CORONAVIRUS: YOU AND YOUR SMALL BUSINESS
Below are articles and other resource links to assist you and your small business with prevention, response and financial resources should you be impacted by the Coronavirus.
|Small Business Stabilization Forgivable Loan - NOW TAKING APPLICATIONS|
Applications will be accepted from qualified for-profit, privately held small businesses that have been in business for at least a year (as of April 1, 2020) and located within the corporate limits of the City of Columbia, South Carolina. All qualified applicants must illustrate the economic injury suffered as a result of COVID-19. The loan is for a period of two (2) years with 50% of the original loan forgiven annually at the anniversary of the origination date of the loan. Businesses must remain in good standing throughout the term of the loan in order to receive forgiveness.
ELIGIBILITY - Determining if Your Property is Within City Limits: In order to receive funding under this program, the physical address of your business must be within the corporate limits of the City of Columbia. To check your business address, please visit City of Columbia GIS, ACCEPT Disclaimer, and click on the City Information Viewer. Enter your street address in the CITY INFORMATION FINDER window on right side of map and click the LOCATION icon to display details about your property, to include "Is property within City Limits". If the physical location of your business property is within the City Limits, proceed to Guidelines and Online Application.
|CITY OF COLUMBIA OBO COVID-19 SMALL BUSINESS SURVEY|
CITY OF COLUMBIA BUSINESS LICENSE OFFICE: Taking Phone Calls
The deadline for Business License renewal has been extended from April 15, 2020 to May 15, 2020. Hospitality Tax and Tourism Development penalties have been waived until June 2020.
Business License Office Website
Phone: 803-545-3345 | Fax: 803-988-8025
Office Hours: Mon-Fri - 8:30 a.m.- 5:00 p.m.
ADDITIONAL FINANCIAL RESOURCES
IRS NEWS FOR EVERYONE April 2020; Prepared by Evette Davis, Tax Specialist; Charlotte, NC: April 2, 2020
Consolidated document with vital information regarding: Economic Impact Payment, Employee Retention Credit, and much more for employers, employees and individuals relative to COVID-19 per the IRS. It also includes some links to information from the SBA and SBDCs.
IRS NEWS FOR EVERYONE April 2020
The Ewing Marion Kauffman Foundation: A guide to helping small businesses navigate and recover from the COVID-19 crisis
April 2, 2020: The Small Business Administration’s disaster relief program is the vanguard of government assistance for businesses during this crisis. Here are some resources in response to common questions entrepreneurs will be asking about the process.
Guide to Helping Small Businesses Navigate and recover from the COVID-19 Crisis
SBA: Payroll Protection Act INFORMATION RELEASED - Payroll Protection Program (PPP)
US Small Business Administration CARES Act: Payroll Protection Program
SC Small Business Chamber of Commerce: Applications for Small Business PPP Loans Start Friday, April 3rd
April 1, 2020: Late yesterday afternoon the U.S. Department of Treasury released instructions for loans under the Payroll Protection Program (PPP) in the CARES Act that went into effect this past Friday. “Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap,” as indicated in the instructions.
Application Information for Small Business PPP Starting Friday, April 3
US CHAMBER OF COMMERCE: CORONAVIRUS EMERGENCY LOANS
Small Business Owner’s Guide to the CARES Act: Updated 3/31/20
U.S. Chamber of Commerce has issued this new guide to help small businesses and self-employed individuals prepare to file for a loan.
Small Business Guide and Checklist
New resources available for small businesses, as well as certain nonprofits and other employers. The Small Business Owner’s Guide to the CARES Act link below provides information about the major programs and initiatives available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Small Business Owner's Guide to the CARES Act
SBA Express Bridge Loan Program Now Available!
Express Bridge Loan Program Now Available: The Express Bridge loan program allows SBA Express lenders to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans. Businesses use these funds for disaster-related purposes while they apply for and await long-term financing.
