By TODD STACY, Alabama Daily News
MONTGOMERY, Ala. – After passage of the CARES Act, which offers hundreds of billions in economic relief for small businesses, employers everywhere are scrambling to understand how to access these funds.
For many, it could determine the success or failure of their businesses in the wake of the coronavirus pandemic.
That’s why this week the Business Council of Alabama is partnering with Alabama Public Television to air a special small business exchange program designed to help employers file for new federal stimulus funding. The program will air on Thursday, April 9 from 7:00-8:00 Central Time on APT stations statewide.
“We have to make sure that Alabama’s small businesses get the loans and support they deserve in these tough economic times,” said Katie Boyd Britt, President and CEO of BCA said in a news release announcing the event.
“These business owners need as much help as we can give them to work through the process. The first step in getting Alabama back to work is to get this loan money flowing to our businesses.”
Under the CARES Act, the U.S. Small Business Administration is authorized to offer more than $10 billion in Economic Injury Disaster Loans and more than $349 billion in the new Paycheck Protection Program. Each program has different eligibility criteria, financing, and application processes. Most mall businesses of fewer than 500 employees, sole proprietors, freelancers and the self-employed, independent contractors, and 501(c)(6) organizations are eligible for one of the programs.
Experts from BCA will available from 7:00 – 10:00 p.m. Thursday and then fro 9:00 to 12:00 noon on Friday to answer questions from small business owners. Those with questions are encouraged to call 1-833-BCA4BIZ, or 1-833-222-4249.
“Our team of experts is donating their time and resources because this is a critical time for small businesses,” said Britt. “This federal funding can and will save companies and save jobs, so the BCA is facilitating this process in any way we can.”
BCA is known one of Alabama’s most influential political organizations, pooling resources from the state’s business community to support its endorsed candidates for office and lobby the Alabama Legislature for business-friendly policies. However, in this time of economic crisis, BCA has fully engaged its outreach arm, using its considerable resources to offer assistance to small, medium sized and large businesses throughout the state.