Pulling together when faced with challenges is nothing new to Mississippians. We know it’s imperative that we share knowledge and resources to help everyone get through these uncertain times. It’s why we created this hub of resources for businesses during the COVID-19 pandemic, including information on the benefits made available through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
We’ve weathered many storms, and together, we’ll weather this one too.
Coronavirus Relief Options
In addition to traditional SBA funding programs, the CARES Act and subsequent legislation established several new temporary programs to address the COVID-19 outbreak. Information on these programs is available through the SBA which provides specific details. Below are some of the program highlights:
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
- First Draw PPP Loans for first time program participants.
- Second Draw PPP Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan.
Information for the Economic Injury Disaster Loans is also available. This loan provides economic relief to small businesses and non-profit organizations that are currently experiencing a temporary loss of revenue.
The IRS website provides information regarding employer tax credits under the Latest Updates on Cornonavirus Tax Relief section. Many businesses that have been severely impacted by coronavirus (COVID 19) will qualify for new employer tax credits.
ReSkillMS is a program designed to help individuals adversely affected by the COVID-19 pandemic find jobs with better wages and also help support employers who want to hire and train new employees on the job. The program encourages employers to hire employees immediately and train them on the job. This process is encouraged by providing employer incentives. The funding incentive reimburses employers for a portion of wages during the training period of new hires.
ReSkillMS was created to provide workforce training that helps Mississippians find job opportunities quickly with higher pay than their pre-COVID occupation. The program also helps employers ready to fill skilled positions with the workforce they need by training individuals on the job. Follow the link here to learn more about the resources that are available www.reskillms.com .
This program is made possible by MS Workforce leaders at the MDES, the state’s four local workforce areas, and the State Workforce Investment Board.
Mississippi Small Business Development Center
If your business has been adversely impacted by COVID-19, visit the Mississippi Small Business Development Center for assistance. Areas of interest including funding/liquidity, taxation changes, employment law changes, adjusting your business plan, counseling to navigate the changes and resources, and advice on health and safety are available.
The Mississippi Small Business Development Center is an accredited member of America's Small Business Development Centers and is funded in part through a cooperative agreement with the U.S. Small Business Administration through The University of Mississippi.
Additional national and local resources include:
- U.S. Chamber of Commerce
- U.S. Small Business Administration
- U.S. Small Business Administration - Application
- Society for Human Resource Management
- Rural Business Development Grants
- Facebook Small Business Grants Program
- US Senator Cindy Hyde-Smith
- US Congressman Bennie Thompson
- US Congressman Michael Guest
- US Congressman Trent Kelly
State and Local Resources
- Delta Regional Authority
- Mississippi Bankers Association
- Mississippi Department of Employment Security
- Mississippi Development Authority
- Mississippi Emergency Management Agency
- State of Mississippi
Although there is a lot of helpful information and resources available, remain aware and don’t fall victim to scams. In this graphic, the U.S. Office of Inspector General provides several tips on avoiding grant fraud, loan fraud or phishing.
Economic Development Organizations Getting Creative
As they always do, our local economic development and professional organizations have risen to the challenge and have gotten creative to reach small businesses in need. For example, several have either hosted or scheduled webinars and conference calls that include federal and state agency leaders, accountants, lawyers and tax experts sharing tips and tools on navigating through the pandemic.
Reach out to your local Chamber of Commerce and Economic Development organization to keep updated on locally hosted web events and visit the Mississippi Economic Council and Mississippi Economic Development Council.