Notice: Please refer to NCDHHS for the Most Up-to-Date and Complete Information. The Blowing Rock Chamber of Commerce is here to help! Here is quick guide for Business Owners to help navigate some of the options available to you.
Loans Available for Small Businesses Owners
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).
- 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%.
- The 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.
- For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
North Carolina COVID-19 Rapid Recovery for Small Businesses
In response to the unique economic challenges of COVID-19, a consortium of public, private, and nonprofit partners have come together and launched an innovative recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector. The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries due to the effects of COVID-19.
United Way COVID-19 Community Response and Recovery Fund
United Way Worldwide has announced that it has established the COVID-19 Community Response and Recovery Fund to support affected communities and help the most vulnerable populations receive critical financial and social service support during the global crisis.
CARES Act
The CARES Act is a Federal Act just passed that aims to help the US recover from the economic impact of COVID 19. Several important issues are covered in the act. The following questions will point you in the right direction to get the process started to start receiving benefits as a business owner.
• If you are looking for capital to cover the cost of retaining employees, then the Paycheck
Protection Program might be right for you.
• If you are looking for a quick infusion of a smaller amount of cash to cover you right now, you
might want to look into an Emergency Economic Injury Grant.
• If you are looking to ease your fears about keeping up with payments on your current or
potential SBA loan? The Small Business Debt Relief Program could help.
• If you’re looking for quality, free counseling to help you navigate this uncertain
economic time? The resource partners might be your best bet
You can get to these programs easily by following the link below.
Best Practices for Essential Business Owners:
Keep everyone healthy:
- Have respiratory hygiene supplies available for employees and patrons throughout the facility, including hand sanitizer containing at least 60% alcohol, tissues, and lined trash cans
- Disinfect frequently-touched surfaces with a cleaning agent that is effective against coronaviruses throughout the day and at close of business
- Post signs encouraging patrons to leave immediately if they begin to show symptoms of illness, COVID-19 or otherwise.
- Urge people at higher risk for severe illness to stay home. Urge employees to stay home when they are sick and maximize flexibility in sick leave benefits.
- Review absenteeism policies to make sure employees are not being encouraged to come to work if they are sick.
Continue to Plan
Make a plan for what you will do if large numbers of employees are unable to attend work,
which may occur if schools are closed or their family members are sick. Identify key positions
and cross-train staff to ensure all essential functions will be covered.
- Cross-training employees for key functions so that daily schedules can continue relatively uninterrupted by potential employee absences.
Communications:
Employers should not ask for a negative COVID-19 test or a note from a medical provider for employees to return to work.
Restrictions are often issued at the state and county levels as well as at the Federal level. You should always follow the more stringent instructions to combat this virus.
Unemployment
You may file an attached claim for your employees.
- An attached claim is a claim filed by an employer on behalf of an employee who has been temporarily laid off or who has worked less than 60% of their customary scheduled full-time hours. Employers who wish to file attached claims for employees must meet the requirements of employment security law.
Employers who wish to file for their employees must:
- Have a positive DES Employer Account balance
- Pre-pay for all weeks filed on behalf of employees
- Only file an Attached Claim one time per year
- Only file for six weeks, and then employees must file UI Claims for themselves
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