COLUMBIA, S.C. — Small business owners in need of assistance can apply for relief through the U.S. Small Business Administration.
Greg White is the South Carolina district director.
"We have two programs that are beneficial to a small business. One is the Economic Injury and Disaster Loan and the second is the Paycheck Protection Program," White said.
The Economic Injury and Disaster Loan (EIDL) is designed to provide economic support to owners with temporary revenue loss.
The Paycheck Protection Program (PPP) should help with payroll expenses so owners can maintain their current staff.
The payout times can vary.
"(EIDL), they're really bogged down on that right now," White said. "Typically, on a normal disaster, it takes a couple of days for them to process the application and maybe thirty days to get the funding. Right now, it's taking about two to three weeks to get the application processed and then again, after that, it'll be about a thirty day process to receive the funding."
PPP funding will come from a commercial lender and can also vary.
"My biggest advice to small businesses is to really cut their expenses, hold on to their cash and kind of hunker down for this period of time because this is going to pass," White said. "We've got the services and programs here to help cover you and carry you through that."
For more information on resources visit SBA.gov.