U.S. Small Business Administration Assistance Information
Grant program: NC Department of Commerce Job Retention Grant (JRG) – Applications now closed
If your business or non-profit organization experienced interruption due to the COVID-19 coronavirus pandemic, the new Job Retention Grant (JRG) Program may be able to offer assistance. The maximum grant amount may be up to two months of the eligible entity’s average monthly payroll costs from 2019 plus an additional 25% of that amount. The grant amount may not exceed $250,000. More information here.
Loan Program: NC COVID-19 Rapid Recovery Loan Program – Applications now closed
The Golden LEAF Foundation announces $15 million in funding to launch a rapid recovery loan program in response to economic losses related to Coronavirus (COVID-19). Golden LEAF funding will support the NC COVID-19 Rapid Recovery Loan Program by enabling loans to be made to eligible businesses for up to $50,000 with zero interest and no payments for six months. If not repaid in six months, the loan will automatically convert to a term loan.
Main Street Lending Program – Program terminated on January 8, 2021
As authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Federal Reserve is providing $600 billion in financing for small- and medium-sized businesses through its Main Street Lending Program. Eligible businesses must:
- Have been established before March 13, 2020, and have been organized in the U.S. with significant operations and a majority of employees based in the U.S.
- Not be an ineligible business according to the SBA.
- Have no more than 15,000 employees or 2019 annual revenues of no more than $5 billion.
- Not also participate in another Main Street loan facility or the Primary Market Corporate Credit Facility (businesses that received support through the SBA Paycheck Protection Program are eligible for the Main Street Lending Program).
- Not have received specific support pursuant to the CARES Act.
To read more about the program and find out how you can apply, click here. View the U.S. Chamber’s “Guide to the Main Street Lending Program” here.