Small businesses have already been especially hard hit by COVID-19. The recent spike in unemployment claims across the state and the decline in short-term revenue have some local business owners rattled.
While an economic stimulus package seems to be nearly ready, the Small Business Administration (SBA) has started its wheels turning to ease the pain by providing emergency loans to small businesses across the nation.
[content-1] The SBA will provide loans of up to $2 million in disaster assistance for small businesses in South Carolina. Applications can be found online now. Loans can be used for fixed debt, payroll, and other bills. Interest rates for these allowances are 3.75 percent for small businesses and 2.75 percent for private nonprofits. The deadline to apply for the SBA loan is Dec. 21 2020.
A Goldman Sachs survey of small businesses found a little over half believe they won't survive beyond three months due to the economic impact of COVID-19. Small businesses in South Carolina employed 46.7 percent of the private workforce in 2015, according to the SBA, creating some 29,867 jobs that year.
[content-2] Accommodations and food service, one of Charleston's largest industries, is also the biggest small business employer in the state, providing 133,124 jobs. Currently, many of those people are out of a job because of closures that bar dine-in service.