As we all brace for the full impact of COVID-19 to hit the United States and the economy, here are a few resources for small business owners to consider exploring:
Small Business Administration Economic Injury Disaster Loan Program. The SBA has announced it will work directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by COVID-19. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing.” Click here for more information or to apply for a Disaster Loan.
SBA 7(a) Loan Program. The 7(a) Loan Program is the SBA’s primary program for assisting small businesses. It offers loans from $25k to $5 million and repayment of up to 25 years (if you utilize an SBA Preferred Lender, of which there are several in the central Virginia region). Click here for more details.
Facebook Small Business Grants and Credits. Facebook recently announced it will soon be unveiling details of a $100 million program for up to 30,000 small businesses located in over 30 countries focused on keeping workforces intact, operational costs, connecting with customers. More information can be found here.
Stay tuned for more updates as federal, state, and local governments finalize small business emergency relief plans and programs.