COVID-19 Updates | Franklin Southampton Economic Development, Inc.

a message to our business community from Franklin southampton economic development

Franklin Southampton Economic Development and the Franklin Business Center are open to the public. The FSEDI staff are available to assist you. You can reach us at (757)-562-1958 or info@franklinsouthamptonva.com.

Please make sure to follow us on Facebook for timely updates.

Other helpful Facebook pages to follow are below:

Franklin-Southampton Area Chamber of Commerce

Downtown Franklin Association

City of Franklin

Governor of Virginia

Hampton Roads Workforce Council

Department Of Community Development Is Allowing TEMPORARY SIGNS In The City Of Franklin And Southampton County For Retail And Service Businesses.

Beginning March 20, 2020, you may install one temporary sign on your property to let the public know you are open and providing service to the community. Please send an email to Beth Lewis, Zoning Administrator, at blewis@franklinva.com, or call 757-562-1003 to indicate where the sign will be located and how large it will be. This will be available as long as Franklin and Southampton County are under a declaration of emergercy. Please note these signs nay not be located in public right-of-way, and MUST be removed when the emergency declaration ends.

Local Banks Participating In SBA Loan Programs

Sonabank

The Bank of Southside Virginia (Currently working with exsisting customers only)

Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or 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. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Click here for the Paycheck Protection Program Borrower Application form.

Click here for a brief overview of the program.

Click here for a list of guidelines for businesses seeking forgiveness of their PPP loan advances.

Click here for a PPP Forgiveness Workbook

SBA Economic Injury Disaster Loan

Effective May 8th, the SBA has reduced the maximum EIDL loan from $2 million to $150,000, and they are only accepting new applications from agricultural enterprises.

Click here for a step-by-step video and FAQ.

Click here for the Three Step Process for the Disaster Loan.

Click here for the SBA Fact Sheet on the Economic Injury Disaster Loan.

Click here for the Small Business Owner's Guide to the CARES Act.

Click here for the US Chamber's Small Business ELA Loan Guide.

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

SBA Paycheck Protection Program Step-By-Step Video

Franklin Southampton Economic Development has partnered with Julie Griggs at Burgess and Company to provide a step-by-step video on how small businesses can utilize the Paycheck Protection Program. Find the video here: https://youtu.be/vBBTl6_P8hY