NC Small Business Disaster Relief Roundup

Updated: Apr 1, 2020


Here is master link to all the SBA COVID-19 relief options for small businesses


Marketing Outpost works with many small, independent businesses in Asheville, NC. We've monitored the information each day especially as it pertains to our small business clients. With so much information from many media sources, we've condensed that information here in this blog about Small Business Disaster Relief information for North Carolina businesses as of March 29, 2020. Check back as we will continuously update this blog.


It is our understanding that the following types of NC businesses are eligible to apply for these loans or funds:

  • small businesses

  • sole-proprietors

  • independent contractors,

  • and other self-employed individuals


This is a summary of the two relief laws recently passed for economic disaster relief caused by COVID-19:

  1. SBA ECONOMIC INJURY DISASTER LOANS (EIDL) signed into law March 17th of up to $2 million for North Carolina (see below)

  2. CARES Act Relief of additional $10,000 in Emergency Capital signed into law March 27, 2020 - will have to apply after the SBA site is updated (see below)

In the meantime, if you need funds immediately, there are also bridge loans available (details below)

PART 1 - SBA ECONOMIC DISASTER LOANS (EIDL) effective March 17, 2020:

Each state has to file a Disaster Declaration. Here is the link to the North Carolina Disaster Declaration.

In the link above you will find two documents which you should download and read:

  • Fact Sheet for NORTH CAROLINA Declaration 45 (Disaster: NC-00115) Incident: CORONAVIRUS (COVID-19)

  • SBA Disaster Assistance in Response to the Coronavirus

Who can apply -

To help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster


  • There is $2 million in disaster relief available. You will be required to put collateral (real estate is acceptable) for over $25,000 along with additional paperwork.

  • You have until December 18, 2020 to apply

  • Cannot be used to refinance long term debt.

  • These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion.

  • The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.


Additional emergency relief is available because of the CARES Act signed into law, Friday, March 27th by President Trump:

You can apply for Emergency Capital of up to $10,000. This part of the disaster relief has not yet been updated in the application process. As of this writing, it is still in process since this was just signed into law this past Friday.

Click here to apply and see instructions

In short, you can begin your application process for the first part now and then go back to the SBA site after it has been updated to apply for the Emergency Capital portion now.


If you need a loan to bridge the gap between SBA funds or other financial sources, you can apply for a Rapid Recovery Loan.


If you already have relationship with an SBA Express Lender, you can also apply for a bridge loan to assist between federal funds and other financial sources:

Click here for the SBA Express Bridge Loan Pilot Program Guide

2. NC COVID-19 Rapid Recovery Loan Program

The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.

Click here for full details about the loans with link to where you can apply.

Loan Details

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.

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Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible business.

Click here for details