Small Business Covid-19 Resources
Here is a list of state and federal relief from the Economic Development Partnership of North Carolina (EDPNC), one of my favorite sources when people are starting businesses. The information is just as on-point with owners struggling not to close their businesses.
One of the main resources now for business is SBA emergency loans. These are bridge loans for operating capital to pay payroll, lease, etc. while income is limited because of Covid-19. All of North Carolina qualifies for the SBA emergency loans. I had a client apply for one, and his advice is to gather information on every business loan you have. You don’t need the loan number, but you need the start date and end date of the loan, the original amount of the loan and the balance, and the lender name. Have information on all your other obligations as well. He was not asked for a loan amount and he was not given an interest rate. The website moves VERY slowly because of the demand and it took him an entire day to get the application in. He has received confirmation that his application was received and is being reviewed.
Here is the NC Department of Health and Human Services site, with current information on cases, restrictions and information. If you have Corona questions, call 2-1-1 and not 9-1-1.
The IRS and the NC Department of Revenue have delayed tax payments until July 15, but you still must file your return by April 15 for personal taxes.
This may be a good time to work ON your business since you may not be able to work IN your business. Here are some ideas to get you started from Entrepreneur Magazine.
Finally, we are experiencing mass disruption that came on quickly. It is a stressful and anxiety-provoking time. Don’t isolate yourself socially, even if you are isolated physically. We are all in this together. There are a number of groups on Facebook where small business owners are supporting each other and helping each other to pivot. I am happy to invite you if that is of interest.