Due to overwhelming interest in this program and available funding, Point West is unable to accept additional applications at this time. We are sorry for the inconvenience and appreciate your interest in this important initiative to help our small businesses in Oregon. For additional questions or concerns, please email [email protected].
The COVID-19 pandemic has taken an unprecedented toll on our local small businesses. Thanks to generous support from Business Oregon, Point West is offering a limited number of grants for qualifying small businesses. The amount of the grant will be the greater of the following figures based upon a calculation for Full Time Equivalent (FTE) employment:
- Businesses with 2 or fewer FTE – $5,000
- Businesses with 3 or more FTE – $2,000 per FTE (cap of $50,000)1
Grants will be awarded on a first-come-first served basis. All applications are due to Point West by no later than Friday, November 13, 2020.
NOTE: The Public Charge Rule applies to these CARES Act funds.2
This application is for a business that meets all of the following eligibility requirements:
- The business is headquartered in Oregon and has its principal operations in Oregon.
- If required by Oregon law to be registered with the Oregon Secretary of State to do business in Oregon, the Business is so registered.
- The business has 25 or fewer employees.
- The business was adversely affected in either one of the following two ways:
- For-profit and non-profit (limited to 501(c)(3) corporations) businesses that were prohibited from operation as directed by Executive Order 20-12.
- For-profit and non-profit (limited to 501(c)(3) corporations) businesses that can demonstrate a one-month decline in sales of 25% or more, incurred by the COVID-19 pandemic, between March 1, 2020 and August 31, 2020 as compared against the same period of time in 2019.3
- The business has received less than $100,000 in total federal CARES funding (e.g. PPP, EIDL, EIDL Advance, Prosper Portland’s City of Portland Small Business Relief Program, and/or Oregon Cares Fund for Black Relief + Resiliency).
The following businesses are ineligible to apply for or receive funding under the Program:
- Passive real estate holding companies and other entities holding passive investments.
- Non-profit entities that do not have federal 501(c)(3) status.
- Businesses that experience a decline in revenues for reasons other than those caused by the COVID-19 pandemic (e.g. seasonal or cyclical businesses cycles).
- Businesses that are delinquent on federal, state or local taxes that were due on or before the date of application.
- Businesses that do not comply with all federal, state and local laws and regulations.
- Businesses that have already received grant funds through the Statewide Business and Cultural Support Program. The Emergency Board of the Oregon Legislature established this program in July 2020, to support cultural venues and organizations. Eligible recipients for this program include, but are not limited to, cultural institutions, children’s museums, county fairgrounds, cultural entities within federally recognized Indian Tribes based in Oregon, and festivals and community event organizations.
- Businesses that have received more than $100,000 of federal CARES funding (e.g. PPP, EIDL, EIDL Advance, Prosper Portland’s City of Portland Small Business Relief Program, and/or Oregon Cares Fund for Black Relief + Resiliency).
Businesses that do not otherwise meet the eligibility requirements set forth above.
About the Program
The COVID-19 Emergency Business Grant Program is a collaboration between Point West Credit Union, Central Willamette Credit Union, and Business Oregon.
The Oregon Legislature, in partnership with the Governor, allocated $22.5 Million of federal CARES Act funds for the purpose of providing financial assistance to small businesses adversely affected by economic conditions as a direct result of the COVID-19 pandemic.
To fill gaps not reached by other programs, these federal funds are directed to adversely affected businesses with 25 or fewer employees. COVID-19 Emergency Business Grant awards will be made to eligible businesses that have received less than $100,000 in federal funding. Businesses may use the proceeds for any business-related operating expenses. For more information and additional resources for small businesses during the pandemic, visit the Business Oregon website.
1Verification of FTE for businesses with more than 2 FTE will be determined by reviewing the total number of hours reported to the Oregon Employment Department (OED) on the business’ Form 132 for Q4 2019, Q1 2020, Q2 2020, or Q3 2020. Businesses not required or that have elected not to file OED Form 132 with the Oregon Employment Department are still eligible for this program but will have a maximum award of $5,000.
2Noncitizens that are subject to the public charge rule and that intend to apply for these program funds should seek legal counsel as to whether their application for visa, green card or permanent resident status would be impacted by award of these grant funds.
3Verification of sales/revenue decline requires a copy of the business’ profit and loss statement, income statement and/or sales report(s) demonstrating a decline of 25% or more in sales or revenue over the identified time period to be provided to Point West for review and approval.