News
SBA & Treasury Announce Simpler PPP Forgiveness
WASHINGTON—The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing
Celebrating Hispanic Entrepreneurs' Growth, Resilience
By Jovita Carranza on October 07, 2020Category: SBA News and ViewsThe Nation's 3.3 million Hispanic-owned small businesses generate $474 billion in annual sales. As we celebrate National Hispanic Heritage Month, many people are talking about the remarkable contributions of 60 million Hispanic Americans. Few people, however, can say they have done as much to propel this community – my community – forward as President Donald Trump.As the first Latina to serve in a Republican President’s Cabinet, I am proud
Duke Energy Offers Assistance to Businesses
Businesses facing financial hardship can qualify for new extended payment plans to catch-up on balances accumulated during the COVID-19 disconnection suspension. Restarting the economy is more important than ever, and no customer on a payment plan who remains current on that plan will be disconnected. It is important that they contact us as soon as possible to enroll in this program.Click Here for More Details!
NC HB 1105 – The Coronavirus Relief Act 3.0
The $2 trillion CARES Act signed into law on March 27, 2020, provided North Carolina with $3.59 billion to be spent by December 30, 2020. With $903 million of these funds still unspent, the North Carolina Legislature created NC House Bill 1105 to ensure all its federally allotted CARES Act dollars were utilized. On September 4, 2020, Governor Cooper signed HB 1105 into law, which is also referred to as the Coronavirus Relief Act 3.0. A few highlights of HB1105 are below.Education/ChildcareExtra Credit
Old Fort Chamber Merges with McDowell Chamber
In July of 2020, the Old Fort Chamber of Commerce officially merged with the McDowell Chamber of Commerce creating a united effort to support and promote the businesses all across the county. "Prior to the merger, the McDowell Chamber respected the jurisdiction of the Old Fort Chamber, while still serving our members there," said incoming Executive Director Kim Effler. "We are now better positioned to address the business needs of the whole county." Effler previously served as the volunteer director for
Updates On Payroll Tax Exempt Rules
In response to Congress’ delay in providing additional relief in the wake of COVID-19’s economic impacts, on August 8, 2020, President Trump issued an executive order to the Department of Treasury to allow deferral of employee Social Security (SS) taxes. The Secretary of the Treasury is authorized under Section 7508A of the Internal Revenue Code to defer certain payroll tax obligations. No matter the size of a business, each employee’s compensation is subject to various withholdings, including SS, which is
North Carolina Prepares Coronavirus Grants for Local Communities
$28 million in aid available for COVID-19 responseRaleigh, N.C. - This week, Governor Roy Cooper announced the State of North Carolina will provide $28 million to local governments and communities in their response to the economic and public health impacts of COVID-19 through the Community Development Block Grant Coronavirus (CDBG-CV) program. The program will be funded through the CARES Act by the U.S. Department of Housing and Urban Development (HUD) to support North Carolina’s ongoing effort to fight
IRS Issues Guidance on Deferral of Employee Tax Withholding
In response to Congress’ delay in providing additional relief in the wake of COVID-19’s economic impacts, on August 8, 2020, President Trump issued an executive order to the Department of Treasury to allow deferral of employee Social Security (SS) taxes. The Secretary of the Treasury is authorized under Section 7508A of the Internal Revenue Code to defer certain payroll tax obligations. No matter the size of a business, each employee’s compensation is subject to various withholdings, including SS, which is
McDowell May Sales Up 2.3%
Marion Economic Development NewsMcDowell County COVID Business Recovery Survey According to the NC Department of Revenue (NCDOR), retail sales figures in McDowell County for June, which represent May sales, totaled $38.5 million. This is a 2.3% increase over the same period last year. This is in contrast to retail sales across North Carolina, which decreased by 4.4% in June. These figures are showing that McDowell County has weathered the COVID-19 storm better than other communities in our state. We
State Grant Helps Businesses Still Seeking Funding
If you missed out on PPP or any COVID-related funds, your organization may be eligible to receive valuable funds now through the NC Department of Commerce's Job Retention Grant Program. Eligibility:1. Are you an employer? – Eligible organizations include private businesses and certain types of nonprofits. (The General Assembly is working to include 501c6 nonprofits, which were accidentally left out of the original legislation. 501c6 organizations may still apply, but funding will depend on legislative
How do Trails Impact the Local Economy?
