Economic Help during COVID-19 

This page provides information on various economic opportunities availble during the government-suggested social distancing due to the COVID-19 outbreak across the world. Please review these resources and contact the Main Street office if you have any questions.

 

Small Business Administration Disaster Loan Information

SBA Guaranteed Loan Payment Relief

SBA will pay the principal, interest, and any associated fees owed on SBA Gauranteed loans for 6 months, as follows:

Economic Injury Disaster Loan (EIDL)

Eligibility: Businesses with 500 employees or fewer. Includes sole proprietorships, independent contractors, cooperatives, ESOP's, and tribal small businesses with under 500 employees.

Economic Injury Disaster Loan (EIDL) Advance

Eligibility: Advances are available to small businesses, sole proprietors, independent contractors, tribal businesses, as well as cooperatives and employee-owned businesses in operation on January 31, 2020.

 

HOW TO APPLY:

Although a paper application and forms are acceptable, filing electronically is easier, faster, and more accurate.

In addition to the above, we suggest contacting your lending institution to see if relief programs are being offered during this time: delaying payments; interest-only payments.

 

Coronavirus Aid, Relief, and Economic Security (CARES) Act
Paycheck Protection Program (PPP)

The Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide 100% federally guaranteed loans to small businesses through its Paycheck Protection Plan (PPP). Please find attached a primer here.
 
Eligibility: Small businesses as defined by SBA size standards, generally up to 500 employees, but up to 1,500 employees depending on the sector as certain sectors are based on revenue; sole proprietors, the self-employed, and independent contractors.

Requirements: The business must certify that the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, and pay utilities.

 
 
Emergency Bridge Loan (EBL)
 
Which Should You Take Advantage of?
Please Note: As of June 2020, the PPP Information is not accurate. Please see the information above.
 
 

Please contact us with any questions you may have. And check out the SBDC's GREAT Comparison page on this information.

 

Regional CARES Act Loan Assistance

Georgia Mountains Regional Commission is pleased to announce that they have been awarded supplemental funding from the Economic Development Administration (EDA) through the CARES Act for RLF Funding. GMRC Received $2,101,000 in funding, of which $1.9 million will be reserved for loaning to businesses in 13 counties, including Stephens County. Applicants must be able to attest as to how they have been impacted by COVID-19. Please see the attached flyer for more details, as well as the application.

 

Need Help with any of this?

Contact us at chamilton@cityoftoccoa.com or 706.898.5777.