The Huntsville/Madison County Chamber, Downtown Huntsville Inc., Convention and Visitor’s Bureau and South Huntsville Business Association are good resources for businesses impacted by the coronavirus. We also recommend you check your industry’s national trade organization for other resources and ideas.
- Apply for an SBA emergency loan at SBA.gov. The terms for this are 30 years and open to businesses (3.75% interest rate) and non-profits (2.75 percent interest rate).
- The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
- Neighborhood Concepts and TARCOG have Revolving Loan Funds. Neighborhood Concepts also has a new line of credit tool and Catalyst has a microloan.
- Local banks and financial institutions are offering interest-only payments or allowing payments to made at the end of the loan period for their business clients.
- Banks with SBA loan officers are helping to deploy new and enhanced programs for small businesses.
- View the Coronavirus Emergency Loans Small Business Guide Checklist.
- The City of Huntsville authorized a Tax Payment Extension for March 2020 and April 2020 Sales and Lodgings tax until June 1, 2020 for qualifying businesses.