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The U.S. Small Enterprise Administration introduced Thursday that catastrophe help loans of as much as $2 million shall be made accessible to small companies disrupted by coronavirus.
“Our company will work instantly with state governors to supply focused, low-interest catastrophe restoration loans to small companies which have been severely impacted by the scenario,” SBA Administrator Jovita Carranza mentioned in a press release.
Designated states and territories are being provided low-interest federal catastrophe loans for working capital for small companies struggling substantial financial damage. Upon a request obtained from a state’s or territory’s governor, SBA will situation an Financial Harm Catastrophe Mortgage declaration. This can make SBA loans accessible to small companies and nonprofits within the jurisdiction.
“These loans could also be used to pay fastened money owed, payroll, accounts payable and different payments a small enterprise could have that may’t be paid due to the catastrophe’s influence,” mentioned Matt Coleman, regional communications director for SBA’s Atlantic area, which incorporates New York. “As soon as a state governor – in New York’s case, Andrew Cuomo – makes a proper request to SBA certifying that at the least 5 small companies in a delegated space have suffered substantial financial damage on account of COVID-19, the SBA will rapidly evaluate the request,”
The company mentioned it’s also accessible to help small companies with counseling and navigating their catastrophe preparedness plans by way of its community of 68 district places of work, together with one in Hauppauge, and different useful resource companions.
About 30 million corporations within the U.S. meet the SBA’s definition of a small enterprise.
Right here’s the hyperlink for extra info and to use: https://disasterloan.sba.gov/ela
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