Economic Security For Small Biz Owners and the Self-Employed

EDC Update for Local Small Businesses

The Paycheck Protection Program for Small Businesses

This update contains important information from Terry Bralley, president of the Davie County Economic Development Commission, for small businesses.

CARES ACT

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

Get SBA Updates

Subscribe to the Small Business Administration’s e-newsletter and get updates on SBA programs and resources for small businesses impacted by #COVID19.

Enter your zip code for SBA district office updates at www.sba.gov/updates

You can also follow SBA on Twitter @SBAgov.

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