The resources below may be of assistance to businesses impacted by COVID-19. As programs are developed and evolve, they will be added to this page. Other local resources include the Cabarrus Chamber of Commerce, Cabarrus Economic Development, and Rowan County.
If you have a question regarding whether or not your business or business function is essential - please email firstname.lastname@example.org. For questions related to economic development and business issues in Kannapolis, contact Economic & Community Development Director Irene Sacks at email@example.com or 704-920-4326.
- SBA Economic Injury Disaster Loan - Low-interest federal disaster loans of up to $2M for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 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 interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.
- NC COVID-19 Rapid Recovery Loan Program - Businesses are eligible for bridge loans of up to $50,000 with six months of no interest and no payments. These loans are intended to support businesses until they are able to secure an SBA loan or other long-term assistance.
- Taxes & IRS - Tax filing deadline has been extended to July 15 for both IRS and NC Department of Revenue. On March 17, 2020, Department of the Treasury Secretary Steven Mnuchin announced a three-month extension for tax filings. Specifically, this allows individuals to defer filing up to $1 million worth of earnings without incurring interest or penalties. Likewise, businesses are allowed to defer up to $10 million. This is designed to reduce burdens on small businesses and business owners, many of whom pass through their taxes on their individual returns.
- Families First Coronavirus Response Act - Effective April 2, employers with fewer than 500 employees are eligible for a tax credit to cover the cost of up to 80 hours of paid sick leave per employee for COVID-19 related reasons. In addition, a Child Care Leave Credit is available for businesses equal to two-thirds of the employee's regular pay, capped at $200 per day or $10,000 in the aggregate, to cover the pay for an employee who is unable to work because of a need to care for a child whose school or child care facility is closed or whose child care provider is unavailable due to the Coronavirus. Additional information is available from the Employers Association.
- Rowan County worker & business resources - Includes list of Rowan companies that are actively hiring.
- Employers Association - List of resources for employers.
- Tips for Small Businesses
Additional Potential Financial Resources