There are multiple U.S. Small Business Administration (SBA) loan programs that could be relevant for your business. The top two we recommend are:
SBA Economic Injury Disaster Loan Program - This program helps small businesses and non-profits that have been severely impacted by COVID-19 to overcome temporary loss of revenue with low-interest loans (up to $2 million) with favorable terms (3.75% for small businesses and 2.75% for non-profits, repaid over 30 years). The application process has been updated.
Payment Protection Program - This is a new $350 billion program that is part of the $2 trillion coronavirus relief package, called the CARES Act, that was signed into law on March 27, 2020. This program helps small businesses and eligible nonprofit organizations keep employees on payroll by offering loan forgiveness. Loans of up to $10 million are available and the SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses.
- The US Chamber Foundation produced a helpful guide to better understand the Payment Protection Program.
Top Three Resources for Local Businesses
This very informal running document provides you with real-time answers to the most common questions we are hearing from local businesses, including where can I access emergency capital, what should I do with my existing debt load, is it better to reduce employee hours or do lay offs so they can access unemployment benefits, what happens if one of my employees gets COVID-19, etc?
We want to hear from you: What do you need, what questions do you have, and what's working? Your updates and questions allow us to better serve you and our local business community.
Navigating these challenging times is complicated. Connect with your fellow businesses through The Chamber's new online membership network. We are sharing real-time information, answering questions, and encouraging one another. Don't do this alone. Join us.
- 3/27/20: VIDEO: Chamber Conversation on COVID-19 and the Stay at Home Order
- 3/26/20: EMAIL: Chamber Update (5 things including new NC stay at home order)
- 3/26/20: VIDEO: CBA & Town of Carrboro "All Carrboro Business Briefing"
- 3/25/20: VIDEO: Economic Outlook Forum
- 3/23/20: EMAIL: CBA Update (5 important updates)
- 3/23/20: EMAIL: Chamber President’s Update
- 3/20/20: VIDEO: "All Business Briefing" Featuring SBA Representative
- 3/17/20: EMAIL: CBA Update (Summary from 3/17/20 CBA Leadership Council Meeting)
- 3/16/20: EMAIL: Chamber Update (Message from Leadership re: program changes)
- 3/12/20: EMAIL: CBA Update (COVID-19 and Low-Interest Loans)
- 3/11/20: EMAIL: Chamber Update (7 things local businesses should do right now)
Some resources for local business support:
*If you or a colleague might be infected with or have questions about COVID-19, call the Orange County Health Department at 919-245-2400 and ask to get in touch with someone from Communicable Disease Team (CD). After hours, call 911 and ask for the communicable disease staff member on-call.