APRIL COVID-19 Special Update

Volume 7 | April 22, 2020

Hello Caswell:

During this uncertain time there is a myriad of information on assistance and programs flooding everyone’s email in-boxes, on the news, and all over social media.

Caswell County Economic Development, The Caswell County Chamber of Commerce and the Caswell Chapter of the Health Collaborative are working together to effectively help our community navigate and interpret the vast amount of resources and programs being sent to our businesses, nonprofits and individual citizens. Following is a guide we have developed to assist in the process. We are happy to answer any questions, walk through this info and provide additional resources. Please feel free to call us at the numbers listed below. Thank you to everyone and please stay safe and well.

First Steps

To be proactive in preparing for possible economic relief, here are three steps all businesses and nonprofits should take.

1. Businesses and nonprofits should start tracking your losses based on historic financials. Documentation will be key if and when disaster relief payments become available and if your business or nonprofit is eligible. See more details later under Business Interruptions Section.

2. Contact your insurance agent to see if you have coverage that will help with business interruptions. This will vary by policy.

3. Contact the bank where you have an established relationship and accounts to see what options you have immediately available. This may simply be a line of credit or you may need to access one of the state or federal programs. It is important to remember that most of the following Federal and State programs will require the participation of your local lender.

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BUSINESS INTERRUPTIONS

If you are experiencing business interruptions, we suggest that you document this as it is occurring so that if and when disaster relief becomes available you are prepared to file claims.

You will need to take the following steps and can use the tools linked below to help you document any losses and expenses that have occurred as a result of the COVID-19 pandemic.

1. Business Interruptions Timeline:

• Prepare a simple business interruptions timeline in a word document Click here for BI Timeline Template under COVID-19 Section

• Include all State and Local Government Orders (Stay at Home, state of emergency, etc)

• Include all business events and occurrences relevant to COVID-19

2. Collect Three to Five Years of Historic Financials for Comparison

3. Track and Document Losses and Expenses. Click here for BI Documentation Template under COVID-19 Section.

Key Metrics/Items to Determine Losses

The following items can be listed in the spreadsheet template to help you track your losses:

Revenue/Losses

Events/Fundraisers

Production Levels

Customers

Occupancy Rates

Expenses Related to COVID 19

Cleaning

Remote Worker Setup

Protective Equipment

Overtime

Payroll without working

Invoices without production

PROGRAMS

Following is a brief summary of the main programs, that businesses and nonprofits (in some cases) may look at accessing:

Federal - Business/Nonprofit

Small Business Administration

**Please note that as of 4-20-20 all SBA Funds have been depleted but new appropriations may be made in the future making more funds available.**

Paycheck Protection Program (PPP) (Link)

• Businesses, cooperatives, sole proprietors, most nonprofits with less than 500 employees

• Maximum of $10 million, based of 2.5 times your average monthly payroll but can be used for payroll, rent, or utilities

• Loan payments may be deferred for 6 months and you may qualify for loan forgiveness

Economic Injury Disaster Loan (EIDL) (Link)

• Businesses, cooperatives, sole proprietors, most nonprofits with less than 500 employees

• Maximum $2 million to be used for working capital

Express Bridge Loan (Pilot Program) (Link)

• Immediate short term loan of up to $25,000

• Can only be applied through “SBA Express Lenders”

• Businesses need to have a previous relationship with the lender

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State of NC - Business/Nonprofit

NC COVID-19 Rapid Recovery Loans (Link)

• Maximum of $50,000 based on two months of revenue

• 6 months of no interest, payments with interest will begin on month 7

• Applications can be submitted through NC Rural Center Thread Capital, Carolina Small Business Development Fund, or Self Help Credit Union with funding provided by Golden Leaf Foundation

State of NC - Workforce Information

During this time if you have experienced job loss and you need help applying for Unemployment Insurance benefits or need assistance with filing, please call NC Department of Employment Security at 1-888-737-0259. You may also apply online at www.des.nc.gov .

Independent contractors and self-employed workers are not typically eligible for unemployment insurance benefits. However, these individuals may qualify for federal Pandemic Unemployment Assistance available as a result of COVID-19, you can call NC Department of Employment Security for more information at 1-888-737-0259.

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Information on Industries Hiring

Although many are experiencing job loss there are still some industries that are hiring. If you need help finding work, NCWorks Career Centers are a resource for anyone who is eligible to work in North Carolina. Job seekers are offered a variety of no-cost resources, including career advising, training opportunities and access to job listings. To contact NCWorks in Reidsville you can call 336-634-5600 or access information online at www.ncworks.gov .

You can identify other supportive services available including food assistance programs by calling 2-1-1.

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Nonprofits Information

The Dan River Nonprofit Network can field specific questions specific questions from local nonprofits about the Coronavirus Aid, Relief, and Economic Security Act (commonly called the CARES Act) or other issues you may be facing during the COVID-19 pandemic regardless of your membership status.

They have also curated tools for the nonprofit sector on their page www.danrivernonprofits.org and can be reached by email at info@danrivernonprofits.org or by phone at 434-792-3700 ext. 226.

OTHER RESOURCES

While there is no shortage of resource pages available, we recommend going to the NC Chamber website for updated information on current resources, programs, and information. This site is easy to navigate and well organized.

www.ncchamber.com/coronavirus-resource-guide-nc-business

As always should you have immediate questions or need help with any of the issues you are experiencing, please do not hesitate

to connect with us:

Caswell County Economic Development

Cori Lindsay, 336.514.0427, clindsay@caswellcountync.gov

Caswell County Health Collaborative

Shannon Moretz, 336.694.1181 ext.221, smoretz@caswellmedical.org

Caswell County Chamber of Commerce

Amanda Hodges, 336.500.3485, amanda@caswellchamber.org

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To be the lead catalyst for positive change in the community by meeting educational, networking, marketing and advocacy needs of our businesses, farms and entrepreneurs creating the best community in which to live, work and do business .

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