Resource Guide for Businesses and Employees Impacted by COVID-19
We understand that this is a difficult time and will continue to be a difficult time for our small businesses in Cheraw and surrounding areas. We want to help to connect businesses and their employees to the resources that can help them weather this storm. This is an ever evolving situation so we will update this list as new information becomes available.
The South Carolina Small Business Development Center is offering free consultation and Small Business Administration Loan Application assistance. The regional representative is Charles Page and he may be contacted at Charles.Page@fdtc.edu.
The Small Business Administration
The Small Business Administration has started several programs to help sustain small business during this time. These programs are made available through the $2.2 Trillion Stimulus Package known as the CARES ACT. The South Carolina SBA District Office can be reached by calling 803-765-5377. The full guide to programs offered by the CARES Act can be found here: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- The Paycheck Protection Program: These 100% federally guaranteed loans can be granted to employers who maintain their payroll during this emergency. The key take away of this provision is that there are provisions for the loan to be totally forgiven, and it is designed to help your business snapback after the pandemic has passed.
- Economic Injury Debt Relief (EIDL Loan): The SBA is offering an emergency advance of up to $10,000 to businesses, non-profits, sole proprietors, contractors, and cooperatives with 500 or fewer employees within three days of applying for an EIDL loan. The $10,000 grant does not have to be paid back and you can receive it even if your loan is denied. The loans themselves loans can be up to $2 million dollars and may cover payroll and other operating expenses. Again, please reach out to the South Carolina Small Business Development Center for help with this application. The link for the application can be found here: https://covid19relief.sba.gov/#/
Facebook has pledged $100 million dollars in grants to assist small businesses during this time. While there is no application available right now, there is an option to sign up for the latest updates. https://www.facebook.com/business/boost/grants
Verizon has released their own small business recovery fund. Details are still being released but may be found here: https://www.lisc.org/covid-19/verizon-small-business-recovery-fund/?fbclid=IwAR3rS7gN-pKNCWjs2xytP3_UjfMUrXq949_EfB4Ys9_8qP7EP-CotP97QR8
The CARES Act also has a number of resources and provisions for small businesses that deal with Tax Credits and deferment of taxes. Guidance is still coming down for these measures so be sure to stay on top of things in the interim.
An overview of CARES Act provisions can be found here:
The United States Chamber of Commerce has compiled a set of best practices for keeping you, your employees, and your business safe during the time of Coronavirus. You can find it by going here: https://www.uschamber.com/coronavirus-response-toolkit
The CARES Act also contains a number of provisions impacting options for unemployment. This is all very new and unprecedented so guidance is still coming. Please stay updated by visiting the South Carolina Department of Employment and Workforce COVID-19 Resource Hub for employees. https://dew.sc.gov/covid-hub