Updated: Apr 17, 2020
Take Steps NOW That Will Help Your Business Navigate the COVID-19 Pandemic
SBA Economic Injury Disaster Loan (EIDL)
All 67 counties in Alabama are now eligible for assistance under the Economic Injury Disaster Loan declaration. These loans provide working capital to small businesses suffering substantial economic injury as a result of COVID-19, providing:
· Loans up to $2 million
· 3.75 percent fixed interest rate on loans to for-profit companies
· 2.75 percent fixed interest rate on loans to non-profits
· Up to 30-year term and amortization, which are determined on case-by-case basis
· $10,000 forgivable cash advance
For more information visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program.
Pandemic Ready Program- Preparing Your Business
The SBDC at JSU is partnering with Calhoun County EMA and the Calhoun County Chamber to initiate a program called Pandemic Ready. Pandemic Ready is a program developed to assist businesses in taking the steps necessary to best prepare for the impact of the pandemic. The program checklist is subdivided into three action areas and contains a resource listing to help businesses mitigate pandemic-related impacts that we are already experiencing. The checklist addresses areas such as business continuity planning, workplace cleanliness, and safety of employees and customers. Upon completion, the business will be mailed a certificate of completion and a Pandemic Ready sticker to affix on the business storefront. This will communicate that the business has taken additional steps to ensure the safety of their employees and customers.
The Small Business Development Center at JSU is committed to serving the small businesses in our county.
For more information call 256-782-5271 or email email@example.com