The Jackson State University Small Business Development Center is providing technical assistance to small businesses in the area that are impacted by the COVID-19 pandemic disaster.
Rickey Jones, director for the SBDC says, “Our center is a Small Business Administration resource partner purposed to providing assistance to small businesses seeking to submit or determine if their business operational needs can be addressed by the current COVID-19 Disaster Relief Programs. The JSU SBDC also collaborates with local lenders such as Bank Plus and Hope Credit Union to assist business owners with organizing their request for consideration.”
Guidance by the Center is also provided by answering questions, offering resource support to small businesses, selected non-profits and other employers preparing documents for submission for loan or grant consideration.
The programs that have been reported to assist business owners during COVID-19 are:
- Paycheck Protection Program: provides capital to cover the cost of retaining employees.
- Emergency Economic Injury Grant: provides a quick infusion of a smaller amount of cash to coverer current operational needs.
- Small Business Debt Relief Program: assist with easing fears about keeping up with payments on current or potential Small Business Administration loans.
Additionally, the Coronavirus Aid, Relief, and Economic Security (CARES) ACT will benefit business owners impacted by the pandemic by making loans available that can be used to sustain their operations, especially those businesses that provide goods and services that are considered non-essential. The CARES ACT will also provide opportunities for businesses to retain employees and for select non-profits to seek loan assistance.