The Small Business Administration will offer low-interest federal disaster loans to small businesses in NY state. The funding is aimed at helping employers pay fixed debts, pay employees, and any other expenses occurring as a result of the coronavirus pandemic. In addition, her plan would waive a current requirement that a small business demonstrate they are unable to obtain credit elsewhere. If the state's request is approved, small businesses will be able to get low-interest loans up to $2 million to continue to operate.
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
Governor Whitmer said "This designation unlocks critical financial resources for small businesses across the state impacted by the tough, but necessary steps we have taken to mitigate the spread of the Coronavirus here in MI". White said this program will provide small grants to targeted small businesses whose cash flow has suffered because of COVID-19.
"Local small businesses are bearing the brunt of that impact and facing a severe decline in customer traffic", Dan Nordberg, the SBA Regional Administrator, said in a statement.
First, the Grand County Business and Economic Development Association (BEDA), which we've used to provide smallish loans to small businesses starting or expanding in Grand County, has expanded its mission to include emergency relief for the coronavirus scare.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19).
"Small businesses play a critical role in driving Indiana's economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state", Gov. Holcomb said. Due to high demand, these may take longer to process. The webpage also has information on SBA resources.
Continue to look for emails from our office in the coming days and weeks updating you on what assistance is available as we work through this hard time together.
Employers and workers can apply for benefits, file by spreadsheet, find answers to frequently asked questions and utilize additional resources online.
Here are the nuts and bolts that we have found with the help of DiAnn Butler, Grand County's economic developer. "I thank the Colorado federal delegation for their efforts to help unlock this assistance".
Herndon said bankers across the state are assisting Kansans by making new loans, amending terms and conditions to existing loans and otherwise working with borrowers adversely impacted by the pandemic.