This is a challenging time for businesses in our region. We are here to help. Resources are being made available to help you sustain your business in this time of crisis. We know things are changing rapidly and it may be difficult to stay on top of those resource available to you. Our Business Engagement Team is here to help.
To Learn More, Click the Link Below to Contact Your Business Services Coordinator.
Workplace RESTART, Helping Businesses Safely Reopen
COVID-19 has changed the way we operate in the workplace. As we move towards reopening businesses, the safety of employers, employees, and customers is of the utmost importance. To help prepare your team to return to work with the appropriate precautions, the Piedmont Triad Regional Workforce Development Board has developed a two-module training program. Businesses participating in the Workplace Restart initiative will receive COVID-19 specific safety training and up to 2 protective face masks for each employee, subject to availability.
COVID-19 Resources Webinar
COVID-19 Phase I Guide
On Friday, May 8 at 5 p.m., North Carolina will move to Phase I of the Stay at Home order. The order will remain in place with some modifications. Click here for a simple guide to understanding the modifications.
It’s Time to Relaunch North Carolina
If there is one encouraging aspect to the COVID-19 pandemic, it is the lessons we can learn from it to establish a sound recovery strategy and ensure North Carolina is better prepared to proactively respond to future crises. To make sure the voice of our statewide business community is heard in this important undertaking, the NC Chamber is providing a blueprint for aligning the efforts of public and private leaders.
We must respond now – time is of the essence if we hope to act on these lessons and relaunch North Carolina at the same pace as competing states. This document outlines a path forward in two areas. The first section, The Way Forward: Distinguishing North Carolina, covers the principles the business community believes should guide North Carolina leaders in finding an initial path to statewide recovery. The second section, Business Continuity: 2020 and Beyond, takes a longer view, outlining the steps needed to take to create a more resilient disaster preparedness and recovery strategy for future crises.
Together, these bodies of work inform a broader effort – an effort we are calling Relaunching North Carolina. We hope you’ll join us.
Rapid Recovery Loan Program
The North Carolina COVID-19 Rapid Recovery Lending Program, led by The Rural Center, supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This Rapid Recovery Loan helps small businesses bridge the gap between the moment that crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover. The NC COVID-19 Rapid Recovery Loan Program will make loans to eligible businesses for up to $50,000 with zero interest and no payments for six months. If not repaid in six months, the loan will automatically convert to a term loan.
The Employee Retention Credit
The CARES Act includes a business relief provision called the Employee Retention Credit. It’s a refundable payroll tax credit equal to 50% of qualified wages paid to employees from March 13, 2020 to December 31, 2020. The purpose of this tax credit is to encourage employers to keep employees on payroll even if their work is suspended due to the COVID-19 pandemic. The Employee Retention Credit can provide a refundable credit of up to $5,000 for each full-time employee retained between Mar. 13 and Dec. 31, 2020.
Save Small Business Fund
Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as possible who have been affected by the COVID-19 Pandemic. These supplemental funds are to help you get through the next days and weeks. This grant won’t cover all your expenses, but it is intended to help you bridge immediate financial needs.
SBA Paycheck Protection Program
The CARES Act includes $349 billion for a federal small business loan program called the Paycheck Protection Program (PPP). The program is designed to get cash in the hands of small businesses quickly and incentivize business owners to keep employees on payroll by offering them loan forgiveness. This loan provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. SBA will fully forgive the loan if all employees are retained and if 75% or more of the money is used on payroll.
COVID-19 Micro-Business Grants Available for Rockingham County Businesses
Please see the attached press release from the Rockingham County Citizens for Economic Development in regard to a grant that is now available to micro-businesses in Rockingham County. There are a limited number of grants available so make sure that you act quickly if you would like to be considered. Click the link below for more information.
Small Business Continuity Fund for Guilford and Forsyth Businesses
In the wake of COVID-19, our local businesses burdened with carrying costs during a period of minimal opportunity to drive revenue. The profit and loss statements are diminishing the likelihood of recovery for restaurant, retail, and hospitality centric small businesses. Loans can be used for:
- Payroll costs, including benefits;
- Interest on mortgage obligations, incurred before February 15, 2020;
- Rent, under lease agreements in force before February 15, 2020; and
- Utilities, for which service began before February 15, 2020.
Click the link below for more information or to apply.
COVID-19 Relief: Understanding The Federal Reserve’s Main Street Lending Program
COVID-19 has rendered companies of all sizes in need of liquidity. However, the federal relief programs previously enacted have focused on small businesses or large companies, with mid-size companies often excluded from federal relief. To help narrow this gap, the Federal Reserve, with the approval of the Treasury Secretary, announced on April 9, 2020, via a press release, the details of the Main Street Lending Program (the Program). Click the link below for more information.
The COVID-19 pandemic has created unprecedented new challenges for business leaders, while bringing existing challenges into sharper view. Still, business leaders across the country have brought innovation and ingenuity to this crisis, with many working to be part of the solution. National Skills Coalition’s Skilled America Podcast is reporting weekly on the impacts of COVID-19 on businesses, their workers, and their training partners.
Industry Expansion Solutions: NCMEP COVID-19 Critical Supply-chain Link - Funnel for any manufacturer looking to participate in the critical medical supply chain (whether they currently supply or not). They will then be contacted by the IES team to gather capabilities and provide guidance on next steps.
The Piedmont Triad Regional Workforce Development Program is an equal opportunity employer/program and auxiliary aids and services are available upon request to individuals with disabilities. Local area NCWorks Career Centers and NCWorks NextGen Youth Programs operate under the guidance of Piedmont Triad Regional Workforce Development Board and are part of the state and national Workforce Innovation and Opportunity Act system.