The House COVID-19 Economic Support Working Group met on March 31, 2019.
Lee Lilly, Legislative Director for Governor Roy Cooper provided the Committee with a broad overview of the administration’s COVID-19 updates.
This slide illustrates the distribution of cases in North Carolina as of March 31, 2020.
NC US Small Business Association
Thomas Stith, the Director for NC US Small Business Association informed group that SBA support is available in the following avenues for coronavirus circumstances:
- Economic Injury Disaster Loans
- All small businesses are eligible to apply. Criteria for consideration does include credit history, repayment, and collateral for loans over $25,000.
- Eligible entities can qualify for loans up to $2 million. The loan funds could be used for fixed debts, payroll, accounts payable, and other bills.
- Emergency Economic Injury Grants
- Up to $10,000.
- If approved, funds are distributed and are not repaid.
- Express Bridge Loans
- Paycheck Protection Program
- Small Business Debt Relief
*Please click this photo to expand to view the application information.
Scott Hamilton, President of the Golden Leaf Foundation provided an update of their Rapid Recovery Loan Program.
The online application takes less than an hour to complete and the loans have zero interest. The goal of this program is to support as many businesses as possible until they can restart their operations to receive revenue. This program is operated by the NC Rural Center, however, small businesses in all 100 counties are eligible to apply for funding. The average amount requested by applicants is $36,000. Applications will be reviewed in the order that they are received. Visit NCrapidrecovery.org to learn more and apply.
Business Link North Carolina can also help business owners with information and resources to assist their companies.
North Carolina Restaurant & Lodging Association
Lynn Minges, President and CEO of NCRLA provided the group requests from their industry.
North Carolina Retail Merchants Association
Andy Ellen, President and General Counsel of NCRMA provided the group requests on behalf of all retail businesses.
Public Comment to the NCGA House Select Committee on COVID-19 can be provided here.