked up at the Tourism Office (300 Saint Clair Street) or the Chamber of Commerce Office (229 West Main Street). To access a digital version of the ORIGINAL application, please click here.
DECEMBER 15, 2020 - An updated application and amended executive order can be accessed by clicking here.
- Kcdc resources
- Small Business Disaster Loans
- Economic Injury Disaster Loans
- Unemployment insurance
- covid-19 stimulus bill
- paycheck protection program
- RESTAURANT WORKERS RESOURCES
- RESTAURANT EMPLOYEE RELIEF FUND
- CHAMBER OF COMMERCE CORONAVIRUS SMALL BUSINESS GUIDE
- Facebook Small Business Grants Program
- TAXES ON NET PROFITS
- CAREER / JOB RESOURCES
The Small Business Administration (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities. Learn more about the Small Business Administration Economic Injury Disaster Loan Program.
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. Learn more here.
Click here to access a news release about disaster assistance to small businesses in Kentucky.
To apply for unemployment insurance, click here to visit the State’s website and apply for benefits.
A list of frequently asked questions regarding unemployment insurance can be accessed by clicking here.
The Coronavirus Aid, Relief, and Economic Security Act (CARES) provides an estimated $2 trillion stimulus package to battle the harmful effects of the COVID-19 pandemic. A few highlights of what’s included in the package:
- Creates a $150 billion Coronavirus Relief Fund for state, local and tribal governments. See estimated state allocations courtesy of Federal Funds Information for States.
- $30 billion for an Education Stabilization Fund for states, school districts and institutions of higher education for costs related to the coronavirus.
- $45 billion for the Disaster Relief Fund for the immediate needs of state, local, tribal and territorial governments to protect citizens and help them respond and recover from the overwhelming effects of COVID-19.
- $1.4 billion for deployments of the National Guard. This level of funding will sustain up to 20,000 members of the National Guard, under the direction of the governors of each state, for the next six months in order to support state and local response efforts.
- An additional $4.3 billion, thorough the Centers for Disease Control and Prevention, to support federal, state and local public health agencies to prevent, prepare for, and respond to the coronavirus.
- Requires the Department of Homeland Security to extend the Real ID deadline for full implementation by states from Oct. 1, 2020, to no earlier than Sept. 30, 2021. DHS subsequently announced that the new deadline would be Oct. 1, 2021.
- $25 billion for transit systems. These funds would be distributed through existing formulas including the
- Urbanized Area Formula Grants, Formula Grants for Rural Areas, State of Good Repair Formula Grants and Growing and High-Density States Formula Grants using fiscal year 2020 apportionment formulas.
- $400 million in election security grants to prevent, prepare for, and respond to coronavirus in the 2020 federal election cycle. States must provide an accounting to the Election Assistance Commission of how the funds were spent within 20 days of any 2020 election.
- Expands unemployment insurance from three to four months, and provides temporary unemployment compensation of $600 per week, which is in addition to and the same time as regular state and federal UI benefits.
- Establishes a $500 billion lending fund for businesses, cities and states.
- Provides a $1,200 direct payment to many Americans and $500 for each dependent child.
Click here to access the Small Business Owner’s Guide to the CARES Act
Check with your bank to see if they are administering the Paycheck Protection Program and able to facilitate your application process.
The Paycheck Protection Program offers loans for the following types of businesses experiencing revenue disruption as a result of COVID-19:
- Small businesses with fewer than 500 employees.
- Select types of businesses with fewer than 1,500 employees.
- 501(c)(3) non-profits with fewer than 500 workers.
- Some 501(c)(19) veteran organizations.
- Self-employed workers, sole proprietors, and freelance or gig economy workers.
Businesses, even without a personal guarantee or collateral, can apply one of these loans as long as they were operational on February 15, 2020, and had paid employees at that time (even if the owner is the only employee). On a final note, the SBA’s 500-employee threshold includes all types of employees: full-time, part-time, and any other status.
Learn more about the Paycheck Protection Program.
Use this tool to find a nearby lender eligible to issue a loan under the Paycheck Protection Program.
National and city/state resources available to restaurant workers during the COVID-19 pandemic. Learn more about resources available to restaurant workers through Restaurant Opportunities Center United Resources
The Restaurant Employee Relief Fund (“Fund”) was created to help restaurant industry employees experiencing extraordinary hardship in the wake of the coronavirus disease (COVID-19) outbreak. Through this Fund, grants will be made to restaurant industry employees who have been impacted by COVID-19, including a decrease in wages or loss of employment. https://rerf.us/
The coronavirus pandemic is affecting small businesses in a variety of ways. From loss of business to remote work, things are changing fast during the COVID-19 outbreak and businesses are being forced to adapt. CO— is working to bring you the best resources and information to help you navigate this challenging time. Click here to learn more.
Click here to access more information about Coronavirus resources for Kentucky employers.
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll share more details as they become available. Learn more about the Facebook Small Business Grant Program
In light of the COVID-19 pandemic and following the announcement made by the Internal Revenue Service to extend the tax filing deadline from April 15, 2020 to July 15, 2020, the City of Frankfort has extended the deadline for filing taxes on net profit accounts to July 15, 2020.
Businesses will not accrue any penalties or interest on taxes filed by July 15, 2020. The City of Frankfort recognizes the financial impact on local businesses, employees and citizens resulting from federal, state and local actions necessary to reduce the spread of COVID-19 and wishes to prevent additional financial strain on the businesses and citizens of the City during this emergency.
Questions regarding this change may be directed to the City of Frankfort Finance Department, accessible by calling City Hall at 502-875-8500 and selecting Finance from the automated menu.