A Message about COVID PIVOT Impact Loans:
Page Updated as of 05.04.2020 @ 4:00pm
Your physical and economic well-being are important to the Person County Economic Development Commission and Staff. As such, we are monitoring resources related to COVID19 to share through this platform.
As rapidly as things are changing, we also encourage you to reach out to us directly with questions or needs.
COVID-19 Guidance & Resources for Small & Medium Manufacturers: Foundation for Manufacturing Excellence
Are you a manufacturer willing to help produce PPE? Click here.
Resources for Capital:
- #SaveSmallBusiness Fund :
To extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation – in partnership with Vistaprint and a coalition of supporting companies, foundations, and philanthropic donors – is working to provide financial relief through the Save Small Business Fund.
The Fund is providing $5,000 in short-term relief to employers across the United States. These one-time supplemental cash grants are for businesses that have between three and 20 employees and operate in an economically vulnerable community.
The grant application will go live on Monday, April 20 at 12:00 PM PT/3:00 PM ET. To learn more about the Save Small Business Fund and to apply for a grant, visit www.savesmallbusiness.com.
COVID PIVOT Impact Loan
The Person County Economic Development Commission has established an emergency assistance loan program to provide a rapid source of economic assistance for Person County-based businesses that have been impacted by COVID-19. This program is supported by Person County and is administered by the Kerr Tar Council of Governments.
Please note that this IS NOT a grant. COVID PIVOT Impact Loans are intended as a source of responsive, low-interest capital to reduce the economic impacts of the COVID-19 pandemic on Person County small businesses. Repayment is expected in accordance with the program terms. The COVID PIVOT Impact Loan Program is subject to the public records law of North Carolina1. Awards may be publicized.
- COVID PIVOT Impact Loan Program Guidelines:
- Between 1 - 49 (full and part time) employees (owner qualifies)
- Must have a physical location and be principally based within Person County
- Demonstrated loss of revenue of 25% or more due to COVID-19
- Agree to provide impact data
- Accounts Payable
- Fixed Debts
- Other Bills the business is unable to pay due to the COVID-19 impact
- Loan Details:
Loans are available in amounts of $2,500 - $10,000, based on the business’s current revenue. Loan agreements are structured as follows:
- Six months of no payments required at 4% (interest accruing), followed by 6 months interest-only payments @ 5.5% interest. 4-year term with 36 mos @ 5.5% interest.
- There are no prepayment penalties.
- Defaulted loans are subject to collections.
- Proceeds from the loan may only be used for maintaining or restarting a business. Eligible uses include payroll, accounts payable, fixed debts, or other bills the business is unable to pay due to effects of the COVID-19 crisis.
Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their COVID PIVOT Impact Loan.
- The COVID PIVOT Impact Loan Program is subject to the public records law of North Carolina1. Awards may be publicized.
Financial documents required for upload include:
2019 Year End Balance Sheet and Income Statement
- 2020 Year-to-Date Balance Sheet and Income Statement
- Recent Credit Report or Credit Score as provided by an accredited Financial Institution or Credit Bureau
- For additional questions, please email or call Sherry Wilborn at firstname.lastname@example.org or 336.597.1752.
- Public Notice of the COVID PIVOT Impact Loan Committee Meetings
- Coronavirus Aid, Relief and Economic Security (CARES) Act or Paycheck Protection Program
- A loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- Application may be made through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Consult with your local lender as to whether it is participating in the program.
- Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
- Tips for applying:
- Gather and provide all the supporting materials as required by the SBA sample application up front. Your lender may not require it all, but providing it initially will fast-track your application when it comes time to being considered for loan forgiveness.
- View the application online now as a means to gathering all the necessary documentation, but check with your lender (must be SBA approved) before completing, since banks may require their own forms.
- Apply as soon as possible, funds are projected to run out.
- Contact us for a list of participating local banks.
- Tips for applying:
- CARES Program Guide and Checklist from the US Chamber
- Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL)
- Small Business & Nonprofit loans for up to $2 million to cover items such as rent, payroll, accounts payable.
- Succesful EIDL applicants may apply for loan advances up to $10,000; loan advances will not have to be repaid.
The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- ***UPDATED*** North Carolina COVID-19 Rapid Recovery Loans, supported by The Golden LEAF Foundation
- The Golden LEAF Foundation has received an additional $125 million to fund this program. Applications are reviewed on a first come first served basis.
- Summary and Link to Application
- Resources for Farms/Agribusiness
- Talk to your lender about payment deferral; many public and private lending institutions are offering various forms of relief through payment deferrals, waived fees, etc., though needs may be determined on a case-by-case basis in some instances.
Business Counseling Services:
- Business Link North Carolina (BLNC)
- Small Business and Techonology Development Center (sbtdc)
- Piedmont Community College's Small Business Center (SBCN)
Additional Resources from Affiliate Partners:
- SBA Small Business Guidance and Loan Programs
- Small Business Guidance as prepared by the Office of Congressman Mark Walker
- Roxboro Area Chamber of Commerce
- Economic Development Partnership of NC
- Latest Updates from NC Department of Health and Human Services (NCDHHS)
- Coronavirus Tax Relief Resources from the IRS
- United Way Assistance, 211
When making your essential purchases, consider how to best support the local economy. When you #ShopLocalSafely, more of your money goes back into the community. If you are able, support local retailers online, order takeout from local restaurants, purchase gift cards from local merchants, and remember to still include the tip for your service.
Governor Cooper's Stay-at-Home Order
COVID-19 Essential Businesses and Operations- See Section 2 of Governor’s Order for a description of each:
- Businesses that meet Social Distancing Requirements.
- Businesses operating in CISA identified sectors.
- Healthcare and Public Health Operations.
- Human Services Operations.
- Essential Infrastructure Operations.
- Essential Governmental Operations.
- Stores that sell groceries and medicine.
- Food, beverage production and agriculture.
- Organizations that provide charitable and social services.
- Religious entities.
- Gas stations and businesses needed for transportation.
- Financial and insurance institutions.
- Home improvement, hardware and supply stores.
- Critical trades.
- Mail, post, shipping, logistics, delivery, and pick-up services.
- Educational institutions.
- Laundry services.
- Restaurants for consumption off-premises.
- Supplies to work from home.
- Supplies for COVID-19 Essential Businesses and Operations.
- Home-based care and services.
- Residential facilities and shelters.
- Professional services.
- Manufacture, distribution, and supply chain for critical products and industries.
- Defense and military contractors.
- Hotels and motels.
- Funeral Services.
- Additional COVID-19 Essential Retail Businesses.
- Electronic retailers that sell or service cell phones, computers, tablets, and other communications technology;
- Lawn and garden equipment retailers;
- Book stores that sell educational material;
- Beer, wine, and liquor stores;
- Retail functions of gas stations and convenience stores;
- Retail located within healthcare facilities;
- Pet and feed stores.
Businesses excluded from the list of COVID-19 Essential Businesses and Operations set forth in this Executive Order who believe that they may be essential may direct requests To the NC Dept of Revenue:
The Department may grant such request if it determines that it is in the best interest of the State to have the business continue operations in order to properly respond to this COVID-19 pandemic. The Department shall post on its website a point of contact and procedure for businesses seeking to be designated as essential. A business that has made a request to the Department to be included as a COVID-19 Essential Business or Operation may continue to operate until that request is acted upon.While the web form is the preferred method, you may also submit the request by email if you are unable to use the web form.