SBA Express Bridge Loan Program Guide
Dominion Energy Charitable Foundation Grants to Aid COVID-19 Relief Efforts
Coronovirus Relief Grants
Facebook: Facebook is offering $100M in Cash Grants and Ad Credits
FB Small Business Grants Program
Small Businesses Seeking Funding: Coronavirus Impact & Advise
Article: FORBES: Bernhard Schroeder, Senior Contributor
The Impact Of Coronavirus: Advice For Funded Small Businesses And Those Seeking Funding
|City of Columbia, SC: Stay-At-Home Ordinance - - Effective 12:01 am Sunday, 3/29/2020|
Columbia City Council passed a stay-at-home ordinance Thursday afternoon, 3/26/20, in an attempt to stop the spread of the novel coronavirus. It means all non-essential businesses in Columbia are ordered to close for two weeks, and residents have to stay at home unless they are walking outside, or going to work or shop at an essential business.
Stay-At-Home Ordinance FAQs
ROTH LAW FIRM: DETAILED SUMMARY Coronavirus Aid, Relief, and Economic Security Act (the “Act”); 3/28/20
The Act includes loans and other disbursements for individuals and small businesses, support for health care providers, and measures to stabilize severely distressed sectors of the economy.
Detailed Summary: Coronavirus Aid, Relief, & Economic Security Act
U.S. Department of the Treasury, IRS and the U.S. Department of Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
News Release: Coronavirus-Related Paid Leave for Workers and Tax Credits for Small & Midsize Businesses
US Department of Labor
The U.S. Department of Labor's Wage and Hour Division (WHD) is committed to helping employers understand and comply with federal wage and hour laws. Toolkits contain interactive step-by-step tools to walk employers through a variety of scenarios, in-depth guides to help employers navigate the requirements of the Family and Medical Leave Act (FMLA), and fact sheets that detail how the Fair Labor Standards Act (FLSA) applies to many specific types of employment
Compliance Assistance Toolkits
The Wage and Hour Division provides information on common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act and job-protected leave under the Family and Medical Leave Act.
COVID-19 and the Workplace
"U.S. Department of Labor Announces Availability of Up to $100 Million In National Health Emergency Dislocated Worker Grants in "Response to COVID-19 Outbreak"
National Health Emergency Dislocated Worker Grants
SBA: Small Business Disaster Assistance for COVID-19 Low-Interest Working Capital Loan
SBA: Economic Injury Disaster Advance Loan (EIDL)
SBA: FACT SHEET - Economic Injury Disaster Loans (EIDL)
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
SBA: Low-Interest Working Capital Loans - Eligibility Areas
SBA’s Economic Injury Disaster Advance Loans: NEW, STREAMLINED APPLICATION (3/31/2020)
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
EIDL is offering up to $2 million in assistance. Economic Injury Disaster Loans (EIDLs) - ADVANCE LOANS of UP TO $10,000: Working capital loans to help small businesses, small agricultural cooperatives , small business engaged in aquaculture, and most private , non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The deadline to apply is December 21, 2020.
View SBA Slide Presentation: EIDL Apply Online Details
SBA: Economic Injury Disaster Advance Loan (EIDL)
SBA FACT SHEET EIDL
Traditional SBA Lenders CANNOT process SBA Disaster Loans. Once your state and area obtain the Local Disaster Declaration, your company can apply directly to the SBA Disaster Office for long term loans with reasonable interest rates.
Apply Directly: SBA Disaster Office
US CONGRESS: FAMILIES FIRST CORONAVIRUS RESPONSE ACT
This Act, signed into law on March 18, 2020, contains the following:
> Emergency Paid Sick Leave & Emergency Family Medical Leave (What this Bill Does - Fact Sheet)
> Coverage for COVID-19 Testing
> Expansion of Unemployment Benefits
H.R. 6201, FAMILIES FIRST CORONAVIRUS RESPONSE ACT
RESPONDING TO THE CORONAVIRUS
South Carolina Legal Services: The Legal Chatter Newsletter - March 2020
FREE COVID-19 Resources
South Carolina Department of Revenue: March 25,2020
South Carolina Further Extends 2019 Income Tax Filing and Payment Due Dates
In response to #COVID19, #IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15 deadline, IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. Many taxpayers can delay tax payments to the #IRS until 7/15/2020 without penalties or interest. File a return or request a filing extension by April 15. No additional filing is necessary for the payment extension: www.irs.gov/coronavirus
Elliot Davis: Business Tax Updates (3-30-2020)
Center for Disease Control
Interim Guidance for Businesses and Employers
US Depatment of Veteran Affairs
What is VA doing?
