Explore Partners with Clarion U. SBDC to Provide Coronavirus Resources for Small Businesses

Carrier AdministrationCLARION, Pa. (EYT) – Explore Your Town, Inc. has partnered with Clarion University Small Business Development Corporation (SBDC) to provide an online resource for small business owners affected by the Coronavirus Pandemic.

The resource, located at http://www.exploreclarion.com/clarion-u-sbdc-coronavirus-resources-for-businesses/, includes comprehensive information aimed to help business owners navigate through issues related to the Coronavirus Pandemic.

It will be updated regularly to include new information that is pertinent to small business owners seeking assistance.

“It is important that businesses know that the SBDC is here to assist them,” said Clarion U. SBDC Director Cindy Nellis. “We are receiving information and training almost daily to help our businesses get answers to their questions and know what steps to take to access needed resources.”

“Although our Center has moved to remote operations, consulting services are available by telephone and virtual conferences.”

The Clarion University SBDC provides services to businesses in a 10-county region including Armstrong, Cameron, Clarion, Clearfield, Elk, Forest, Jefferson, McKean, Potter, and Venango.

The organization can help small business owners apply for various federal disaster funding opportunities.

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). As of March 19, 2020, Pennsylvania received the designated declaration. As a result, SBA issued under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

On March 27, 2020, the Coronavirus Aid Relief and Economic Security (CARES) Act was passed, which established a new $349 billion Paycheck Protection Program. This program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. This program positions lending institutions as the single point of contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level. This new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees or SBA fees and loan payments will be deferred for six months. Most Importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.  The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit www.SBA.gov/Coronavirus for more information.

Businesses may request assistance online at https://clarion.edu/sbdc/ and clicking “Get Help”. In addition, businesses may contact the SBDC via email at sbdc@clarion.edu or by leaving a message at 814-393-2060. A consultant will return the call.


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