COVID-19 Resources for Business | Technical College of the LowCountry

Technical College of the LowCountry



Navigation Guide

COVID-19 Resources for Business


Print

Small Business Resources

SBA EIDL Program Reopens for New Applications-June 15, 2020

Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from all eligible small businesses and U.S. agricultural businesses. To learn more about eligibility and apply, click here.

TCL-BIZ U Resources for Businesses

Marketing Resources:

Marketing “PPE”

     -With TCL Marketing AVP, Leigh Copeland

Are you a small business wondering how you should be marketing right now? Check out these quick “PPE” marketing tips that will help maximize your exposure to your customers during COVID-19. (Hint: Personalize, Partner and Engage.)

 

COVID-19 UPDATES for South Carolina Businesses

Small Business Recovery Updates Webinar
Join the South Carolina Small Business Development Center each week at 11 am on Fridays to learn about the latest small business resource updates and tips on getting your business on track during these difficult times.

May 1, 2020 11:00 AM
May 8, 2020 11:00 AM

Register in advance for this webinar at:

COVID-19 Handbook for Business and Industry

BCEDC_-_COVID19_Handbook v2

Working Capital Loan Programs:

SBA Economic Injury Disaster Loan Program for South Carolina Small Businesses-

March 19 20-303 South Carolina 16352 SBA Working Capital Loans Available Due to Coronavirus

SC_16352 EIDL Fact Sheet

Personal Finance Support Resources:

Coronavirus Aid, Relief, and Economic Security (CARES) Act Legislation-

Synovus – CARES Act Highlights 3-20 (1)

Support for Restaurant & Tourism Businesses:

American Hotel & Lodging Foundation (AHLA Foundation), the charitable giving arm of the American Hotel & Lodging Association (AHLA),and the National Restaurant Association (NRA) will be providing free resources to help industry employees continue their education during this difficult time. The below courses will be free though the month of April.

ServSafe:

ServSafe Takeout: COVID-19 Precautions

ServSafe Delivery: COVID-19 Precautions

ServSuccess:

ServSafe Food Online Handler

ServSuccess Restaurant Professional

ServSuccess Restaurant Supervisor

American Hotel & Lodging Educational Institute:

Supervisory Skills Builder Learning Suite

Hospitality Manager: Leadership

Certified Hotel Administrator (CHA) online review course

South Carolina Restaurant and Lodging Association-

 CARES Act Provides Relief for Tourism Businesses

The CARES Act, the largest economic relief package in our nation’s history, was signed into law on March 27 and includes major provisions the U.S. Travel Association fought for to deliver economic support to travel businesses, travel workers and their families.

Highlights include:

  • $377 billion in loans and loan forgiveness for small travel businesses: The bill provides small travel businesses (500 employees or less), self-employed individuals, and 501(c)(3) nonprofits with enhanced and expedited Small Business Administration (SBA) loans, which will be made available quickly through community banks. Loan recipients can receive tax-free forgiveness on a portion of the loan, equal to eight weeks of payroll and other expenses.
  • $454 billion in federally backed financial assistance for impacted businesses: The bill provides $454 billion through the Treasury Department and Federal Reserve to assist impacted travel businesses and governmental entities through secured loans, loan guarantees and other financial measures. The broad eligibility under this program ensures any impacted organizations can access a liquidity lifeline to keep workers employed and stay afloat through the worst months of this crisis.
  • Tax relief to mitigate losses and allow businesses to use cash to pay employees and keep the lights on: The bill allows affected businesses to temporarily defer tax liability, access an Employee Retention Tax Credit, delay or eliminate estimated quarterly tax payments and filings deadlines, and allow for a carryback of the Net Operating Loss (NOL) Deduction.
    Grants for impacted tourism businesses and airports: The bill provides $10 billion in airport grants to support vital operations and provides $6.5 billion in Community Development and Economic Development Administration grants for economic injuries caused by COVID-19, including the tourism industry.

Programs that can benefit travel and tourism businesses include:

Paycheck Protection Programs:

FAQ’s-

Where can I apply for the Paycheck Protection Program?
You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program. You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool. You can call your local Small Business Development Center or Women’s Business Center and they will provide free assistance and guide you to lenders.

Who is eligible for the loan?
You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, “Accommodation and Food Services,” and each of your locations has 500 employees or fewer, you are eligible. Tribal businesses, 501(c)(19) veteran organizations, and 501(c)(3) nonprofits, including religious organizations, will be eligible for the program. Nonprofit organizations are subject to SBA’s affiliation standards. Independently owned franchises with under 500 employees, who are approved by SBA, are also eligible. Eligible franchises can be found through SBA’s Franchise Directory.

I am an independent contractor or gig economy worker, am I eligible?
Yes. Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program.

