UPDATE: Funding and Resources for Businesses During COVID-19
While restrictions limiting business activity to help stop the spread of the novel coronavirus are underway, many business owners are seeking funding and resources to help keep their businesses operating.
Organizations and government institutions have set up funding to help business owners overcome the hardships caused by the novel coronavirus, COVID-19.
Here are some funding opportunities and resources for small businesses affected by COVID-19.
Business for everyone
The Business For All grant, powered by Hello Alice in partnership with Verizon Wireless, includes $ 250,000 in grants awarded to help small business owners during COVID-19.
There will be one grand prize winner of $ 50,000, two finalists who will receive $ 25,000 and 10 finalists who will receive $ 10,000, as well as three business support organizations / entrepreneurs will each receive a grant of $ 10,000.
The organization is providing emergency grants of $ 10,000, distributed immediately to small business owners affected by the pandemic.
To apply online, Click here.
The US Small Business Administration had established financing options to help businesses during COVID-19, including an economic disaster loan and the paycheck protection program.
As funds ran out earlier this month, the SBA was able to allocate additional funds and resumed accepting P3 requests from participating lenders on Monday.
With the additional funding provided by the new COVID-19 relief program, the SBA will resume processing EIDL loan and advance requests that are already queued on a first-come, first-served basis, the SBA said. SBA website.
The SBA will provide further information on the availability of the EIDL portal to receive new applications as soon as possible.
According to the SBA, economic disaster loans provide working capital to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofits of all sizes to meet. their financial obligations which cannot be met due to the coronavirus.
Loans of up to $ 2 million are available with a maximum interest rate of 3.75%. If a business, however, is a significant source of employment, the administration may waive the $ 2 million limit.
The deadline for loan applications is December 18 of this year.
The Paycheck Payment Protection program offers a loan discount to businesses to retain their employees. The loan designed to directly incent small businesses to keep their workers on the payroll, according to the SBA.
Online applications are available at catastropheloan.sba.gov/ela. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email [email protected]
Wilmington Chamber of Commerce
The Wilmington Chamber of Commerce is a designated partner of the Business Emergency Operations Center, a central point where businesses can seek help.
According to the Wilmington Chamber of Commerce website, it also serves as the link between the County Emergency Operations Center (COU) and businesses that may have goods or services that the EOC needs to perform its duties. .
To contact the center, call the designated telephone number 762-2611 or contact by e-mail at [email protected]
National Science Foundation
The National Science Foundation provides funding through its Innovation and Research for Small Business (SBIR) and Technology Transfer for Small Business (STTR) grant.
North Carolina startups can apply to receive a portion of the $ 200 million in funding available to develop scientific technologies that can be commercialized.
Due to the coronavirus, the organization is encouraging companies that have technologies and services relevant to the COVID-19 response to apply.
Winners of the Spring 2020 grant session can receive up to $ 256.00 in seed money for research and development over a period of six to 12 months.
The NC Small Business & Technology Development Center will host a webinar on April 23 from 1 p.m. with NSF Program Director Muralidharan Nair to discuss the application process and requirements.
To apply for grants visit seedfund.nsf.gov/apply/.
Golden LEAF Foundation
The Golden LEAF Foundation is providing $ 15 million in funding for a rapid recovery loan program in response to the coronavirus.
Currently, the organization has received requests in excess of its current funding and is seeking additional funding to expand the program, according to its website. Requests already submitted are reviewed in order received.
However, applications are still being accepted and will be considered as additional funds become available.
Qualifying businesses can obtain loans of up to $ 50,000 interest-free and payment-free for six months.
The NC COVID-19 Rapid Recovery Loan Program aims to help small businesses recover from the economic impact they have suffered as a result of the spread of the virus.
The size of the loans is capped at two months of current income. After the first six months, the loan must be repaid within 48 months of principal repayment and 5.5% interest.
The loan money should only be used to maintain or restart a business.
To apply for the program, business owners can visit ncrapidrecovery.org. Applicants should be able to provide income tax returns, profit and loss statements, and bank statements.
All applicants must also:
- Own and operate a legal business in North Carolina or are considering doing so.
- Be at least 18 years old.
- Have credit showing a history of successful repayment.
- Have no active judgments, foreclosures or defaulting federal bonds.
Families First Coronavirus Act
Small and medium-sized businesses can get immediate and full reimbursement for the cost of coronavirus-related leave for their employees.
Under the Families First Coronavirus Act, signed by the IRS and the US Department of Labor, employers are allowed to use two refundable payroll tax credits to get reimbursed.
These include 100% reimbursements to employers for paid time off, including paid time off for child care when schools are closed and child care is not available. It also includes health insurance costs.
Employers with fewer than 500 employees are required to pay up to 80 hours of paid vacation due to COVID-19, by law. Those with 50 or fewer employees may qualify for an exemption.