Small Businesses (SBA) Providing Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)


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Small Businesses (SBA) Providing Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

By Steve Balich -March 20, 202001

SBA Providing Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

The SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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. 

Small business owners in many states are now eligible to apply. Apply for disaster assistance  https://www.sba.gov/funding-programs/disaster-assistance?utm_medium=email&utm_source=govdelivery

SBA Administrator Jovita Carranza

Updated Criteria for States Requesting Disaster Assistance Loans

We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels.

To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately.  https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-updates-criteria-states-requesting-disaster-assistance-loans-small-businesses-impacted?utm_medium=email&utm_source=govdelivery

Explore CDC Guidance to Protect Your Business and EmployeesThe Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. The following interim guidance may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings: Actively encourage sick employees to stay homeSeparate sick employeesEmphasize staying home when sick, respiratory etiquette and hand hygiene by all employeesPerform routine environmental cleaning More interim guidance for businesses and employers  https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fspecific-groups%2Fguidance-business-response.html%3Futm_medium%3Demail%26utm_source%3Dgovdelivery&utm_medium=email&utm_source=govdelivery

Get Exporting Assistance 

SBA provides export loans to help small businesses achieve sales through exports and can help these businesses respond to opportunities and challenges associated with trade, such as COVID-19.

The loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products.

Learn more about how SBA can help you with exporting https://www.sba.gov/business-guide/grow-your-business/export-products?utm_medium=email&utm_source=govdelivery

Explore Capital Access Options

Incidents can strain a small business’s financial capacity to make payroll, maintain inventory and respond to market fluctuations (both sudden drops and surges in demand).

SBA provides a number of loan resources for small businesses to find the right capital access options so they have what they need when they need it.

Learn more about SBA loan programs and connect with an SBA-approved lender 

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