The Legislative Budget Committee approved the application deadline for the COVID-19 PACE Recovery II (CPR II) program to November 30, 2020. They also added $20 million to assist businesses with interest payments accrued between April 1, 2020 and September 30, 2020. The program is funded by CARES Act dollars assigned to Bank of North Dakota.
North Dakota business owners may work with their local lender to apply for funding of up to $50,000 that covers the accrued interest payments. The funds do not need to be repaid.
Business owners will be asked to submit comparable revenue between April 1-Sept. 30, 2019, and the same time period in 2020. Upon closure of the application period, BND will apply a formula to award the funds that ensures businesses with the largest percentage decrease in revenue will benefit. The awards will be given based on that percentage until they have been expended.
As of October 27, 394 applications to the CPR II program for $10.5 million have been received. Two other programs, Small Employer Relief Fund (SELF) and COVID-19 PACE Recovery (CPR), are also accepting applications through November 30, 2020.
To date, the Bank has approved 778 loans for $26 million for the SELF program and 185 loans for $22.8 million for the CPR program.
“Our lending partners are encouraged to submit as many applications as possible by November 13 so we can better assess the total amount of dollars that business owners can utilize,” stated Eric Hardmeyer, president/CEO of BND. “We appreciate the critical role they play in delivering these programs to assist their customers.”