NEW: Second Round of PPP |
The Small Business Administration (SBA), in consultation with the Department of Treasury announced that the Paycheck Protection Program (PPP) will re-open the loan process beginning Monday, January 11 for new borrowers and certain existing PPP borrowers. Please check here for a link to the application.
New borrowers will be able to submit their application beginning Monday, January 11, though lender availability is limited. If you have already exhausted your first PPP loan, the loan process for your second draw will be available beginning Wednesday, January 13.
As you are aware, eligibility for a PPP loan now includes all of the following organizations.
New borrowers will be able to submit their application beginning Monday, January 11, though lender availability is limited. If you have already exhausted your first PPP loan, the loan process for your second draw will be available beginning Wednesday, January 13.
As you are aware, eligibility for a PPP loan now includes all of the following organizations.
- Small businesses
- Tribal businesses
- Self-employed individuals
- Independent contractors
- Sole Proprietorships
- 501(c)(3) nonprofit organizations
- 501(c)(6) organizations (with certain lobbying restrictions applying)
- 501(c) and quasi-governmental DMOs (with certain lobbying restrictions applying)
Local Financial Opportunities
Alamance County Revolving Loan FundWho can apply?
See more information on the Alamance Chamber website here. |
Burlington Microenterprise LoansFUNDING NO LONGER AVAILABLE
All funds have been allocated. Find more information at the City of Burlington Economic Development page. |
Alamance Community College : Reboot, Rebuild,
& Recover Resources
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Our Small Business Center has been provided additional financial resources to help in your recovery from COVID-19.
These additional professionals will consult with you in all areas of business from Accounting to Marketing to Intellectual Property to Social Media, Human Relations and more. You can set up your accounting, develop a winning social media platform and more through their direct consulting. Our additional experts Include experienced professional in the areas of law, accounting, insurance, marketing, social media, finance, and more. If you require someone to consult with you step by step, at no cost to you while showing you how to restore and secure your business, we can provide experts to accomplish this at no cost to you. Non Profit consultation is also available. |
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Planning resources to develop your reopening strategy
Choose Alamance The Alamance Chamber is promoting local businesses through a #ChooseAlamance buy local campaign. Reach out to the Chamber to engage with the program with signs, contests and more. 
US Chamber of Commerce
The US Chamber of Commerce is an excellent business resource, providing COVID-19 reopening guides, blogs and webinar resources for all types of businesses. 
NC Main Street
North Carolina's Main Street support and planning office has assembled an excellent library of reopening, resiliency and other business resources geared toward small, micro businesses. Safe Work Playbook
The Lear Corporation developed this interactive planning document and are offering it for free to businesses as they consider CDC and WHO procedures for safe operations, employees and customers. |
Economic Development Partnership of NC EDPNC offers a comprehensive review of business reopening guides and links in addition to business counseling services, financial resources and job openings 
NC Restaurant & Lodging Association NCRLA is rolling out the Count on Me NC program, a voluntary cleanliness protocol program for restaurants and lodging businesses in North Carolina. 
Reopen Main Street
From the Downtown Professionals Network, Reopen Main Street is a platform offering advice to small businesses on how to reopen, whether you are a restaurant, service oriented shop, retail, or an arts and culture destination. Operation Open Doors
Membership organization National Retail Foundation has assembled resources, including a very helpful free Checklist to help retailers plan on a smooth reopening. |
NC Rapid Recovery Loans - $125 Million provided by NCGA
The Goldean LEAF Foundation and non-profit lending partners throughout North Carolina created the NC Rapid Recovery Loan program, designed to provide businesses bridge financing to keep from closing. The program has received an additional $125 Million infusion of funds from the NC General Assembly, signed by the Governor on May 4, 2020. Golden LEAF funding will support NC COVID-19 Rapid Recovery Loans for eligible businesses with the following terms:
- $50,000 maximum loan per business
- 0% interest and no payments for 6 months
- If not repaid in 6 months, coverts to term loan (4 years, 5.5% interest)
- PPP and EIDL recipients are ineligible for this loan
Information on this program can be found at ncrapidrecovery.org.
Federal Coronavirus Aid Package - Business Resources
ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.
ASSISTANCE FOR SMALL BUSINESSES
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
For a top-line overview of the program CLICK HERE
If you’re a lender, more information can be found HERE
If you’re a borrower, more information can be found HERE
The application for borrowers can be found HERE
MAIN STREET LENDING PROGRAM
U.S.-based businesses and nonprofits will be able to refinance existing loans or obtain new unsecured loans through a $600 billion program designed by the Federal Reserve and Treasury Department. Loans will be provided through banks and credit unions, with a minimum loan size of $500,000, a repayment period of 4 years, interest rates ranging from 2.5 – 4.5%, and amortization of principle and interest deferred for the first year. Please note that the terms of this program may change before it is operationalized by the Fed. More information can be found here.
SBA Small Business Loans
The SBA is currently offering businesses impacted by Coronavirus Express Bridge Loans, Economic Injury Disaster Loans and Paycheck Protection Plan Loans. More information can be found at www.sba.gov/coronavirus. SBA Economic Injury Disaster Loan Application SBA Paycheck Protection Program Website North Carolina SBA Disaster Declaration For questions and consultation, please call the SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY: 1-800-877-8339) or send an email to: disastercustomerservice@sba.gov . If you already have an SBA loan or need to find an SBA-approved lender in North Carolina, we've got you covered: North Carolina SBA Lenders - Find the right funding for you |
With so many different resources available in the wake of the COVID-19 crisis, many businesses are dizzy trying to figure this all out. The US Chamber of Commerce assembled this helpful summary guide. Of course, you can always reach out for help here. |
Regional Chamber Resources
We're home to a great chamber of commerce that is hosting regular webinars, calls and resource updates for their members.
Here are the best chamber resources out there for Coronavirus:
Alamance Chamber COVID-19 Page
Greensboro Chamber of Commerce Business Brief Calls
Carolina Chamber Webinar Series
NC Chamber COVID-19 Business Guide
Federal Tax Relief |
State Tax Relief |
Federal Coronavirus Tax Relief The U.S. Treasury Department and Internal Revenue Service have announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. |
N.C. Department of Revenue Penalty Relief
N.C. Department of Revenue recently announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. In addition to the filing extension, the NCDOR will not charge penalties for those filing and paying their taxes after April 15, as long as they file and pay their tax before the updated July 15 deadline. |
