Small businesses across the country are feeling the pinch from COVID-19. From those working with skeleton crews to those forced to close through the pandemic, the coronavirus outbreak is going to be …
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Business loans established for COVID-19 relief
Posted
Small businesses across the country are feeling the pinch from COVID-19. From those working with skeleton crews to those forced to close through the pandemic, the coronavirus outbreak is going to be tough to recover from in more ways than one.
The U.S. Small Business Administration is offering assistance in the form of low-interest disaster loans to help businesses weather the storm. There may be additional assistance coming at the federal and state level, but a loan is one option to consider.
To learn all about SBA loans, visit sba.gov/funding-programs/disaster-assistance. There’s a banner for “Disaster assistance” near the top of the page, with a red button to “Apply for Assistance.” The page is also full of useful information including details on who can apply for an SBA disaster loan, economic injury, disaster loan use and more.
Clicking on the link to apply, visitors will be redirected to a page with additional helpful information.
“In response to the coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000,” according to the website. “The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
“The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.”
Follow the links provided on the site to continue applying for a COVID-19 Economic Injury Disaster Loan.
