Info from Economic Development

Do the FIVE!

Lori Stacy

 
Dear members,
     As we travel through these uncharted days together please remember to "Do the Five" for your safety and to prevent the spreading of Coronavirus (COVID-19):
1.  Wash you hands for atleast 20 seconds and wash them often.
2.  Do not touch your face in public.
3.  Cough into the bend of your arm, not into your hand.
4.  Practice social distancing. Keep at least 3 feet between you and someone else in public.
5.  If you can, stay home!


Do the FIVE!

Crab Orchard Museum closing til April 24th

Crab Orchard Museum

In keeping with the governor's directive, the Historic Crab Orchard Museum and Pioneer Park will be closed until April 24th.
In the meantime, the museum staff will be starting a video series highlighting some of our artifacts and exhibits.  Follow us on Facebook to learn about some of the fascinating objects in our collection!
We appreciate your understanding during this difficult time and look forward to seeing you at the museum soon!
Consider making a donation to the Historic Crab Orchard Museum and Pioneer Park at https://www.craborchardmuseum.com/donations.

COVID-19 websites

Recommended websites for information about COVID-19:
https://www.cdc.gov/
http://www.vdh.virginia.gov/
https://www.who.int/

Economic Injury Disaster Loans

U.S. Small Business Administrator

Dear members of the Tazewell County Chamber of Commerce,
     The following information was recommended by the Tazewell County Economic Director, Pam Warden.  The application can be found in the link below: https://disasterloan.sba.gov/ela.

  

U.S. SMALL BUSINESS ADMINISTRATION

FACT SHEET – ECONOMIC INJURY DISASTER LOANS

VIRGINIA Declaration 16359

(Disaster VA-00087)

Incident: CORONAVIRUS (COVID-19) occurring: January 31, 2020 & continuing

All counties and independent cities within the Commonwealth of Virginia; and contiguous District of Columbia; the contiguous Kentucky counties of: Bell, Harlan, Letcher and Pike; the contiguous Maryland counties of: Charles, Frederick, Montgomery, Prince Georges, Somerset, Washington and Worcester; the contiguous North Carolina counties of: Alleghany, Ashe, Camden, Caswell, Currituck, Gates, Granville Hertford, Northampton, Person, Rockingham, Stokes, Surry, Vance and Warren; the contiguous Tennessee counties of: Claiborne, Hancock, Hawkins, Johnson and Sullivan; and the contiguous West Virginia counties of: Berkeley, Greenbrier, Hampshire, Hardy, Jefferson, McDowell, Mercer, Mingo, Monroe, Morgan, Pendleton, Pocahontas and Summers

Application Filing Deadline: December 21, 2020

Disaster Loan Assistance Available:

Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Credit Requirements:

  • Credit History – Applicants must have a credit history acceptable to SBA.

  • Repayment – Applicants must show the ability to repay the loan.

  • Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available.

    SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.

    Interest Rates:

    The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent.

    Loan Terms:

    The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term.

    Loan Amount Limit:

    The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.

    Loan Eligibility Restrictions:

    Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain required flood insurance and/or hazard insurance on previous SBA loans.

    Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.

    Refinancing:

    Economic injury disaster loans cannot be used to refinance long term debts.

    Insurance Requirements:

    To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.

    Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
     

SWVA WDB Childcare Survey

Rachel Patton

The Southwest Virginia Workforce Development Board is conducting a survey to determine the childcare needs of essential employers in the region such as healthcare workers, first responders, and manufacturing workers during the COVID 19 Pandemic.  With schools canceling classes until at least August and a huge demand for essential workers that may include overtime, we anticipate that there is an unmet need in the region for childcare.  If you reside in the counties of Buchanan, Dickenson, Russell, Tazewell, Lee, Scott, or Wise, or the City of Norton and have children under the age of 12, please take a few moments to complete the survey at the link below:
  
https://www.surveymonkey.com/r/G9BZD3P
 
Thank you for your input!
 
Rachel
 
 
RACHEL PATTON
Southwest Virginia Workforce Development Board
Director of Business Services
P.O. Box 2439
116 Flannagan Ave. Suite 3
Lebanon, VA 24266
276-608-1851
www.vcwsouthwest.com
Chamber 2020 - Info from Economic Development