Not only will the Fonta Flora State Trail across McDowell County provide more access to safe places to walk and ride bicycles, it will have a positive impact on our local economy. As the examples in the infographic above, when the Fonta Flora State Trail connects Morganton and Asheville, it will traverse all of McDowell County, including Lake James State Park, the City of Marion, and the Town of Old Fort. The trail will link communities and provide access to recreation along the Catawba
PPP Extension Act Being Extended
Payroll Protection Program Extension ActThe Payroll Protection Program (PPP) Extension Act was approved by Congress and subsequently signed into law by President Trump on June 5, 2020. Now, the Extension Act has been extended. On July 4th, the President extended The PPP Extension Act deadline, which allows more businesses the opportunity to apply for PPP forgivable loans. The CARES Act, signed into law on March 27, 2020, created PPP loans to aid businesses economically impacted by COVID-19 with a June 30,
Seven Steps to Recession-Proof Your Small Business
Blame Covid-19: the US officially entered a recession in February. I suspect that’s not news to you and your small business, as small businesses have been on the front line of this downturn, struggling to survive. In fact, since the shut-down, it’s estimated that over 100,000 small businesses have closed their doors for good. I don’t want you to be one of them, so here are ways to help "recession-proof" your small business.1.Get the word out to "shop small, shop local." In response to Covid, customers want
Revised Loan Forgiveness Application & Guidance
Last week, the SBA released a revised PPP loan forgiveness application and a new EZ application as well as provided further guidance on employee and owner compensation calculations in the PPP Flexibility Act. Both applications allow borrowers who were assigned a loan number by the SBA on or before June 5th to choose between an 8-week or 24-week expenditure time frame to qualify for loan forgiveness. Those assigned a loan number after June 5th must use a 24-week period. EZ PPP Loan Forgiveness
Help Remains For Small Businesses
Now is the time to take action for your small business. Deadlines are nearing and opportunities will come to a close for funding to assist in recovery efforts. The time is now to take action. Consider the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL) for your recovery efforts. Please note that PPP will close on June 30th. The Economic Injury Disaster Loan (EIDL) and EIDL Advance application portal is now open to all eligible small businesses, non-profits, and
Duke Energy rolls out ‘Hire North Carolina’ Program for Major Construction Projects
Media Contact: Meredith Archie 24-hour: 800.559.3853 June 15, 2020 Duke Energy rolls out ‘Hire North Carolina’ program for major construction projects ▪ Innovative program to promote economic development and job growth ▪ North Carolina-based and minority-owned contractors and subcontractors encouraged to join listCHARLOTTE, N.C. – In an effort to promote economic development and support North Carolina communities, Duke Energy is implementing the new program – ‘Hire North Carolina’ – to
House Passes Bill Amending PPP Program
May 28, 2020, the House of Representatives near-unanimously (417-1) passed HR 7010, the Paycheck Protection Program Flexibility Act. It is uncertain if the Senate will pass these measures, though there are clear indications of bipartisan support to relax the current terms of the PPP loan program. Here are the key changes proposed in this bill: Extend the loan application deadline from June 30 to December 31, 2020.For new loans, the minimum loan term would be 5 years instead of the current 2-year term. For
Rural Forward Uncovers Additional Assistance For Struggling Businesses
Rural Forward North Carolina has been digging to find other funding and assistance options for our small businesses struggling to stay afloat. Aside from the federal assistance provided through the EIDL and PPP monies, RFNC has come up with this list that offers grants, free legal services, and more. GRANT: NC Local News Lab Fund Grant. “General operating grants of up to $30,000 to 501c3 public charity non-profit entities that serve North Carolina residents and their rapidly evolving information needs.
