April 01, 2020

This continues to be a challenging and unpredictable time for South Carolina’s small businesses. You are likely getting questions from your clients on resources as they guide their businesses during this time. We are sharing recent news and helpful resources you can provide to your clients.

The links below lead to third party websites. These organizations are solely responsible for the contents and privacy policies on their sites.

The CARES Act (Coronavirus Aid, Relief, and Economic Security Act)

Passed by Congress and signed into law on March 27 provides for numerous types of loans and payroll relief, including $349 billion in loans for small businesses through the Paycheck Protection Program.

Paycheck Protection loans will be allowed to be used for the following purposes:

• Payroll support (including paid sick or medical leave).
• Employee salaries.
• Mortgage, rent and utility payments.
• Insurance premiums. 
• Other debt obligations.

Every small business is encouraged to contact its banker(s) to see if it qualifies for a Paycheck Protection loan.

The Federal Government’s Coronavirus Website

Has a special section for Small Businesses: www.coronavirus.gov/smallbusiness/.

It explains and provides resources for federal loans and grants.

South Carolina

Was declared a major disaster due to COVID-19 pandemic and thus it is afforded special aid from FEMA. The press release can be found here.

Small Business Administration Loans

SBA is working with the South Carolina government to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).

For more information on SBA’s Economic Injury Disaster Loans, visit: www.SBA.gov/Disaster.

Department of Labor

The U.S. Department of the Treasury, the IRS and the U.S. Department of Labor recently announced a plan to implement coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing coronavirus-related leave. This plan is part of the Families First Coronavirus-Response Act that the Trump administration signed March 20.

For more information on this plan, visit:  https://www.dol.gov/newsroom/releases/osec/osec20200320.

The Wage and Hour Division

The wage and hour division provides information on issues employers and employees face when dealing with public health emergencies, such as pandemics.

For more information visit: https://www.dol.gov/agencies/whd/pandemic.

Internal Revenue Service

On March 17, Treasurer Secretary Steven Mnuchin delayed the filing deadline for 2019 taxes until July 15, 2020.

For more information, visit: https://www.irs.gov/coronavirus.

We are committed to helping you during this time. We will continue to provide helpful news and resources as they come available.  In the meantime, please check out the news section of our Agent website to view our latest COVID-19 and other business communications.

Sincerely,

Stephanie L. DeFreese, Vice President of Agency Sales