Skip to content

Get Connected & Stay Informed

Access networks, knowledge, and a team of professionals dedicated to helping you thrive.

Lower Your Business Expenses

Save money on small business health and dental services, credit card processing fees, workers’ comp coverage and more.

Increase Your Community Impact

Successful businesses create successful communities and we are passionate about both. Get informed, get engaged, and make your voice heard.

Take-aways from the ''All Business Briefing'' on 4/3/20

Take-aways from the ''All Business Briefing'' on 4/3/20

Carrboro Business Alliance CEO Statement

To: Full Chamber Membership 
From: Aaron Nelson
Date: 4/6/20 at 10am 
Subject: Takeaways from Friday’s “All Business Briefing” 

Chamber Members, 

On Friday (4/3/20), nearly 400 local businesses joined a video call we hosted with 12 other chambers and economic development organizations from our region. 

Together, with the help of a senior representative from the U.S. Small Business Administration (SBA), we made sense of the five federal loan and grant programs available right now to help your business during this crisis:  

  1. “Economic Injury Disaster Loan” (EIDL) 

  2. “EIDL Grant” (formerly called “ EIDL Cash Advance”) 

  3. “Express Bridge Loan” 

  4. “Paycheck Protection Program” (PPP) 

  5. 7(a) Loan Payment Relief 

Here are the presentation slides and the video from our call.  As you know, information is changing rapidly – literally as I write this - so please be constantly checking for the most recent information.  I have found this cheat sheet created by the NC Small Business and Technology Development Center (SBTDC) to be a smart summary and side-by-side comparison of the different funding streams. 

My hope is that the Zoom presentation and all the information we have shared with you via phone, email, video conference, and our website over the last several weeks empowers you to access the financial resources you need. 

If you haven’t yet, please get started now with your applications. The simplest starting point, in my opinion, is the EIDL Loan and Grant (on the same quick form).  Watch for additional guidance on the SBA EIDL loan this week. If you need help applying, then schedule a free and confidential appointment with the SBTDC counselors. 

Below is a summary of how I make sense of the funding streams.  Let us know if you have any questions. Please also visit our COVID working doc with up to date information on loans and other resources.

Scroll down, 


Aaron Nelson
President & CEO
The Chamber For a Greater Chapel Hill-Carrboro

How I make sense of the federal funding streams:

There are five main funding streams from the U.S. government to help small businesses in this time of crisis, all channeled through the U.S. Small Business Administration (SBA) and fueled by the recent $350 billion influx from the CARES Act, passed last Friday. The following is a three-step process to help you navigate the five funding streams: 

Step 1 – Adjust existing debt load: If you already have an existing 7(a) loan with the SBA, then your payments will be deferred. According to the SBA, they will pay the principal, interest, and any associated fees for six months beginning with your April payment (if you have already made it, we have been told you can ask for it back). Talk with your lending agent to confirm details.

Step 2 – Access fast cash: Just this last week, the SBA made available up to $10,000 in fast and forgivable “grants” for small businesses and nonprofits. The application for this cash infusion should not take more than 25 minutes to complete. We are encouraging all our members to do this. This is the same form as the EIDL Loan mentioned below and if you complete one, you will have completed the other (just make sure you check the box at the end for the grant). Get started now (follow the prompts for the EIDL Grant). (*Note: we are hearing some rumblings that the rules of the grant may be adjusted this coming week - regardless, make the application. 

Step 3 – Apply for an emergency loan: There are three federal economic emergency loan programs for your consideration:
  1. Option 1 - “Economic Injury Disaster Loan” (EIDL): The EIDL Loan opened to NC small businesses and non-profit organizations on 3/19/20 to help overcome temporary loss of revenue due to COVID-19. The program, administered by the SBA, offers low-interest loans (up to $2 million) with favorable terms (3.75% for small businesses and 2.75% for non-profits, repaid over 30 years) for payroll, rent, utilities, interest on debt occurred, accounts payable, some bills that could have been paid had the disaster not occurred. The first twelve payments will be deferred and not become due until one year after the original disbursement. Interest does accrue during this time. No collateral for loan amounts up to $25,000 and no personal guarantee for loan amounts up to $200,000. Apply now through the SBA’s new streamlined application process. 
  2. Option 2 - “Paycheck Protection Program” (PPP): The PPP is a new $350 billion program established through the recent CARES Act on 3/27/20 that uses loan forgiveness to help businesses keep employees on payroll. The PPP is administered through local and regional banks and includes loans of up to $10 million to cover payroll, interest on mortgage payments (principal or prepayments excluded), rent, utilities, and interest on any debt incurred prior to 2/15/20. Forgiveness covers the portion of the loan proceeds that are used for the first eight weeks of payroll and certain other expenses. Small businesses, eligible nonprofits, and sole proprietorships can apply beginning 4/3/20 and independent contractors and self-employed individuals can apply beginning 4/10/20. Here’s a helpful checklist and brochure. Learn more and begin your application now. Contact your bank to apply.
  3. Option #3 - “Express Bridge Loan”: If you already have a business relationship with an SBA Express Lender and have an urgent need for cash, then the SBA Express Disaster Bridge Loan will allow you to access up to $25,000 quickly. This loan can be a term loan or used to bridge the gap while waiting for the decision and disbursement on an EIDL. Learn more and apply
Thank you to our partners who work together to gather and share important, timely information: The Chamber For a Greater Chapel Hill-Carrboro, the Town of Chapel Hill Economic DevelopmentChapel Hill Downtown Partnership, and Launch Chapel Hill; the Town of Carrboro Economic Development and Carrboro Business AllianceOrange County Economic Development and Orange County Visitors Bureau; the Town of Hillsborough Economic Development and the Hillsborough Orange County Chamber of Commerce; the Chatham County Economic Development Corporation and the Chatham County Chamber of Commerce; and the Small Business Technology and Development Center, serving Alamance, Chatham, Lee, Orange, and Person Counties.  


Powered By GrowthZone