SBA Webinar On PPP
SBA North Carolina District Paycheck Protection Program Webinar On Thursday, May 7, 2020, you are invited to join us for a webinar to discuss Small Business Guidance and Loan Resources as part of SBA’s response to the COVID-19 disaster. The webinar will focus on the Paycheck Protection Program and will review eligibility, the application process, loan use, current results, and more. PPP funds are still available so be sure to join the North Carolina District Office for this presentation with a question
Employer Group Health Insurance Ending - OPTIONS AVAILABLE
If you are not eligible for subsidies through the Healthcare.gov - Thrive Insurance Solutions has many options available to consider that is affordable. Contact us at 828.442.9681 or thriveinsolutions@gmail.com We are located at the "Creekside Wellness Center" 551 Burma Road West - Marion, NC
Resumption of the Paycheck Protection Program
Resumption of the Paycheck Protection Program President Trump has signed legislation, passed by the U.S. Congress, that will provide an additional $484 billion in funding for various COVID-19 related programs. Of the total, $310 billion will go to replenish the Paycheck Protection Program (PPP) while $60 billion will replenish the Economic Injury Disaster Loan (EIDL) program. In order to ensure underserved communities are not overlooked, the legislation authorizes appropriations as follows: At least
Governor Extends Shelter In Place Order Details
Gov. Roy Cooper outlines plans for reopening, stay-at-home order continues through May 8 RALEIGH – Gov. Roy Cooper outlined his plans for a phased reopening of North Carolina on Thursday, which included an extension of the statewide stay-at-home order until May 8. “Through our analysis, its clear we are flattening the curve but our state is not ready to ease restrictions yet” said Cooper at the Emergency Operations Center. The stay-at-home order includes continued closure of dine-in restaurants, bars,
How Do Payroll Tax Credits For COVID-19 Payments Work?
Payroll tax credits available for paid sick and family medical leave associated with the coronavirus pandemic have been addressed in a previous JPS article. Since then, the Department of Labor and the IRS has provided additional guidance. JPS has also had the opportunity to work with businesses that are making these payments to employees and provides the following guidelines to ensure credits are properly claimed. The Families First Coronavirus Response Act (FFCRA) is one of three legislative packages
CARES Act: Relief for Hospitals, Physician Practices & Other Providers
The CARES Act includes relief to physician practices who are suffering financial loss due to COVID-19 by designating funding for the Department of Health and Human Services (HHS) Public Health and Social Services Emergency Fund. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Trump on March 27, 2020. CARES Act provides relief to individuals, businesses, nonprofits and others affected by COVID-19. On April 10, 2020, HHS announced the immediate
Review & Compare Loan Options With Easy Chart
We've heard the concern: There is so much information! The CARES Act is more than 800 pages long and it seems that new information comes out on loan assistance programs daily. It can be overwhelming when you are trying to decide what options are best suited to your business model. We found this helpful guide that compares the different relief loans available to businesses during this COVID-19 crisis. Paychex, a payroll and human resource company, has put out a handy tool that presents all the options and
Mountain Bizworks and Dogwood Trust Open Funding for Minority-owned Businesses in the Region
Asheville (April 8, 2020) – Mountain BizWorks, working with Dogwood Health Trust, announced today a targeted effort to provide increased access to the highly anticipated Small Business Administration (SBA) Paycheck Protection Program (PPP) for nonprofits and small businesses in the region, with a focus on rural and minority and women-led organizations. The PPP was created to provide loans to organizations impacted by COVID-19 and are forgivable if they are used to cover payroll, mortgage, rent, and utility
SBA Clarifies Eligibility For Faith-Based Organizations
On April 4, 2020, SBA Administrator Jovita Carranza announced SBA issued guidance clarifying all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act that was passed by Congress, signed into law by President Trump, and implemented by the Paycheck
NC RURAL CENTER ROLLS OUT NEW AID
