The Federal Stimulus Package and Your Business
The American Recovery and Reinvestment Act hopes to jumpstart the nation’s economy. Although it is still early to determine what impact this will have on Winston-Salem’s economy, the Chamber will continue to monitor this Act’s implementation in the forthcoming months. For personal assistance, contact the Chamber today at 336-728-9200.
Below is some general information that may be useful to you and your business.
General Information
- Track how North Carolina is spending its stimulus money at ncrecovery.gov.
- Download an estimate for the number of jobs to be created by Congressional District here (Winston-Salem is located in NC Districts 5 and 12, and other parts of the Piedmont Triad are located in Districts 6 and 13).
- Click here to see how funds are being distributed across the 50 states and in selected large cities, including Winston-Salem.
- Download a summary of how funding to the U.S. Small Business Administration may be able to help your business here.
The SBA’s New Loan Program May Help Your Business
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration (SBA) has a new loan program designed just for you. The SBA’s America’s Recovery Capital Loan Program (ARC) can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times. For more information, to learn of your eligibility, and to find out how to apply, please click here.
Recovery Act Information on Family Tax Cuts and Tax Incentives
There are a number of new tax cuts and tax incentives as part of the American Recovery and Reinvestment Act of 2009. They include:
- First-Time Homebuyer Credit Expands.
- Payroll Checks Increase This Spring.
- $250 for Social Security Recipients, Veterans and Railroad Retirees.
- Money Back for New Vehicle Purchases.
The IRS explains the impact on federal taxes. The impact on North Carolina taxes will be determined during the current legislative session.
Find an Opportunity for Your Business
Stimulus money is allocated through the same channels as all government money. If your business want to bid on government contracts, you need to visit and register at the websites below.
Grants.gov – a central website to find and apply for federal government grants.
Federal Business Opportunities – the federal government’s single entry point for commercial vendors and government buyers.
HUBzone – If your business is located in a HUBzone (a Historically Underutilized Business Zone), you may be able to receive federal contracting preferences. For an overview of this program, please click here. And to see if your business is located in a HUBzone, just click here
North Carolina’s VendorLink – North Carolina’s electronic vendor registration portal.
MatchForce.org – The North Carolina Military Business Center’s website where you can find out about contracts and opportunities with military institutions in the state.
North Carolina’s Office of Historically Underutilized Business – Get your HUB certification here.
Winston-Salem and Forsyth County – Find out about government opportunities with the City of Winston-Salem and Forsyth County.