SBA offering several options for relief funds

JACKSON, Tenn.– The COVID-19 pandemic brings uncertainty for many, especially small businesses.

“I think one of the biggest traps we fall into right now, because we’re spending so much time alone, is that we’re in this alone, so it’s important to recognize that you’re not,” Mandy White, senior vice president of economic development for the Jackson Chamber, said.

White said the COVID-19 pandemic led to certain small businesses closing their doors temporarily, leaving many with questions.

On March 27, Congress passed the CARES act for Coronavirus Aid, Relief and Economic Security.

The Small Business Administration offers several new funding options included in the CARES Act.

Monte Jones, the community president for Commercial Bank and Trust Company, said several already applied for the Paycheck Protection Program.

“That program is designed to help businesses retain employees, and the covered period is from February 15, 2020, to June 30, 2020,” Jones said.

To apply, you’ll need payroll information, and most information usually reported to the IRS.

“Any kind of verification that would show any employees making over $100,000 a year, they’d want to include that information also,” Jones said.

Other options include the Economic Industry Disaster Koan known as EIDL.

Monique Merriweather, director of the Small Business Development Center at the Jackson Chamber, said they’re helping small business owners apply for relief.

“We know this process is lengthy, but we just have to be patient and be mindful that we will get through this, and we will get through it together,” Merriweather said.

For more information on the options for COVID-19 relief for your small business, click here.