USA will loan $50 billion to small businesses, defer…

USA will loan $50 billion to small businesses, defer…

Trump said he would instruct the Small Business Administration (SBA), a government agency, "to exercise available authority to provide capital and liquidity to firms affected by the coronavirus".

It is my hope that we can target immediate assistance to those geographic areas and business sectors in the state that are suffering the greatest economic harm from coronavirus.

"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".

About 30 million companies in the US meet the SBA's definition of a small business.

The U.S. Small Business Administration announced Thursday that disaster assistance loans of up to $2 million will be made available to small businesses disrupted by coronavirus.

The Economic Injury Disaster Loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations, according to a news release from the Small Business Administration.

"I want small businesses to know that the SBA is here for them during this time". Nonprofits might also be eligible with an interest rate of 2.75%. "I have been hearing from small business owners and entrepreneurs about the negative impact that this pandemic is having on their bottom line and I urge them to reach out to SBA disaster assistance customer service center immediately".

To keep payment affordable, long-term repayment is offered up to 30 years.

SBA's Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government's coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

In an effort to offset a volatile market, SBA will be offering Economic Injury Disaster Loans to businesses that have been adversely affected by the coronavirus. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.

EIDL loans can give small businesses the boost they need to overcome temporary loss of income, Coleman explained.



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