We encourage local small businesses to apply as soon as possible!
FEDERAL RELIEF
1) (*NEW) $10K Loan Advance for Fast Cash: The SBA (via the recent CARES Act) is now offering small businesses and non-profit organizations up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). The Loan Advance funds will be made available within three days of a successful application, and the loan advance will not have to be repaid. To apply for this “EIDL Advance,” go to www.SBA.gov/Disaster and complete the new, streamlined application. (Note - to receive the advance, you must submit the new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.)
2) (*UPDATED) $2M Low Interest Loan for Revenue Loss: The SBA Economic Injury Disaster Loan Program (EIDL) opened to NC small businesses and non-profit organizations on 3/19 to help overcome temporary loss of revenue due to COVID-19. The program offers low-interest loans (up to $2 million) with favorable terms (3.75% for small businesses and 2.75% for non-profits, repaid over 30 years). Note - the SBA website and application process has been updated and so please follow the new streamlined SBA guidance.
3) (*NEW) $10M Loan with Forgiveness for Payroll: The SBA (via the recent CARES Act) is managing a new small business payroll support program, called the Paycheck Protection Program. Last night the Department of Treasury released the Paycheck Protection Program application and supplemental information, on their business support website. This $350 billion program helps small businesses and eligible non-profit organizations keep employees on payroll by offering loan forgiveness. Loans of up to $10 million are available and the SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses. Beginning on April 3, small businesses, eligible nonprofits, and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders (local banks). Independent contractors and self-employed individuals can apply beginning April 10. Helpful Checklist and Brochure
LOCAL RELIEF
4) (*LAST CALL) $25K Carrboro Zero Interest Loans for Payroll: The Town of Carrboro created a nearly $500,000 “Small Business and Nonprofit Emergency Fund” to help Carrboro-based businesses and Carrboro-serving nonprofits with short-term payroll coverage. This is a 90/10 loan/grant with 0% interest repaid over 3-7 years with deferred payback beginning six months after the State of Emergency is lifted. Deadline is April 1, 2020.
5) (*ONGOING) $10K Low Interest Loans for Immediate Cash Needs: The CarrboroUnited fund for independent Carrboro-based businesses is accepting applications for non-asset-based loans up to $10,000 for short-term cash needs for payroll and other essential expenses. This fund is made available by local philanthropist and founder of Fleet Feet, Tom Raynor. Funding decisions are made within 48 hours after meeting and delivery of documents. For more information, contact Tom at raynorco@gmail.com.
6) (*ONGOING) $20K Orange County Zero Interest Loans & $5K Grants for Revenue Loss: The Orange County “Emergency Small Business Funding Program” is providing zero interest loans and grants to Orange County small businesses experiencing revenue loss due to the COVID-19 pandemic. The zero interest loans are up to $20,000 with repayment over five years and the grants are up to $5,000, for a max of $25,000 per applicant. Deadline April 10, 2020.