Coronavirus (COVID-19) Information for Small Businesses
North Carolina: NC Department of Health and Human Services
Henderson County: Public Health Advisory: Coronavirus (COVID-19)
Transylvania County: Transylvania Public Health Updates and Guidance
Blue Ridge Community College: Coronavirus (COVID-19) Monitoring and Response
- Keep Cash Flowing:
Encourage customers to purchase gift cards or future services from your and other small businesses to keep cash flowing in your local economy. Find ways to preserve on-hand cash to weather lean months in the near future; consider suspending expansion initiatives or larger investments until markets stabilize.
- Start a Conversation with Your Bank:
Early communication with your lender can present financing opportunities now, which can be taken advantage of later. Lines of Credit, SBA Disaster Assistance Loans, etc., can all be considerations. Consider proactively collecting your past year's tax returns and developing a business and personal financial statement to begin the process.
Customers and employees will likely be exposed to conflicting information and feel anxious or confused. Be sure to communicate safety and general policies promptly, clearly, and in a balanced manner. Furthermore, communicate contextual information and the reasoning behind policies to deepen understanding and operational direction.
- Inventory Management Practices:
Evaluate your inventory to determine which products can be turned over quickly. Smaller margins may be more important in the short term in order to keep cash moving. This evaluation takes careful planning so as not to disadvantage your long-term profit.
- Re-Evaluate Your Break-Even:
Markets have shifted, demand has shifted similarly. Review to better gauge inventory and financing requirements.
- Allow for Remote Work Where Feasible:
Set expectations and communicate requirements to employees. Encourage sick employees stay home and follow CDC/Federal/State recommendations for safety.
Additional Operational Resources (specific to COVID-19)
- Covid19 Tourism Industry Emergency Economic Impact Group on Facebook
- Human Resources FAQ for COVID-19 Issues
- Main Street America COVID-19 Guidance
- Mountain BizWorks Reduced Low Cost Resources for Small Businesses
- NC Restaurant & Lodging Association Resources for Hospitality Businesses
- OSHA Guidance for Workplaces
- Tourism COVID19 on Facebook
- US Small Business Administration Small Business Guidance and Loan Resources
Additional Operational Resources (general)
- Blue Ridge Community College Small Business Center
- Brevard/Transylvania/Brevard Chamber of Commerce
- Business Link NC
- Downtown Hendersonville Program
- Heart of Brevard
- Henderson County Chamber of Commerce
- Love Hendo: Support local, promote our businesses, and purchase gift cards
- Mountain Area Workforce Development Board
- Mountain BizWorks
- SBCN Statewide Small Business Resource Page
- Small Business and Technology Development Center
- Tax filing: note that the NC Department of Revenue is closed:
- People are encouraged to use online/voice assistance.
- Taxpayers are encouraged to file their taxes online as necessary.
- Most taxpayers can file online for free at: www.NCDOR.gov/NCfreefile
- Transylvania Economic Alliance
Loan and Disaster Financing:
- Commercial Banks Options
- $25k Express Bridge Loan through SBA - quick turnaround
- Line-of-Credit up to $500,000; federal legislative expansion to $1 million pending
- Loan deferment may be an option for up to 3-6 months, depending on your banking institution.
- Commercial banks will want to see:
- Personal Financial Statement
- 2019-20 Business Financial Statements
- NC Rapid Recovery Loan Program of $15 Million
- Loans are available for up to $50,000, based on the business’s current revenue. Loan agreements are structured as follows:
- Loan sizes capped at approximately two months of current revenue.
- Six months of no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
- Interest will begin to accrue on any unpaid balance at the beginning of the seventh month.
- There are no prepayment penalties.
- Defaulted loans are subject to collections.
- Small Business Administration Loans
- Disaster Assistance Loans for NC have not yet been approved; we expect this to happen soon.
- Rates for nonprofits (2.75%) and for profit (3.75%) for up to 30-year term.
- Smaller loans (likely less than $25k) will require zero collateral and will turn around generally within 3-5 business days.
- Larger loans will require 2019 tax return and current 2020 financial statements and will take longer to turn.
Additional Loan and Disaster Financing Resources
- Highlights from the press conference with Governor Cooper regarding unemployment insurance for those affected by COVID-19:
- No one-week waiting period
- No requirement for work search (didn’t address weekly certifications)
- Loss of job or loss in hours are both eligible
- Can apply remotely and do their mandatory appointment by phone or online
- Employers are not responsible for benefits paid.
- The state and federal level are looking at extensive relief packages for businesses.
- NC Employer Call Center: 866-278-3822
Additional Unemployment Information