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Carolina Small Business Development Fund
www.carolinasmallbusiness.org


 

Research Report: Assessing the Economic Impacts of COVID-19 on North Carolina’s Small Business Community

Published April 2020: Assessing the Economic Impacts of COVID-19 on North Carolina’s Small Business Community

The economic effects of the COVID-19 pandemic on small business ecosystems will be unprecedented. Our analysis highlights the extent of the impact on small (employing 1-19) and medium-sized (employing 20-99) businesses in North Carolina. We estimate 141,877 smaller businesses and 1.38 million jobs across the state are in high-risk industry sectors like food service and retail. An input-output model illustrates each how each closure or layoff by small businesses results in a substantial loss of earnings, jobs, and tax revenues. Innovative policy solutions are required to aid small business entrepreneurs. We recommend an evidence-based mix of short-term cash grants and long-term low-interest financing with partial loan forgiveness.

**Download the full report and brief **

Stories of CSBDF Clients Affected by COVID-19

We’re reaching out across the state to learn more about how this crisis has impacted our clients. Partners and supporters of our work have asked to learn more about the challenges small businesses are facing in this crisis. We have shared some of the sobering stories we’re hearing here. We encourage all of our supporters to patronize these small businesses, to help them endure during this difficult time.
Support Small Businesses

NC COVID-19 Rapid Recovery Loans for Small Businesses 

In response to the unique economic challenges of COVID-19, a consortium of public, private, and nonprofit partners, including Carolina Small Business Development Fund, have come together and launched an innovative recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector. 
Apply Here

Assistance for Small Businesses:
Paycheck Protection Program

The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.

Under this program:
  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Learn More


Follow COVID-19 Online Updates & Resources

For updates on COVID-19, please visit our page here. For more information, please contact Leslie Lewis at llewis@carolinasmallbusiness.org or Joe Battle at jbattle@carolinasmallbusiness.org or call (919) 803-1437 x244.
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Carolina Small Business Development Fund 

Copyright © 2020 Carolina Small Business Development Fund, All rights reserved.

Our mailing address is:
3128 Highwoods Blvd, Suite 170, Raleigh, NC 27604
Tel: (919) 803-1437  Fax: (919) 896-8612


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