°®°®Ö±²„ Small Business Development Center helps businesses navigate CARES Act relief programs
Contact: James Carskadon
STARKVILLE, Miss.āAs Mississippiās small businessesĀ navigate hardships related to the COVID-19 pandemic, °®°®Ö±²„ personnelĀ areĀ providing guidance asĀ ownersĀ seek funds from the U.S. governmentās $2 trillionĀ stimulusĀ package.Ā
The °®°®Ö±²„ Small Business Development Center, housed in °®°®Ö±²„ās College of Business,Ā regularly provides no-costĀ counselingĀ to business owners within its 10-county footprint. Chip Templeton, °®°®Ö±²„ SBDC director, said the center has been working to understand theĀ rapidly evolvingĀ provisions for businesses in theĀ Coronavirus Aid, Relief, and Economic Security (CARES) Act, and relay that information to business owners.Ā
Templeton said there are two main relief programs business owners can seek loans from. The Paycheck Protection Program, created by the CARES Act and administered through bank loans, provides funding intended to help business owners keep their employees onĀ payroll andĀ pay for someĀ expenses. If conditions are met, the loan can be forgiven.Ā Business owners can also apply for the Economic Injury Disaster Loan program through the U.S. Small BusinessĀ Administration, which provides up to a $2 million loan.Ā Borrowers can receive up to $10,000 in an emergency grant cash advance that can be forgiven if spent on certain expenses.Ā The °®°®Ö±²„ SBDC is available to provide more details and business counseling.Ā
āWeāre here to help people and show them what these programs are all about,ā TempletonĀ said. āItās a very fluid situation, but weāre receiving updates multiple times a week.Ā It always feels good when you can talk out loud about your problem and have someone you can speak confidentially with. Thatās the role that we play. Weāre not in the deciding position on loans or anything like that, but we guide business owners and help them get the right information.āĀ
Templeton also emphasized the importance of being proactive and checking in withĀ key business partners, including the businessā āBAILā team of bankers,Ā accountants, insuranceĀ professionals, and lawyers that the ownerĀ regularlyĀ works with.Ā
āPeople always appreciate when you check in,ā Templeton said. āIf itās your banker, you donāt want to wait until youāre behind on a payment. You want to be proactive and explain the situation. The other key thing is strategy. Thereās a strategy to how you might use these programs and which way is best for you.āĀ
MikeĀ Tagert,Ā who serves asĀ CEO of the Greater Starkville Development Partnership andĀ associate director for corporate and economic partnerships within °®°®Ö±²„ās Office of Research and Economic Development,Ā alsoĀ hasĀ been working to communicate key details of the CARES Act provisions to the local business community.Ā The Partnership has beenĀ supporting local businessesĀ byĀ providing the broader community with relevant information on business changes related to COVID-19 and aggregatingĀ relevantĀ resourcesĀ for business owners atĀ .Ā TagertĀ saidĀ theĀ positive relationship between Starkville and °®°®Ö±²„Ā will be important as the city works to recover economically.Ā
āAs a significant economic driver, Starkvilleās economy is not only important in the Golden Triangle, but also to the ultimate recovery of ourĀ state and region,āĀ TagertĀ said. āAt a time like this, itās so important to have that relationship with the university and to take advantage of the resources that the university provides statewide. The good work being done throughout the university and its Small Business Development Center is vital to our eventual recovery.āĀ
The °®°®Ö±²„ Small Business Development Center, with offices in StarkvilleĀ andĀ Meridian, is one of eight located in Mississippi. Its service area includesĀ Choctaw, Clay,Ā Kemper, Lauderdale, Lowndes, Monroe, Montgomery, Noxubee, Oktibbeha and Webster counties.Ā For more, visitĀ .ĢżĢż
°®°®Ö±²„ is MississippiāsĀ leadingĀ university, available onlineĀ atĀ .