The Business Council of Alabama (BCA) will present the Small Business Exchange on Alabama Public Television (APT) Thursday night, an event designed to help small businesses apply for federal stimulus funding under the new CARES Act.
In partnership with APT, BCA will bring together experts in business, banking, accounting and law to answer phone calls from Alabama business owners and employers as they grapple with the impact of the coronavirus on the state’s economy. New federal loans are now available for small businesses, but funding is limited in some cases and quick action is required.
“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. “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.
“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.”
There are $10 billion in Economic Injury Disaster Loans and $349 billion in Paycheck Protection Loans available to help the nation’s small businesses. Each program has different eligibility criteria, financing, and application processes. For the most part, small businesses of fewer than 500 employees, sole proprietors, freelancers and the self-employed, independent contractors, and 501(c)(6) organizations are eligible for one or both programs.
Because there has been confusion about the programs, too many business owners are uncertain about availability, qualifications, requirements and deadlines for each loan program. The point of the Small Business Exchange is to get that much-needed information to business owners as quickly as possible.
The Small Business Exchange program airs Thursday night on APT from 7-8 p.m. BCA experts will be available to answer questions from 7 p.m. – 10 p.m. Thursday night. In addition, experts will be available for consultation from 9.a.m. to noon Friday.
To ask a question or consult with our BCA experts during these times, the phone number is 1-833-BCA4BIZ (1-833-222-4249).