SBTDC at ECU Ready to Assist With Small Business Loans

In light of the world-wide coronavirus (COVID-19) outbreak, the Small Business and Technology Development Center (SBTDC) at East Carolina University is prepared to help regional small business owners suffering as a result of the pandemic.

Due to mandatory shelter-in-place orders and social distancing guidelines, unemployment claims in the state have skyrocketed. An “unprecedented” 370,000 North Carolinians have filed for unemployment insurance since March 16, according to the Department of Employment Security.

The Small Business and Technology Development Center at East Carolina University is prepared to help small business owners affected by the coronavirus.

To help combat the negative economic effects of the pandemic, the SBTDC is offering assistance to small business owners applying for federal loans through the Small Business Association.

The SBA offers three major loan programs related to COVID-19, including:

  • SBA Paycheck Protection Program (PPP): This program was created to get quick money to small businesses and encourage owners to keep employees on payroll by offering loan forgiveness. This loan applies if all employees are retained and at least 75% of the money is used. This loan provides businesses with enough funds to pay employers for about eight weeks with benefits.
  • SBA Economic Injury Disaster Loans (EIDL): This low-interest federal disaster loan for small businesses applies if owners have suffered considerable economic impact due to the pandemic. These funds are used to pay payroll, fixed debt, accounts payable, and any bills that have occurred as a result of COVID-19. Small business owners and nonprofits also have the opportunity to get up to a $10,000 advance on an EIDL. The advance may be available even if an EIDL application was declined or is still pending, and will be forgiven.
  • SBA Express Bridge Loans: This loan program helps small businesses that have experienced loss of revenue and have a critical need for funds. It can serve as a place holder while applying for a direct SBA Economic Injury Disaster Loan and offers up to $25,000 to small businesses that have a business connection with an SBA Express Lender.

The SBTDC is offering virtual one-on-one counseling sessions, support by email and phone conferencing opportunities to help small businesses stay afloat during this crisis.

To learn more about COVID-19 associated loan assistance, visit the SBTDC online. The SBTDC at ECU COVID-19 assistance is also available through its website.