BUSINESS SUPPORT FOR COVID-19

The Watertown Development Company is hearing the widespread impact of COVID-19 on small businesses, and we are taking immediate steps to mitigate financial stress. We recognize COVID-19 presents many immediate and long-term challenges and uncertainties for public health and economic stability. We are committed to responding to and supporting our small businesses to mitigate the economic impact of COVID-19.

FINANCIAL SUPPORT INFORMATION

WDC Disaster Revolving Loan Fund

The purpose of this fund is to provide a flexible lending program to provide working capital to retail, service, or related business facing financial hardship from business disruption due to factors beyond their control, including but not limited to natural disasters, pandemics, road construction, and state, local, or national mandates. This fund is not intended to replace business disruption insurance but rather to provide options to sustain local businesses facing hardship due to disruption related to events not covered by those policies.

Paycheck Protection Program

The Paycheck Protection Program is a forgivable loan available to cover up to 8 weeks of payroll expenses for small businesses that retain their employees. Contact your bank to apply for this program.
Click here for details

CARES Act Guide for Small Businesses

Congress has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan. This is a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process.
View the guide for small businesses

Small Business Economic Injury Disaster Loans

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. South Dakota businesses are eligible for these loans.
Click here for more details.

South Dakota Small Business Relief Fund

The SD Governor’s Office of Economic Development is offering loans up to $75,00, 0% interest and no payments for six months through the Small Business Relief Fund.
Click here for details

Corporate Giving

Nationwide, the business community is mobilizing its expertise, capabilities and community resources to assist with the relief and containment efforts. View the Corporate Aid Tracker to find programs that may fit your industry or employees.
Click here for more details

Stimulus Information for individuals

The IRS has information for individual taxpayers on the stimulus payments passed by Congress.
Click here for details