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SBA loans available for small businesses

Gov. Kay Ivey over the weekend announced that small businesses hurt by the coronavirus can apply for the U.S. Small Business Administration’s Economic Injury Disaster Loans.

The loan program helps qualified businesses and non-profit organizations recover from economic losses tied to the abrupt economic downturn triggered by the COVID-19 disease and efforts to stop its spread. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for an eligible small business, according to Ivey’s office.

“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Ivey said in a written statement. “My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”

These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

“This is a critical step in helping small business obtain the working capital they need during these uncertain times,” Katie Boyd Britt, president and CEO of the Business Council of Alabama, said in a written statement. “The economic injury caused by the disruption in ‘business as usual’ will be significant.  This assistance will help many small businesses as they work to continue to meet their financial obligations while also following the important health and safety guidelines needed to flatten the curve.”

Businesses must qualify for the assistance. For more information, go to the SBA’s COVID-19 disaster assistance web page.

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