The North Carolina Rural Center has a few grant and loan opportunities for nonprofit organizations, small businesses, and vulnerable worker populations. The link below shows a full list of resources and opportunities: Visit https://bit.ly/COVID-NCIDR. Paycheck Protection Program applications open TODAY, APRIL 3. Federal forgivable loan program to small businesses to pay their employees during the COVID-19 crisis. Loans will be forgiven if “(1) The loan proceeds are used to cover payroll costs, and most
Facebook Live: Loan Options Explained
Watch the McDowell Chamber's Facebook page for a live event featuring local financial professionals presenting key points of the Emergency Injury Disaster Loan and the Paycheck Protection Program loan. We'll be covering the pros and cons of each, walk through the application process, and have a Q&A session to wrap things up. The Facebook Live event will be at 10 a.m. Friday, April 3, 2020 at https://www.facebook.com/myhometownchamber/. The City of Marion, the Marion Business Association, and the
Federal Rerserve Programs Enhance Liquidity and Flow of Credit
WASHINGTON – The spread of coronavirus has disrupted economic activity and put significant liquidity pressure on U.S. businesses. To immediately enhance liquidity and support American workers, households, and businesses through this challenging period, U.S. Treasury Secretary Steven T. Mnuchin today authorized the expansion of two recently launched facilities and the establishment of three new facilities to provide liquidity to the financial system pursuant to section 13(3) of the Federal Reserve
Internet Providers Roll Out Assistance Programs
McDowell County-Report submitted by Chris Revis, Connect McDowell Co-founder As we experience this unprecedented need for internet access during the COVID-19 crisis, here are the resources that we have confirmed are available for our members and the community at large. Verizon Wireless:Verizon is offering multiple programs and accommodations for customers during the COVID-19 crisis. These include additional data allowances at no charge and other late. Please click for more
Watch the TSI Difference
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Feisty Crowd Joins in Celebrating Marion's New Retro-Arcade
On Thursday, January 30, 2020, one of Marion’s newest businesses drew a feisty crowd of supporters to celebrate in a ribbon cutting ceremony hosted by the McDowell Chamber of Commerce. The Feisty Goldfish, located in the Historic Depot District, is a Retro Arcade and Bar with a modern take on a classic idea. “The first month has been beyond our wildest dreams,” said co-owner Derek Poteat, who expressed gratitude to the entire community. Local dignitaries and community supporters filled the first floor
Goodwill to Open New Store in Marion
Marion, N.C. (January 28, 2020) – Goodwill Industries of Northwest North Carolina will hold a grand opening for its first retail store in Marion, N.C., on Wednesday, Feb. 12. Local officials and members of Goodwill’s executive management team will be on hand for a ribbon-cutting ceremony at 8:45 a.m., after which the public is invited to browse and shop in the store. “This new store will serve a dual purpose. It’s a place where folks can come in and shop for great bargains on a wide selection of items,
Twisted Rod Tire Opens in Old Fort
You might say Nathan Jones runs on RPMs and motor oil. At his recent Ribbon Cutting with the McDowell Chamber of Commerce, Jones proudly introduced his staff and family to the crowd gathered at Twisted Rod Tire Co.—his second family-owned automotive service and repair shop in Old Fort. An admitted motorhead, Jones loves working on and customizing cars. The tire shop, located at 109 E. Main Street in Old Fort, sells tires, does inspections, transmission work, brakes, and oil changes. For larger jobs, Jones
Putting Their Best Foot Forward
The Chamber board and staff joined city and county officials to welcome Shoe Sensation to the community at an official Ribbon Cutting on Wednesday, October 9, 2019 at 10 a.m. The new shoe shop, located in the Food Lion Center next to Harbor Freight, carries popular brands such as Keds, Clarks, Columbia, Converse, Crocs, CAT, Echo Bat, Easy Street, and more. This is the fourth location in North Carolina for the Indiana-based company. Since 1984, Shoe Sensation has focused on bringing America's top footwear
90 Years of Supporting McDowell County Families
It's rare in today's world of commerce for anyone to hold a job for 50 years. It not only takes a committed employee, it takes a business that is committed to the community, its product, and its family of employees. In a proud moment on Saturday, September 28, 2019 Lester Welch, WestRock's longest serving employee, cut the ribbon to commemorate the company's 90th anniversary of business in McDowell County. WestRock Marion began operations in 1929 as Etta Paper Box Company and was founded by local
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