COVID-19 Resources for Small Business
Coronavirus Relief, and Economic Security Act (CARES Act)
This bill, H.R. 748, responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses. It provides FY2020 supplemental appropriations for federal agencies to respond to the COVID-19 outbreak. The supplemental appropriations are designated as emergency spending, which is exempt from discretionary spending limits.
In addition, the bill
- funds various loans, grants, and other forms of assistance for businesses, industries, states, local governments, and hospitals;
- provides tax rebates of up to $1,200 per individual and an additional $500 per child, subject to limits based on adjusted gross income;
- temporarily expands unemployment benefits; and
- suspends payments and interest on federal student loans.
Small Business Administration
The Small Business Administration (SBA) released a toolkit offering guidance for businesses and employers to plan and respond to Coronavirus. They also offer the Economic Injury Disaster Loan program that provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Applications and more information can be found here.
Click here for a TOOLKIT
Click here for LOAN PROGRAM
Small Business and Technology Development Center
Helping businesses prepare for and recover from disasters. SBTDC has been identified as a “first responder” for business recovery in the state’s disaster recovery plan.
The Small Business Development and Technology Center (SBTDC) administers SBA disaster assistance programs, and is available to help small businesses apply for emergency loans and offer business counseling. SBTDC’s Procurement Technical Assistance Center (NC PTAC) can help businesses understand how to participate in disaster recovery efforts as a federal government contractor. For more information, see SBTDC’s COVID-19 small business resource site and NC PTAC’s weekly free webinar on federal disaster contracting. A small business emergency loan overview is attached. This information is also posted on the SOG’s COVID-19 Emergency Management resource site.
NC COVID-19 Rapid Recovery Loan
In response to the unique economic challenges of COVID-19, a consortium of public, private, and nonprofit partners have come together and launched an innovative recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector. Go here for more information and to apply.
CDC Resources for Businesses and Employers
CDC is working across the Department of Health and Human Services and across the U.S. government in the public health response to COVID-19. Plan, prepare, and respond to coronavirus disease see links below.