WILMINGTON, N.C. (WECT) - Gov. Roy Cooper issued an executive order Tuesday that will provide benefits to those who lose, or have lost, their job during the coronavirus outbreak.
“Today I am taking down some of the barriers to unemployment benefits," Cooper said during a Tuesday afternoon press conference.
While barriers may be coming down, the unemployment that Mr. Cooper talked about is already happening. Small businesses across the state are faced with trimming their payroll, adjusting to a rapidly changing economy, or face the possibility of closing their doors.
Stephanie Castagnier Dunn, SBA President of Incredible Bank in Wilmington said small businesses need to make adjustments now rather than trying to wait for normalcy to return.
“It has changed, our footprint and our community dynamic has changed overnight and so we need to have the discussions now about what are we going to need in three months, in six months to maintain this business,” Dunn said.
Dunn said loans are available to small business owners that could put cash in their pockets in a very short amount of time, and time is of the essence when facing the possibility of losing a business during this pandemic.
“All the bankers like myself, we’re just sitting here responding away, and so we’ll be able to get you the information you need, collect the documents we need from you via all these secure portals, and we’ll be able to get documents drafted and get them back to you via DocuSign - everything is electronic, you don’t have to leave your house and the monies should be in your account lets say within a week," Dunn explained.
Loans that are available range from hundreds of thousands to millions of dollars depending on the situation.
“The application for that up to two million dollar SBA disaster loan is about a 30-35 day process, from today to when the money is in your account," Dunn said.