Click on the title below for information on COVID-19 resources for business.
The City of Hastings is committed to working with local business to face the challenges created by COVID-19.
- The Hastings Economic Development and Redevelopment Authority (HEDRA) has allocated $320,000 for COVID-19 relief. HEDRA used $200,000 of the relief funds to finance the HEART Grant Program. The use of the remaining balance has not been determined.
- On May 18, the City Council took several actions to assist Hastings’ businesses by providing additional options to conduct business during the COVID-19 pandemic. Actions were established in cooperation with the Hastings Downtown Business Association (DBA) and provide greater flexibility for businesses throughout Hastings. Learn more.
The Hastings Economic Development and Redevelopment Authority (HEDRA) created the Hastings Economic Assistance for Recovery Together (HEART) Program to help local businesses adapt business practices to protect the health of customers and employees and thereby establishing the means for successful operation.
The HEART Grant Program awarded $179,479 to 61 Hastings businesses. Grant awards ranged from $350 to $4,000.
The grant may only be used for costs directly related to activities needed to adapt the business to operations related to COVID-19. Eligible activities include:
- Building improvements, equipment and furnishings
- Personal protective equipment
- Sanitizing supplies
- Employee training
- Transition to online sales
- Supplies needed to restart operations
- Other extraordinary costs directly related to COVID-19.
It is not possible to itemize the specific activities supported by the grants because many applications listed estimated costs in excess of the $4,000 maximum grant. All grant recipients are required to report and document the actual use of grant funds.
The Coronavirus Aid, Relief and Economic Security (CARES) Act established the Paycheck Protection Program. The program provides for up to $349 billion to assist small businesses in retaining jobs. The loans are for 2-1.2 months of qualified business expenses (such as payroll and utilities) to a maximum of $10 million. Loans have a two-year maturity with an interest rate of 0.5%. Loans are 100% SBA guaranteed, but are issued by a bank.
These loans may be forgiven under certain conditions relating to retaining (or quickly rehiring) employees retaining exists or salary levels. An April 3 webinar sponsored by the Chamber and Open To Business provides a good summary of the specific requirements of this program.
Banks began processing loan applications on April 3. Loans through the Paycheck Protection Program will be available through participating lenders. Interested businesses should contact their preferred lender to verify participation in this program. The Lender Application Form is a downloadable PDF file that shows businesses required to apply for the loan.
The Internal Revenue Service (IRS) has established a webpage with information about Coronavirus Tax Relief. Specific issues addressed in the IRS website include:
- Tax Day has been extended from April 15 to July 15. All taxpayers, including those who pay self-employment tax, may defer payment without penalty and interest regardless of the amount owed. No additional action is needed. The IRS website has more information on 2019 tax filing.
- Employers may be eligible to receive tax credits for paid sick leave and child care leave. Learn more about the tax credits at the IRS website.
The following is a list of links with relevant information for Hastings businesses.