COVID-19 Business Resource Center
COVID-19 Impact on South Georgia Business Study
In an effort to help our area business owners and community leaders navigate this difficult time, we have compiled a list of resources regarding the Coronavirus Aid Relief and Economic Security (CARES) Act and other helpful tips to help area business and community organizations in this moment of crisis.
Should you have any questions, need guidance or have an idea as to how to help our community in this time of need, we would like to hear it. Please reach out and let us know how we can help. After all, we are in this together.
Here are a few key takeaways of the Act:
The Small Business Administration will make available $349 billion in loan guarantees to eligible small businesses with a maximum loan amount of $10 million over 10 years.
The Payroll Protection Program offers a 2.5 time monthly average deferral
The Economic Injury Disaster Loan (EIDL) has a provision calling for a $10,000 advance grant for eligible small businesses.
EIDL loans are over 30 years at a 3.75 percent interest rate
Eligibility for these programs has been extended to include sole proprietors, independent contractors and nonprofit organizations.
The Economic Development Administration will be making available $1.5 billion through its Economic Adjustment Assistance program for eligible communities faced with an economic decline resulting from COVID-19.
The United States Department of Agriculture (USDA) Rural Development program will make $20.5 million in loans available and $25 million for telemedicine and distance learning services.
Business Resources
The Georgia Small Business Development Center has compiled a comparative chart of the Small Business Administration’s Economic Injury Disaster Loan (EIDL) and the Payroll Protection Program.
The Georgia Department of Community Affairs is also making it easy to search for a public Internet access for Georgia businesses and residents struggling to maintain Internet connectivity.
For individuals and businesses struggling to maintain connectivity, the Georgia Department of Community Affairs has made available a map where you can find free WiFi throughout the state.
Other information you might find helpful:
Lifecycle of an SBA Loan by Cadence Bank
10 Digital Marketing Ideas to Consider During the Coronavirus
How the Coronavirus is Already Rewriting the Future of Business
Lead Your Business Through the Coronavirus Crisis
Coping with Coronavirus: Five Strategies to Mitigate Business Risks
8 ideas for startups to give back in the time of Coronavirus
Last updated: 4/6/2020