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, Rowan County, and Rowan County Chamber of Commerce.
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, sole proprietors, individual contractors, and others 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.
- SBA Payroll Protection Program - Provides small businesses, non-profits, independent contractors, self-employed individuals, and others a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable. Additional information is here as well as from the U.S. Chamber. Applications will go through SBA approved banks, not the SBA directly.
- SBA Debt Relief - SBA will pay the the principal and interest of new 7(a) loans issued prior to September 27, 2020 and current 7(a) loans for a period of six months.
- SBA Express Bridge Loan - This pilot program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. Also, the CARES Act increases the SBA Express loan amount cap from $350,000 to $1 million through Dec. 31, 2020. Additional information is here.
- 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.
- CARES Act Business Tax Relief - Measures include Employee Retention Tax Credit, Payroll Tax Deferral, Net Operating Loss Deduction, Business Interest Expense Deduction, and others. Initial information is available here and here.
- 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
- Webinars and Remote Workforce Solutions
- Small Business Center Network resources and seminars
- Pro bono legal assistance
Additional Potential Financial Resources