We have created a whole post relating to small business assistance. the federal items are on top since they are the most time sensitive. Please get your applications in as soon as you can!

Federal Funding Resources – CARES ACT –

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law Friday, March 27th by President Trump after the Act passed both the Senate and House. The CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.

  • U.S. Small Business Administration (SBA) is offering a low-interest Economic Injury Disaster Loan to NC small businesses, small aquacultural businesses, small agricultural cooperatives, and most private nonprofit organizations. 
  • Apply Online: https://disasterloan.sba.gov/ela/
  •  SBA’s Customer Service Center: 1(800) 659-2955 or 1(800) 877-8339 for the deaf and hard-of-hearing, or by emailing disastercustomerservice@sba.gov.
  • Paycheck Protection Program (PPP) Loans – provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. Loans are available through June 30, 2020.
  • 7(a) Loans: an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies.
  • 504 Loan Program: provides loans of up to $5.5 million to approved small businesses with long- term, fixed-rate financing used to acquire fixed assets for expansion or modernization. It is a good option if you need to purchase real estate, buildings, and machinery.
  • Microloan Program: provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers to start up and expand. The average microloan is about $13,000.

General –

State Funding Resources – (Non-profit lenders)

Counseling Services – 

Filing for Unemployment:

  • If you have lost your job or been laid off, file an Unemployment Insurance (UI) claim online with the NC Division of Employment Security. Call (888) 737-0259 for assistance.
  • View COVID-19 Information for both employers and people seeking unemployment benefits. 

Tax Relief: 

  • FEDERAL: The US Treasury Department and IRS announced the the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020 without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. 
  • The Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship – this provision provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is also provided to employers who have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis. (NOTE: The credit is NOT available to employers receiving assistance through the Paycheck Protection Program (PPP)).
  • Delay of Payment of Employer Payroll Taxes – this provision allows taxpayers to defer paying the employer portion of certain payroll taxes (FICA, Railroad Retirement, and half of SECA tax liability) through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. (NOTE: Deferral is NOT provided to employers receiving assistance through the Paycheck Protection Program (PPP)).
  • STATE: The NC Department of Revenue (NCDOR) announced they will extend the tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the IRS. NCDOR will NOT charge penalties for those filing and paying their taxes after April 15, as long as they file and pay before the updated July 15 deadline. However, INTEREST may be charged after April 15 unless the taxpayer files a request for extension with the IRS or NCDOR. 

View the Federal Coronavirus Tax Relief and the NC Tax Penalty Relief for more information

View the Small Business Owner’s Guide to the CARES Act HERE