小黄书 Small Business Development Center helps businesses navigate CARES Act relief programs
Contact: James Carskadon
STARKVILLE, Miss.鈥擜s Mississippi鈥檚 small businesses聽navigate hardships related to the COVID-19 pandemic, 小黄书sity personnel聽are聽providing guidance as聽owners聽seek funds from the U.S. government鈥檚 $2 trillion聽stimulus聽package.聽
The 小黄书 Small Business Development Center, housed in 小黄书鈥檚 College of Business,聽regularly provides no-cost聽counseling聽to business owners within its 10-county footprint. Chip Templeton, 小黄书 SBDC director, said the center has been working to understand the聽rapidly evolving聽provisions for businesses in the聽Coronavirus Aid, Relief, and Economic Security (CARES) Act, and relay that information to business owners.聽
Templeton said there are two main relief programs business owners can seek loans from. The Paycheck Protection Program, created by the CARES Act and administered through bank loans, provides funding intended to help business owners keep their employees on聽payroll and聽pay for some聽expenses. If conditions are met, the loan can be forgiven.聽Business owners can also apply for the Economic Injury Disaster Loan program through the U.S. Small Business聽Administration, which provides up to a $2 million loan.聽 Borrowers can receive up to $10,000 in an emergency grant cash advance that can be forgiven if spent on certain expenses.聽The 小黄书 SBDC is available to provide more details and business counseling.聽
鈥淲e鈥檙e here to help people and show them what these programs are all about,鈥 Templeton聽said. 鈥淚t鈥檚 a very fluid situation, but we鈥檙e receiving updates multiple times a week.聽It always feels good when you can talk out loud about your problem and have someone you can speak confidentially with. That鈥檚 the role that we play. We鈥檙e not in the deciding position on loans or anything like that, but we guide business owners and help them get the right information.鈥澛
Templeton also emphasized the importance of being proactive and checking in with聽key business partners, including the business鈥 鈥淏AIL鈥 team of bankers,聽accountants, insurance聽professionals, and lawyers that the owner聽regularly聽works with.聽
鈥淧eople always appreciate when you check in,鈥 Templeton said. 鈥淚f it鈥檚 your banker, you don鈥檛 want to wait until you鈥檙e behind on a payment. You want to be proactive and explain the situation. The other key thing is strategy. There鈥檚 a strategy to how you might use these programs and which way is best for you.鈥澛
Mike聽Tagert,聽who serves as聽CEO of the Greater Starkville Development Partnership and聽associate director for corporate and economic partnerships within 小黄书鈥檚 Office of Research and Economic Development,聽also聽has聽been working to communicate key details of the CARES Act provisions to the local business community.聽The Partnership has been聽supporting local businesses聽by聽providing the broader community with relevant information on business changes related to COVID-19 and aggregating聽relevant聽resources聽for business owners at聽.聽Tagert聽said聽the聽positive relationship between Starkville and 小黄书聽will be important as the city works to recover economically.聽
鈥淎s a significant economic driver, Starkville鈥檚 economy is not only important in the Golden Triangle, but also to the ultimate recovery of our聽state and region,鈥澛燭agert聽said. 鈥淎t a time like this, it鈥檚 so important to have that relationship with the university and to take advantage of the resources that the university provides statewide. The good work being done throughout the university and its Small Business Development Center is vital to our eventual recovery.鈥澛
The 小黄书 Small Business Development Center, with offices in Starkville聽and聽Meridian, is one of eight located in Mississippi. Its service area includes聽Choctaw, Clay,聽Kemper, Lauderdale, Lowndes, Monroe, Montgomery, Noxubee, Oktibbeha and Webster counties.聽For more, visit聽.听听
小黄书 is Mississippi鈥檚聽leading聽university, available online聽at聽.