During these trying times the SCHCC has your back. As South Carolina’s voice for Hispanic businesses, we have been at the forefront of the developments related to relief efforts for our state’s Hispanic business community.
The SCHCC is ready to provide direct assistance to any Hispanic small business who needs help during this crisis.
If you or any small business owner needs assistance navigating the resources available to you, please reach out to us at 864-643-7261 or by contacting us here.
The Small Business Administration has made two major programs available to small businesses.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Proceeds utilized for payroll, utilities, mortgage interest, and rent are subject to loan forgiveness.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Governor McMaster has been issuing orders for non-essential businesses to close. As this list continues to grow, many business owners have questions about whether the order applies to their business. This list, provided by the SC Department of Commerce, contains an updated list of which businesses are included in the governor’s order.
Unemployment Benefits Have Been Expanded
The SC Department of Employment and Workforce (SC DEW) as well as the federal government via the recently passed CARES Act have expanded the benefits and eligibility criteria for unemployment insurance benefits.
- SC DEW Resource Hub
- SC DEW General FAQ related to COVID-19
- Unemployment benefits eligibility scenarios
IRS Updates Deadlines, Announces Taxpayer Relief Efforts, Provides Guidance on Economic Impact Payments
The IRS has made several updates to its deadlines and has made efforts to provide relief to taxpayers who have various pending matters with the Service.
- Access the IRS’ COVID-19 hub here
- The IRS has provided information on the Economic Impact Payments here
- Tax Day has been moved from April 15 to July 15
- Many installment agreements, offers in compromise, and collections actions have been delayed or deferred
Please check back to this page regularly for updates that may impact your business.