What is the maximum amount I can borrow?
The amount any small business is eligible to borrow is 250 percent of their average monthly payroll expenses, up to a total of $10 million. This amount is intended to cover 8 weeks of payroll expenses and any additional amounts for making payments towards debt obligations. This 8 week period may be applied to any time frame between February 15, 2020 and June 30, 2020. Seasonal business expenses will be measured using a 12-week period beginning February 15, 2019, or March 1, 2019, whichever the seasonal employer chooses.

How can I use the money such that the loan will be forgiven?
The amount of principal that may be forgiven is equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements. Payroll costs include employee salaries (up to an annual rate of pay of $100,000), hourly wages and cash tips, paid sick or medical leave, and group health insurance premiums. If you would like to use the Paycheck Protection Program for other business-related expenses, like inventory, you can, but that portion of the loan will not be forgiven.

When is the loan forgiven?
The loan is forgiven at the end of the 8-week period after you take out the loan. Borrowers will work with lenders to verify covered expenses and the proper amount of forgiveness.

What is the covered period of the loan?
The covered period during which expenses can be forgiven extends from February 15, 2020 to June 30, 2020. Borrowers can choose which 8 weeks they want to count towards the covered period, which can start as early as February 15, 2020.

How much of my loan will be forgiven?
The purpose of the Paycheck Protection Program is to help you retain your employees, at their current base pay. If you keep all of your employees, the entirety of the loan will be forgiven. If you still lay off employees, the forgiveness will be reduced by the percent decrease in the number of employees. If your total payroll expenses on workers making less than $100,000 annually decreases by more than 25 percent, loan forgiveness will be reduced by the same amount. If you have already laid off some employees, you can still be forgiven for the full amount of your payroll cost if you rehire your employees by June 30, 2020.

Am I responsible for interest on the forgiven loan amount?
No, if the full principal of the PPP loan is forgiven, the borrower is not responsible for the interest accrued in the 8-week covered period. The remainder of the loan that is not forgiven will operate according to the loan terms agreed upon by you and the lender.

What are the interest rate and terms for the loan amount that is not forgiven?
The terms of the loan not forgiven may differ on a case-by-case basis. However, the maximum terms of the loan feature a 10-year term with interest capped at 4 percent and a 100 percent loan guarantee by the SBA. You will not have to pay any fees on the loan, and collateral requirements and personal guarantees are waived. Loan payments will be deferred for at least six months and up to one year starting at the origination of the loan.

When is the application deadline for the Paycheck Protection Program?
Applicants are eligible to apply for the PPP loan until June 30th, 2020.

I took out a bridge loan through my state, am I eligible to apply for the Paycheck Protection Program?
Yes, you can take out a state bridge loan and are still be eligible for the PPP loan.

If I have applied for, or received an Economic Injury Disaster Loan (EIDL) related to COVID-19 before the Paycheck Protection Program became available, will I be able to refinance into a PPP loan?
Yes. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.

 

State Resources:

·     South Carolina Emergency Management Division (SCEMD) Virtual Business Emergency Operations Center – Specific resources for business and industry during emergencies and includes specific information on preparing your business for COVID-19.

·    South Carolina Department of CommerceCOVID-19 Business Resource Center– One stop for business and industry information during the COVID-19 pandemic including links to information on unemployment benefits, business interruption insurance coverage and virtual health visits.

·    South Carolina Chamber of CommerceCOVID-19 Resources – Business and industry resources and guidelines available from the Centers for Disease Control (CDC), Occupational Safety and Health Agency (OSHA) and the SC Department of Health and Environmental Control (DHEC). The SC Chamber is the state affiliate for the National Association of Manufacturers.

·     The Electric Cooperatives of South CarolinaCoronavirus & Your Electric Bill –The statewide service and trade association for electric cooperatives in South Carolina provides general information on the coronavirus and your electric bill along with a link to take you to your specific serving cooperative.

Federal Resources:

·     National Association of ManufacturersCoronavirus Resources – One stop source of coronavirus resources for manufacturers.

·    Restore Your Economy Funded by the US Economic Development Association (EDA) and managed by the International Economic Development Council (IEDC), provides information and best practices for public and private stakeholders on aiding local.

·    Department of Homeland SecurityBusiness & Community Disaster Recovery –One stop for disaster recovery resources with multiple federal agencies and associated services.

 

Contact


Jessica Bridges

Assistant Vice President for Institutional Advancement

843 525-8294

jbridges@tcl.edu

Institutional Advancement

Bldg 12, Rm 210

Melanie Gallion

Director of Business & Workforce Services

843-525-8224

mgallion@tcl.edu

Bldg 12, Rm 210


Important Content

Navigation, Links, and More


©Copyright 2018 www.tcl.edu All Rights Reserved