North Carolina Business Are Eligible for SBA Loans
We are happy to share that the Small Business Administration (“SBA”) is now offering low-interest federal disaster loans for working capital to North Carolina small businesses suffering substantial economic injury as a result of the COVID-19. As we mentioned in yesterday’s update, Governor Cooper formally requested help from the SBA and their SBA Economic Injury Disaster Loans. Eligibility for the low-interest loans requires a disaster declaration from the Administration. In response to the COVID-19 pandemic, the SBA relaxed the eligibility criteria for states in need of help and now North Carolinians can access this benefit.
SBA Customer Service Representatives are available to answer any questions about SBA’s Economic Injury Disaster Loan program and explain the application process. Eligibility for Economic Injury Disaster Loans is based on the financial impact COVID-19 has had on the applicant’s business. The interest rate is 3.75% for small businesses and 2.75% for non-profit organizations. To help make the loans manageable, SBA offers loans with long-term repayments up to a maximum of 30 years. These terms are available to entities without the financial ability to offset the adverse impact without hardship.
The Families First Coronavirus Response Act
On Wednesday President Trump signed into law a multibillion-dollar emergency aid package to help Americans impacted by the coronavirus. The House-passed measure was Senate approved and includes provisions offering paid leave benefits for workers, expanding unemployment benefits to those who have lost jobs, and free diagnostic testing for the virus.
Party lines were erased to pass this bipartisan bill that was the product of days of negotiations between Treasury Secretary Mnuchin and House Speaker Pelosi. This is the second legislative package passed by Congress to address the COVID-19 outbreak. The Trump administration is working with Senate Republicans on an additional economic stimulus package to assist small businesses, workers devasted by the slowed economy, and industries like the airlines. The White House has proposed a $1 trillion stimulus package, which would also include sending direct cash payments to Americans.
City of Winston Salem Pledges $1,000,000 To Help People Affected by COVID -19
The City of Winston Salem and Mayor Joines announced that it will contribute up to $1,000,000 to match contributions to the new COVID-19 Response Fund for Forsyth County that community leaders formed to support residents economically impacted by the COVID-19 virus.
Working from Home
We asked our community on Instagram what their best tips are for working from home. Not only did we get some great advice, but we were able to stay connected with our members and community digitally! Thank you for some awesome responses.
- Zoom with your team and customers! @solarte_collections
- Make a plan for the day and stick to it @toldbysarah
- If you’re working at your dining table, make a basket of essentials that you can move. @danammoore