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SBA to provide $2M in loans to businesses impacted by coronavirus

(Photo credit: Shutterstock.com / Uber Images)

The U.S. Small Business Administration will work directly with state governors to provide targeted, low-interest loans to small businesses and nonprofits 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 financial support to small businesses to help them overcome the temporary loss of revenue they are experiencing.

For businesses impacted by COVID-19, SBA Administrator Jovita Carranza issued the following statement on Wednesday, March 18, 2020, in response to President Donald Trump’s address to the nation:

“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation.

“Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

Click continue for more information about the process to access the SBA’s Coronavirus (COVID-19) Disaster Relief Lending.

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