COVID-19 Small Business Relief
Federal Loan and Grant Programs
We know the federal funding streams are complicated . The SBA's breakdown of funding options is extremely useful. You'll find brief overviews of the 5 programs below.
As of Jan 11 2021, the Paycheck Protection Program has resumed. You are eligible for a Second Draw PPP Loan if your business:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
For all the details, visit the SBA's PPP page. Refer to your lender for information as well.
Note: Borrowers who have not received a first draw PPP loan are still eligible.
The SBA is currently still accepting EIDL applications for small businesses (now including sole proprietorship and independent contractors). Click here to learn more about the program.
Click here to apply: https://covid19relief.sba.gov/#/
After you confirm eligibility, the application takes 1-2 hours to complete.
If you already have a business relationship with an SBA Express Lender and have an urgent need for cash, then the SBA Express Disaster Bridge Loan will allow you to access up to $25,000 quickly. This loan can be a term loan or used to bridge the gap while waiting for the decision and disbursement on an EIDL.
If you already have an existing 7(a), 504, or Microloan with the SBA then your payments will be deferred. According to the SBA, they will pay the principal, interest, and any associated fees for six months beginning with your April payment (if you have already made it, we have been told you can ask for it back). Talk with your lending agent to confirm details. Details.
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.$2 billion is reserved for eligible applications with up to 50 full-time employees.
Application is not yet open - stay tuned for more information.
Business Counseling
NC Small Business and Technology Development Centers (SBTDC)
The SBTDC provides real-time, one-to-one counseling for local business owners and managers as they navigate these challenging times, on topics including cashflow and staff scenario-planning, access to capital and help with applying for business loans. They also have an excellent state-level page of resources. The SBTDC Center in Chapel Hill serves small and mid-size businesses throughout Alamance, Chatham, Lee, Orange, and Person Counties. Schedule a free and confidential business counseling session now.
Another free, confidential business counseling resource is at the Small Business Center at Durham Tech, which serves Durham and Orange Counties, and Central Carolina Community College, which serves Chatham, Harnett, and Lee counties.
The Economic Development Partnership of North Carolina compiled a list of resources here. Their business counselors are also available to answer questions by phone at 800.228.8443.
Nonprofits: Triangle Community Foundation has compiled a really useful list of resources, available here.