▫ SBA Economic Injury Disaster Loans
▫ SBA Express Bridge Loans
▫ NC COVID-19 Rapid Recovery Loan Program
▫ COVID-19 Capital Relief Database
▫ Federal Coronavirus Tax Relief
▫ N.C. Department of Revenue Special Penalty Relief
▫ EXIM Export Credit Insurance
▫ City and County Small Business Emergency Funds
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Here's key information you need to know:
In order to be eligible, you must be a small business (500 employees or less). Eligible businesses include:
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion.
You will not be asked how much you would like to borrow. The SBA uses the information you provide to determine the loan amount. Small businesses can receive a secured loan up to $2 million, and an unsecured loan up to $25,000.
The interest rates for this disaster at 3.75 percent for small businesses and 2.75 percent for non-profit organizations.
The SBA has modified the application process. Instead of completing the application in the online portal, you download the required forms, fill them out, and then upload them to the portal. View detailed instructions under “Apply Online” on the Disaster Loan Assistance page.
SBA is projecting that once a completed application is received, it will take 2-3 weeks to get a “yes or no” decision. If the loan is approved, it will take approximating 7 days to receive the funds. Taken together, it will likely take about a month between submitting a completed application and receiving the loan proceeds.
The SBTDC has developed an on-demand WEBINAR that walks through the revised SBA Economic Injury Disaster Loan application process step-by-step.
The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Bridge Loan.
Businesses may apply for up to $25,000. The loan will be repaid in full or in part by proceeds from the SBA EIDL loan. To find an Express Bridge Loan Lender, see SBA’s Lender Match Tool or contact the NC SBA District Office.
The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.
NC COVID-19 Rapid Recovery loans are not designed to be a singular source of assistance for small businesses. Repayment is expected either from more permanent funding sources or from the future cash flow of the business.
Loans are available for up to $50,000, based on the business’s current revenue. Loan agreements are structured as follows:
CASE at Duke launched #COVID19CapitalRelief, a searchable database for global, national and regional capital sources for profit and nonprofit entrepreneurs at risk due to #COVID19. It already contains over 90 capital offerings worth over $14.5 billion.
To learn more: https://www.linkedin.com/pulse/helping-entrepreneurs-covid19-world-part-2-over-145-billion-clark
To find capital: https://bit.ly/COVID19CapitalRelief
The U.S. Treasury Department and Internal Revenue Service have announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on 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.
N.C. Department of Revenue recently announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. In addition to the filing extension, the NCDOR will not charge penalties for those filing and paying their taxes after April 15, as long as they file and pay their tax before the updated July 15 deadline.
Export-Import Bank of the United States (EXIM) Export Credit Insurance relief measures are as follows:
1. Multi-Buyer and Single-Buyer Short-Term Insurance Program
2. Medium-Term Single-Buyer Insurance Policies Issued to Exporters
Should you have any questions regarding this fact sheet, we encourage you to contact Sharyn Koenig | email@example.com | (305) 526-7436 x17