Social Security Administration
How can I stay updated about what SSA is doing during the COVID-19 pandemic?
Medicare & Coronavirus
Federal Student Aid
Coronavirus and Forbearance Info for Students, Borrowers, and Parents
Information Provided by the City of Columbia
Preventative Measures for Coronavirus & Flu
SC Department of Commerce
Covid-19 Business Resource Center
SC Small Business Chamber of Commerce
Covid-19 Impact on Small Business: UPDATE and INFORMATION
Richland County Public Library: Support for Small Business
Covid-19: Resources for Small Businesses
MORE INFORMATION AS AVAILABLE, PLEASE CHECK BACK.
STAY CONNECTED BY FOLLOWING US!
|MISSION: The Office of Business Opportunities (OBO) is committed to supporting initiatives that benefit small, minority, veteran, and women owned businesses located in, or that want to do business with, the City of Columbia. This is accomplished by providing creative financing, technical assistance and capacity building opportunities that contribute to the economic growth of all communities.|
TECHNICAL ASSISTANCE, EDUCATION & ADVOCACY:
Business development assistance and courses for start-ups and existing businesses looking to grow and expand covering topics including: marketing, use of social media, business plan development, finances, legal issues, and more.
CONTRACTOR & SUPPLIER DIVERSITY:
OBO - Ready to discover your next opportunity?
Need an Opportunity to Start or Grow your Small Business
Small businesses drive the U.S. economy by providing jobs for over half of the nation’s private workforce. Yet small businesses also face many obstacles that stall or prevent their growth and development, including access to capital, effective marketing strategies, adequate accounting systems, and comprehensive business plans.
An opportunity is a chance for advancement and progress. The Office of Business “Opportunities” uses several economic development tools to provide creative business opportunities to address many of the obstacles that face small businesses.
How We Do It…
The Office of Business Opportunities has three divisions that are designed to help meet the needs of small, minority and women owned businesses in the City of Columbia: (1) commercial lending; (2) technical assistance, education and advocacy; and (3) contractor and supplier diversity.
The City invests dollars to do economic development in disadvantaged areas and corridors that are not generally thriving through normal operations of private market activity. Our commercial lending program is designed to promote new investment in business growth and job creation.
In addition to traditional commercial loans, the City has a Commercial Retention & Redevelopment Program (CRR). The purpose of this program is to help merchants improve the look of their individual buildings, while improving the overall aesthetic quality of our commercial corridors and business districts.
Technical Assistance, Education & Advocacy:
OBO, both directly and through its partner network, offers a broad range of programs and services to help businesses maintain their competitive edge. These programs and services include:
• Creating Your Business Plan
• Development of Marketing Strategies
• Website Development
• Market Research
• Expansion Strategies
• Social Media Training
Contractor and Supplier Diversity:
It is the policy of the City of Columbia to promote and encourage contracting and supplier opportunities for small, minority and women owned business enterprises (SMWBEs), which have traditionally been underutilized in City Contracts. The City of Columbia has developed a Mentor Protégé Program, Local Business Enterprise Preference and Subcontractor Outreach Program to provide meaningful project opportunities for these businesses.
The OBO is charged with recruiting SMWBEs and building their capacity so that they competitively bid on city opportunities.
Contractors, Small & Minority-owned Business Opportunities
CDBE Application Form and Current CDBE & DBE Directories:
OBO is waiting to hear from you: 803.545.3950 or [email protected]