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Small businesses and nonprofits hardest hit by the coronavirus pandemic are now eligible for additional support of less than $ 5 billion Small business administration program
The new series of economic disaster loans, known as Targeted Supplemental Advances, are available to up to 1 million small businesses and nonprofits with up to 10 employees.
Here’s who can get the money:
In addition to having no more than 10 employees, they must be located in low-income neighborhoods and have suffered an economic loss of more than 50% in an eight-week period since March 2, 2020, compared to the last year. They can receive $ 5,000 in grants, which means the money does not have to be repaid.
The funding was included in President Joe Biden’s $ 1.9 trillion coronavirus stimulus bill.
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“Many small businesses in our country are still struggling to recover from the economic impact of the COVID-19 pandemic, and we have found that the smallest businesses – the majority of which are owned by minorities – are suffering the most. , â€SBA administrator Isabella Casillas Guzman said.
The $ 5,000 grants are in addition to the $ 10,000 that many businesses have received from previous economic disaster loan funds.
The SBA will contact eligible small businesses.
The SBA has also increased the maximum loan amounts for COVID-19 assistance to 24 months of working capital up to $ 500,000 from six months and $ 150,000.
For more information, companies can contact the SBA at [email protected] or 1-800-659-2955.
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Jonathan D. Salant can be reached at [email protected]. Follow him on @JDSalant.
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