The US Congress, SBA, and others are offering grants and loan forgiveness for small businesses to help them through the COVID 19 crisis. We will keep this blog updated as information is shared.
Thank you to our friends at Downtown Chapel Hill, Regency Centers and the Small Business Administration for sharing this important information. This blog post will be updated regularly as new resources come available.
Updated March 27, 2020: Click here to read the Independent Resaurant Coalition’s Summary of Business Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – U.S. Senate Bill – S. 3548, including:
Updated March 27, 2020: Truist – NCIFund COVID-19 Grants available. $1 Million in grants from $5,000 to $25,000 is available to businesses that have completed all application components, on a first come – first served basis.
Businesses in MD, NJ, NC, OH (Brown, Butler, Clermont, Hamilton and Warren Counties), PA, SC, VA, WV and Washington, D.C. (See below if you’re located in other areas).
· That were in operation as of August 1, 2019.
· That have no more than 10 full time employees and no more than $1 million in annual revenue.
Application coming soon. Click here for more information.
Updated March 22, 2020: NOTE the Golden LEAF loan program is currently out of money and in the process of raising more funds.
NC Golden LEAF has launched the NC COVID-19 Rapid Recovery Loan Program making businesses eligible for bridge loans of up to $50,000 w/ 6 months of no interest and no payments.
The NC COVID-19 Rapid Recovery Loan Program will complement the SBA by providing a bridge until businesses can access funding from the SBA.
March 19, 2020: The United States and state governments have established programs that may provide individuals and small and mid-sized businesses assistance to minimize the economic impact of the novel Coronavirus Disease 2019 (COVID-19). We encourage you to research any such programs that may be applicable to your situation or business. One of the major programs is through the U.S. Small Business Administration which will provide capital and liquidity to certain businesses affected by the coronavirus. Regency has put together this site for informational purposes only.
Please visit the SBA website for guidance for businesses and employers impacted by Coronavirus Disease 2019 (COVID-19). On the SBA website, you will find:
Note: The SBA has approved the NC Governor’s request for a disaster declaration, and you may being the application process.
The SBA Loans page can connect you to lenders available to provide you the capital needed to keep the doors open during uncertain times. The Lender Match Program is a free referral tool that can connect you with participating SBA-approved lenders.
The SBA’s Local Assistance Directory can connect you to several local partners to counsel, mentor, and train small businesses.
We encourage you to familiarize yourself and your employees if you haven’t already with risk assessment information from the CDC.
North Carolina is beginning to offer guidance and assistance for businesses and individuals impacted by COVID-19. You can access such information on the NC websites below.
* The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
* Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
* SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
* Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
* SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
* These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
* SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
* SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
* For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
The following SBA backed organizations provide assistance to small businesses in the state; email and phone counseling are available.