Small Business Resources
As state, federal, and local resources become available, my goal is to provide you with the most up to date information on how you can stay in business, keep your staff employed, and get back up and running as quickly as possible once we beat the COVID-19 pandemic.
On March 27th, the House of Representatives passed a $2.3 trillion stimulus package called the CARES Act, which was quickly signed into law by President Trump. The CARES Act provides small businesses with the relief and resources that they need to stay in business and keep American workers employed.
Please see the resources below to see how your business can benefit from the provisions.
Paycheck Protection Program: The Paycheck Protection Program is a key provision in the CARES Act, which will allow businesses to apply for 100% federally guaranteed loans to cover costs such as payroll, rent, mortgage interest, and utility payments. These loans are designed to cover these obligations for 8 weeks and will be forgiven by the federal government if the terms of the loan are followed.
Economic Injury Disaster Loans and Emergency Economic Injury Grant: The Small Business Administration (SBA) can provide more immediate assistance in the form of low interest Economic Injury Disaster Loans (EIDL), which can range in size up to $2 million and can be used for a variety of operating expenses. The rate of these loans are 3.75% for small businesses and 2.75% for 501c(3) non profits and have terms of up to 30 years, with the first payment coming due one year after the issuance of the loan.
For those requiring even faster assistance, the SBA can offer an Emergency Economic Injury Grant, which includes a $10,000 advance on your Economic Injury Disaster Loan. This grant does not to be repaid under any circumstance. You must apply for your EIDL first and then request the grant within 3 days.
Small Business Debt Relief Program: If your business needs assistance in keeping up with existing or potential SBA Loans, the Small Business Debt Relief Program will cover all loan payments including principal, interest, and fees, for six months. This does not include disaster loans issued by the SBA or the Paycheck Protection Program. These loans include SBA loans that provide working capital, such as 7(a), 504, or microloans.
For more information about these loans, and to see which loan might be most applicable for your business, CLICK HERE.
Business Counseling and Training: The Small Business Administration works with a variety of local partners across the United States to provide services to small businesses at no or low cost. Many communities have a Small Business Development Center (SBDC), a Women’s Business Center (WBC) or SCORE mentorship chapter. These organizations will receive additional funds to help during the Coronavirus Pandemic.
To find a local partner in your community, CLICK HERE.
West Virginia Small Businesses Development Center: The West Virginia Small Business Development Center (WV SBDC) is prepared to offer no cost resources to West Virginia business owners to help businesses weather the Coronavirus pandemic. This includes a statewide network of business coaches who are available to connect with you over the phone or through web conferencing to answer questions and guide you during this difficult economic time.
For more information, CLICK HERE.
To find your nearest Small Business Development Center, CLICK HERE.