EDC Update for Local Small Businesses
This update contains important information from Terry Bralley, president of the Davie County Economic Development Commission, for small businesses.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
Independent Contractors Included
Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency.
This also includes independent contractors and self-employed businesses.
Read the Guide
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The U.S. Chamber of Commerce has issued this guide (below) to help small businesses and self-employed individuals prepare to file for a loan.
The administration soon will release more details including the list of lenders offering loans under the program. That list should include many of our local banks.
Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency
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