Small Business Administration Approves Governor Whitmer's Request

Sunday, 22 Mar, 2020

Our team has been in contact with the U.S. Small Business Administration, which is offering small business economic disaster assistance loans to small businesses and nonprofits impacted by COVID-19.

"The Florida Small Business Emergency Bridge Loan is created to get cash into the hands of small businesses so they can keep their doors open during a crisis", said Governor DeSantis.

"The idea of these assistance loans are strictly made to help small businesses have a little bit of extra cash in hand so they can pay their bills, so they can pay their loans, and pay their payroll and payroll taxes", added Marohnic.

As of the time of this story being published, only small businesses in Alabama counties bordering Florida and Georgia are eligible to apply for these loans.

Loan terms are determined on a case-by-case basis and can have repayment periods up to 30 years.

"COVID-19 is a unique crisis affecting all walks of life, and that means Louisiana's small business community will continue to be heavily impacted by disruptions to their operations", Gov. Edwards said.

As Congress considers economic stimulus legislation, U.S. Senator Tammy Baldwin today introduced a plan to support small businesses hurt by the coronavirus pandemic.

High demand for the loans nationwide may delay the processing of the applications.

"Small businesses and nonprofits across the state are suffering greatly in the wake of this pandemic, and these loans will help overcome the temporary loss of revenue companies are experiencing during this hard time", Governor Lee stated. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

An already-existing microloan program will be refocused toward small business stabilization, and businesses that already receive loans from DEDO can temporarily defer loan payments if needed, the city said.

"We know the urgency", Scott said.

Here are the nuts and bolts that we have found with the help of DiAnn Butler, Grand County's economic developer. This resource from Empire State Development is a useful tool to get answers to the questions that you have.

For information, go the SBA's COVID-19 page. But federal and state help is available.