Skip to main content.

Supporting local businesses 

We've put together these resources to help businesses impacted by COVID-19.

Holding hands forming a heart

Project SHARE Small Business Support

Through our Project SHARE program, we have committed $200,000 for small businesses with 50 employees or less. To find out if you are eligible for support, contact Catholic Charities at 855-847-0555.

Learn More About Our Support Programs

Paycheck Protection Program

 Applies to you if:

  • You were in business and employed fewer than 500 people or the SBA size standards in number of employees for your industry on February 15, 2020. 
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veteran organizations, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

What it does:

  •  Allows you to apply for a 100% government backed, low interest SBA 7(a) loan up to $10 million. The loan amount will equal 250% of your average monthly payroll costs.
  • The period covered for the debt forgiveness is from February 15, 2020 until June 30, 2020.
  • The 100% government-backed loans and fee waivers will be authorized through December 31, 2020. 
  • Allows you to use the loan to cover payroll costs, including salaries, paid sick and medical leave, insurance premiums, mortgage, rent and utility payments.
  • Forgive up to 100% of the loan if the borrower has retained the same number of employees as when they received the loan:
    • The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Funding based on availability

Economic Injury Disaster Loan (EIDL)

 Applies to you if:

  • You are a small business with fewer than 500 people (including sole proprietorships, independent contractors and self-employed persons), a private non-profit organization or a 501(c)(19) veteran organization

What it does:

  • Will provide up to $2 million in working capital loans for economic relief to businesses that are currently experiencing a temporary loss of revenue with a 3.75% interest rate (2.75% for nonprofits) for 30 years
  • First payment due 12 months after funds are issued
  • EIDL Emergency Advance will provide of up to $10,000 for economic relief to businesses that can be processed in three business days. Funds will be made available following a successful application. There is no obligation to repay this loan advance.

Funding based on availability

SBA Express Bridge Loans

 Applies to you if:

  • You are a small business who currently has a business relationship with an SBA Express Lender

What it does:

  • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly
  • Can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan 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.

Paid Sick and Family Leave Tax Credit

Employers who provide required leave to their employees and who employ less than 500 employees are eligible for a tax credit to offset the costs of such leave. This tax relief will be provided against quarterly payroll taxes (those paid in connection with the Form 941).

Mail with letter containing @ symbol

Individual support

If you would like to have one of our Economic Development Representatives contact you to help answer questions specific to your business, let us know.

Contact Our Team
Two hands lifting up a heart

Mississippi Power COVID-19 Information Page

Learn more about our response to COVID-19 and measures we're taking to help our customers during this uncertain time.

Find out more