Covid and the possibility of SBA Disaster Loans
In January, we had a representative of the Small Business Administration visit our C3 group. Desiree gave us all sorts of information about the resources SBA has for small businesses. Prior to now, few thought of Covid-19 being a disaster for our region at the time. Therefore, Desiree didn’t mention it. But an economic disaster is what this is turning into for some businesses in Washington. Now there may be a possibility that the SBA could help small businesses with the disaster loan program.
Economic Injury Disaster Loan Program
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits. On the condition that a business has been severely impacted by the Coronavirus, it may be eligible. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans. These loans, of up to $2 million can effectively provide vital economic support to small businesses. In this situation, the goal would be to help overcome the temporary loss of revenue.
- Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
Please note that details of eligibility and administration of this emergency assistance from SBA are still being determined. But there is a link to a form that can get the ball rolling.