Small Business COVID-19 Resources
Mar 31, 3 PM
We have compiled a list of resources for small business owners regarding the COVID-19 crisis. These include links to information regarding forgivable loans and Savannah Economic Development Authority Resources.
SEDA has created a page on our website, where you will find a collection of federal, state, and local resources related to the challenges you may be facing related to COVID-19. This page will be updated regularly so check back often.
We will continue to monitor and evaluate the needs and respond in kind. To best address local concerns, we have drafted a brief survey and we are asking for your feedback to help guide our efforts. Please see the link here.
Should you have any immediate questions or concerns, please contact Director of Business Retention and Workforce Leigh Acevedo at firstname.lastname@example.org or 912.308.9881.
If you are not aware, the SBA has new guidance through a series of laws to adjust emergency lending practices. Bottom line, please reconsider any layoffs between Feb 15 and June 30. Benefits for individuals, Veterans, small business for payroll, small business for tax credits and delays. SBA will come out with more details this week.
- Up to 8 weeks of payroll, mortgage interest, rent, and utility costs can be forgiven. Payments on principal and interest are deferred for one year.
- Temporarily guarantees 100 percent of the loans, regardless of size. Traditionally, loans up to $150,000 were 85 percent backed by the SBA. Loans greater than $150,000 were 75 percent backed.
- Plan/Process anticipated as soon as this week.
- The maximum interest rate for these loans is now capped at 4 percent.
- Loans may be fully or partially forgiven. Any portion of the loan used to make payroll, pay for utilities, rent, mortgage, and existing business debt may be forgiven, dollar for dollar. To receive this dollar-for-dollar loan forgiveness, however, workers need to remain employed through the end of June.
- The loan maximum has been increased from $350,000 to $1 million.