Small Business Preparedness and Recovery Resources for the Coronavirus: Keep Calm and Small Business On.
At the South Carolina SBDC Network, the health and well-being of our customers, employees, and community remain our top priority. We understand that this is a stressful time and that small businesses like yours may be experiencing unexpected consequences as a result of the the Coronavirus (COVID-19). We are committed to keeping you informed regarding our service offerings and resources to protect your small business. Our network of consultants is available via phone, email and online to provide disaster assistance should your business experience economic injury or other unintended consequences.
Funding Assistance Programs
HOW MUCH YOU CAN BORROW:
· Eligible entities may qualify for loans up to $2 million.
Applicants must meet the SBA requirements of a small business (500 employees or fewer)
Businesses directly affected by COVID-19
Faith Based Organizations May Apply for SBA Assistance
Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
LOAN APPROVAL CRITERIA:
HOW THE FUNDS CAN BE USED:
WHAT IS NEEDED TO APPLY:
Supporting Information P019
Other information that will need to be asked later in the process:
Personal Financial Statement (SBA Form 413)
Income, balance sheet, and cash flow documents
Other Information may also be requested
OTHER INFORMATION THAT MAY BE REQUESTED:
HOW SOON WILL BUSINESSES RECEIVE MONEY?
HOW TO APPLY:
Tips for Applying
Tips for Applying
Paycheck Protection Program Information
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
- Instituting a 14-day period, starting Wednesday, February 24th during which only businesses with fewer than 20 employees can apply for relief through the Program.
- Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
- Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
White House press release:
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.
Faith Based Organizations May Apply for SBA Assistance
How to Apply
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.
SC CARES Act Relief Grant
Shuttered Venue Operators Grant
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program reopened April 26th, 2021and includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
- Live venue operators or promoters
Live performing arts organization operators
Relevant museum operators, zoos and aquariums who meet specific criteria
Motion picture theater operators
Talent representatives, and
Each business entity owned by an eligible entity that also meets the eligibility requirements
SVO Grant Amount
Grant amount will be either:
For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
How to Apply
04.05.2021 - Navigating the Shuttered Venue Operators Grant Application Portal
SVOG Presentation Slides
Quick Start Guide for Contract Registration
SBA is in the process of setting up the grant program and is not yet accepting applications. Those who have suffered the greatest economic loss will be the first applications processed under the following schedule:
First Priority (1st 14 days of grant award): Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
Second Priority (Next 14 days of grant awards): Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
Third Priority (Beginning 28 days after First & Second Priority Awards are made): Entities that suffered a 25% or greater earned revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
Supplemental Funding (Available after all Priority Periods have passed): Recipients of First, Second, and Third Priority round awards who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)
Here are some tech tips as you go through your application:
- If you have only one bank account in your SAM.gov registration, your Electronic Funds Transfer Indicator is 0000 (FAQ #53 under Application).
- If you want to remove an uploaded file, try uploading a new file to replace the file you wish to delete.
- If you’re seeing a zero-grant amount in the calculator, that could be because of an invalid start date, an offsetting PPP loan amount, or an insufficient revenue loss.
- If you email the SVOG Support Center, you may receive an email back from a zendesk.com account. This is an authorized SBA contractor.
- You do not need to complete a physical SF-424B document because the information required is captured when you register for SAM.gov.
- For technical support with the SVOG portal, password resets, or help with authenticator apps, contact 1-800-659-2955 or 1-800-877-8339 (TTY).
For those who have submitted their applications, the SBA anticipates SVOGs awards will start in late May, so continue monitoring the email account associated with your application. All application status changes will be communicated through email.
As reminder, per federal grant program guidelines that require the same and equal information be provided to each applicant, SBA’s team members are limited on responses they can provide to applicants, including specific questions regarding SVOG eligibility, potential grant amount, and other detailed information.
Restaurant Revitalization Fund
Restaurant Revitalization Fund
5.24.2021 - The Restaurant Revitalization Fund is closed as of May 24th 2021.
SC Department of Employment and Workforce
IRS - Coronavirus Tax Relief
SC SBDC Services & Events
All South Carolina SBDC locations remain open at this time. We have modified how we conduct face-to-face engagements with our customers and the general public. Centers are working remotely and will continue to assist clients via phone, email and various online tools. Center phones have either been forwarded to the consultants or they are checking messages regularly. Click Here to sign up for counseling. We are experiencing a high volume of requests but should respond within 24 hours.
Training Events and Workshops
To minimize the health and safety risk to our customers and employees, and prevent the further contraction and spread of COVID-19, all scheduled face-to-face South Carolina SBDC training events and workshops are suspended until further notice. We are working to implement expanded use of remote instruction to provide ongoing small business training services, especially in the area of pandemic planning, preparation, response and recovery. Please check the training events tab at scsbdc.com/training-events for updates on educational programs and events.
View the recording of our Understanding Unemployment Webinar here.
The U.S. Small Business Administration (SBA) has activated its Economic Injury Disaster Loan Program. This program provides working capital to small businesses (and some small agricultural cooperatives and most private nonprofit organizations) who have suffered “substantial economic injury” as a result COVID-19. Substantial economic injury means a business has been unable to meet its obligations and to pay its ordinary and necessary operating expenses. Find more information on the SBA loan program here.
As during any disaster, the South Carolina SBDC is here to help your business prepare and recover. Upon the activation of federal and state disaster assistance, our team of disaster specialists can assist you with preparing and submitting your loan application and with other post-disaster challenges. Our team can also assist you with developing a preparedness plan and with other measures to safeguard your employees, customers, and ensure the continued operation of your business. To sign up for SC SBDC assistance click here. Someone will respond within 24 hours of your submission.
Not too late to plan. Protect your small business.
Despite cases continuing to rise, it’s not too late to take proactive steps to protect your business, employees, and customers. Here are a few things you can do now:
Additional information will be translated and posted periodically, and all documents are being provided for informational purposes only. Please view COVID-19 recovery information in other languages here.
Our hearts and thoughts go out to the people who have been affected by this unprecedented event and we appreciate the healthcare workers, local communities, and governments around the world who are on the front line working to contain this coronavirus. We will continue to do our best to communicate useful business resources and provide support to mitigate the impacts of this health situation.
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Updated 5.26.2021 1:15 pm EDT