Small Business Resources

Financial News
June 24, 2020
Friday, June 26th
June 25, 2020
Small Business Resources

Small Business Assistance Resources (June 2020): On June 6, the President signed legislation providing more flexibility and relief for small businesses including extending the covered period for loan forgiveness from 8 weeks after the date of loan disbursement to 24 weeks and lowering the requirements that 75% of a borrower’s loan proceeds must be used for payroll costs to 60%.

 

Small businesses must apply with a lender to be eligible for funding by June 30, 2020. SBA has approximately $100 billion available for relief.

 

Attached is a list of Small Business Assistance Resources that includes Paycheck Protection Program overview and rules, as well as useful links for borrowers and lenders, along with information related to the Economic Injury Disaster Loans & Advance Program.

 

 

Small Business Assistance Resources (June 2020)–pph

Program Overview

For Borrowers

For Lenders

    • Lender Assistance Hotline: (833) 572-0502

 

Program Rules

For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.

 

Economic Injury Disaster Loans & Advance Program: SBA’s Economic Injury Disaster Loans and Advance Program has reopened its portal to all eligible small businesses and non-profits impacted by COVID-19 pandemic. The reopened portal can be found here.

  • Deadline for Support: Small businesses must apply by December 31, 2020.
  • Loan Program: The Loan Program offers long-term, low interest assistance for a small business or non-profit. State-by-State data can be found here.
  • Advance Program: The Advance Program will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid. State-by-State data can be found here.  

 

Businesses can download templates for signs on face coverings here. Downloadable social media graphics are also available for use.

Read Executive Order No. 147 that implements today’s announcement.

Read Frequently Asked Questions about today’s executive Order and mandatory face coverings.

Read NCDHHS guidance on face coverings.

View the slide presentation from today’s briefing.

 

Growing evidence shows that cloth face coverings, when worn consistently, can decrease the spread of COVID-19, especially among people who are not yet showing symptoms of the virus. Until now, face coverings had been strongly recommended. Under today’s executive order, people must wear face coverings when in public places where physical distancing is not possible.

In addition, certain businesses must have employees and customers wear face coverings, including retail businesses, restaurants, personal care and grooming; employees of child care centers and camps; state government agencies under the Governor’s Cabinet; workers and riders of transportation; and workers in construction/trades, manufacturing, agriculture, meat processing and healthcare and long-term care settings.

Based on the metrics laid out in April by Governor Cooper and Secretary Cohen, North Carolina is evaluating a combination of the data from the following categories that shows the indicators moving in the wrong direction, causing officials to implement today’s pause in Phase 2.

Trajectory in COVID-Like Illness (CLI) Surveillance Over 14 Days

  • North Carolina’s syndromic surveillance trend for COVID-like illness is increasing.

Trajectory of Lab-Confirmed Cases Over 14 Days

  • North Carolina’s trajectory of lab-confirmed cases starting to level, but is still increasing.

Trajectory in Percent of Tests Returning Positive Over 14 Days

  • North Carolina’s trajectory in percent of tests returning positive remains elevated.

Trajectory in Hospitalizations Over 14 Days

  • North Carolina’s trajectory of hospitalizations are increasing, though we have capacity in our healthcare system.

In addition to these metrics, the state continues building capacity to be able to adequately respond to an increase in virus spread. These areas include:

Laboratory Testing

  • North Carolina is averaging more than 17,000 tests a day for the past week and there are more than 500 sites listed on online plus additional pop-up sites.
  • North Carolina labs and labs around the country are seeing supply shortages for laboratory chemicals needed to process tests.

Tracing Capability

  • There are over 1,500 full-time and part-time staff supporting contact tracing efforts at the local health department level, including the 309 Carolina Community Tracing Collaborative contact tracers. These new hires reflect the diversity of the communities they serve, and 44% are bilingual.

Personal Protective Equipment 

  • Our personal protective equipment (PPE) supplies are stable.