Small Business Loans Available for Businesses Impacted By Coronavirus COVID-19
2020 began quietly for many businesses. There was but talk of a recession that was projected based on past patterns, but not current evidence. That said, growth seemed to be continuing based on a resilient economy without the slightest hint that a global pandemic would test our collective resilience and resolve.
Covid-19 and coronavirus have created states of emergency in major cities and in states around the country, and that changes the circumstances and available funds to businesses in many areas affected by the virus.
Federal disaster loans for working capital are being made available to small businesses in certain states that are suffering substantial economic loss as a result of the COVID-19 coronavirus. Disaster loan applications must be submitted by December 21, 2020 according to a statement released by SBA administrator Jovita Carranza:
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.”
Loans may be applied to make payments on operational costs such as accounts payable, payroll, rent and similar costs.
Talk with a loan broker today about your eligibility. Your broker can also help you to submit your application for funding and maximize your chances for approval. Our team stands ready to help your company keep cashflow balanced and your doors open during this challenging time.