COVID-19 Emergency Business Grant Program
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. Take our pre-application survey now to begin the application process.
- $2,500 (no verification required); or
- Up to $5,000 (verification of 60 days fixed expenses)1
Grants will be awarded on a first-come-first served basis with a focus on sole proprietorships. All applications are due to Point West by no later than Monday, September 4, 2020.
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.
- The Business is registered with the Oregon Secretary of State to do business in Oregon (If required by Oregon law).
- The Business has 5 or fewer employees.2
- 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 businesses that can demonstrate a one-month decline in sales greater than 50% in the month of March 2020 or April 2020 as compared against sales in the month of January 2020 or February 2020. Those non-profit businesses (limited to 501(c)(3) corporations) that can demonstrate a decline in revenue greater than 50% across the months of March 2020 and April 2020 as compared against the same period of time in 2019.3
- The Business that has been unable to access federal CARES Act funds including:
- The Paycheck Protection Program (PPP);
- Small Business Administrations’ (SBA) Economic Injury Disaster Loan Emergency Advance program (EIDL); or
- Other federal programs to date for emergency pandemic funding.
Point West Credit Union will accept applications from eligible businesses headquartered in the following counties4:
- Multnomah No longer accepting new applications
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 are delinquent on federal, state or local taxes that were due before April 1,2020.
- Businesses that do not comply with all federal, state and local laws and regulations.
- Businesses that have already received grant funds through this State of Oregon COVID-19 Emergency Business Grant program.
- Businesses that do not otherwise meet the eligibility requirements sets forth above.
About the Program
The COVID-19 Emergency Business Grant Program is a collaboration between Point West Credit Union, Central Willamette Credit Union, Consolidated Community Credit Union, Trailhead Credit Union and Business Oregon.
The Oregon Legislature, in partnership with the Governor, allocated new and retargeted funds at the Oregon Business Development Department (Business Oregon), for the purpose of providing financial assistance to small businesses adversely affected by economic conditions associated with the COVID-19 pandemic that have not received federal emergency assistance under the federal CARES Act or other federal program for emergency pandemic funding.
To fill gaps not reached by other programs, these state funds are being directed to adversely affected businesses with 25 or fewer employees, and only those that have been unable to receive federal CARES Act funding, including the Small Business Administration’s Paycheck Protection Program, Economic Injury Disaster Loan Emergency Advance program, or other federal programs for emergency pandemic funding to date. 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 eligible expenses requires all expenses to be documented and provided to Point West for review and approval. Expenses that don’t have corresponding documentation or do not meet Business Oregon’s requirements for “eligible expenses” will not be included. Maximum amount is $5,000 for businesses with 5 or less employees.
2Point West is focusing its grant outreach efforts on sole proprietorships and small businesses with 5 or less employees. The COVID-19 Emergency Business Grant Program allows for businesses with up to 25 employees to qualify. Contact PWCU at [email protected] if you’d like a referral to another granting agency.
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 50% or more in sales or revenue over the aforementioned time window to be provided to Point West for review and approval.
4Per Business Oregon requirements, Point West has limited funds per county available to award. Eligible applicants may be declined if allocated funds for a specific county are already exhausted.