Many local organizations have partnered together to provide a useful webpage of COVID-19 resources for businesses. We hope to better serve our local business community during this time of uncertainty. For the latest COVID-19 information, click the button below.
Reopening Guidelines
Symptom Screening Checklist
Printable Max Occupancy Sign (SPA / ENG)
Printable “Know Your Ws” Sign
Surry County COVID-19 Updates
Information Regarding Face Coverings
Supply Connector (For Manufacturers and Material Suppliers)
Lights-On Covid Recovery Loan
Small Business Administration (SBA) Loans
Golden LEAF Loan Info.
Save Small Business Fund
Included in H.R. 6074, the Coronavirus Preparedness and Response Supplemental Appropriations Act (known as Package 1), which Senator Tillis supported, is funding to enable the Small Business Administration (SBA) to make up to $7 billion worth of small business loans.
SBA Economic Injury Disaster Loan Program
• Small businesses suffering substantial economic injury from the Coronavirus (COVID-19) may be eligible to receive low-interest federal disaster loans through the SBA
• Specifically, SBA’s Economic Injury Disaster Loans offer:
o Up to $2 million in assistance to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
o The interest rate is 3.75% for small businesses and 2.75% for non-profits
o SBA offers long-term repayment to keep payments affordable, up to a maximum of 30 years.
Terms are determined case-by-case, based upon borrower’s ability to repay
• Following a request received from a state’s or territory’s Governor, SBA will issue under its own authority, an Economic Injury Disaster Loan declaration allowing these loans to begin flowing to impacted businesses
• On March 17, 2020, Senator Tillis, along with Representatives Hudson and Price, sent a letter to SBA urging them to consider North Carolina’s request as quickly as possible: approval was granted the following day on March 18th
Additional information and available at https://www.sba.gov/page/coronavirus-covid-19-small-businessguidance-loan-resources
H.R. 6201, the Families First Coronavirus Response Act (known as Package 2) requires employers to provide temporary paid leave to employees who cannot attend work due to personal medical needs, caregiving needs, or childcare needs. Included in H.R. 6201 is a refundable payroll tax credit to reimburse employers – dollar for dollar – for expenses they incur for paid sick leave and family and medical leave as well. Additionally, small businesses under 50 employees may apply for a waiver from the Department of Labor (DOL) to exempt them from paid leave requirements if it would place them in significant financial hardship.
In a press release, Department of the Treasury Secretary Steven Mnuchin announced, “To protect businesses concerned about cash flow, the Treasury will use its regulatory authority to advance funds to employers in a number of ways. Employers will be able to use cash deposited with the IRS to pay sick leave wages. Additionally, for businesses that would not have sufficient taxes to draw from, Treasury will use its regulatory authority to make advances to small business to cover such costs.”
The paid leave requirements are designed to be temporary and with the goal of covering as many Americans as possible for the worst of the COVID-19 outbreak. Per Department of Labor (DOL) statistics, 89% of large companies (defined as 500+ employees) already have paid leave regimes in place. With this in mind, Congress
decided to focus the paid leave on medium and small-sized businesses. Small businesses (under 50 employees) were specifically provided an exemption process as they generally, have the fewest resources and redundancies to cover unexpected costs.
The provisions passed in Package 1 and Package 2 are just the beginning, and additional help is on the way. Another round of economic stimulus, known as Package 3 is currently being considered. The Administration released their asks for Package 3 on March 17, 2020, and they include:
Small Business Interruption Loans
• Authorize and appropriate $300 billion for qualifying small business interruption loans
• Eligible borrowers: employers with 500 employees or less
• Loan amounts: 100% of 6 weeks of payroll, capped at $1540 per week per employee (approx. $80,000 annualized)
• Borrower requirement: Employee compensation must be sustained for all employees for 8 weeks from the date the loan is disbursed
• Streamlined underwriting process: Lender verifies the previous 6-week payroll amount and later verifies that the borrower has paid 8 weeks of payroll from date of disbursement
Economic Impact Payments
• Authorize and appropriate funds for two rounds of direct payments to individual taxpayers, to be administered by the IRS and Bureau of the Fiscal Service
• $250 billion to be issued beginning April 6, $250 billion to be issued beginning May 18
Payment amounts would be fixed and tiered based on income level and family size. Treasury is modeling specific option
Information Regarding Face Coverings
(336) 401-9900