WASHINGTON, March 13, 2020 /PRNewswire/ -- SBA Administrator Jovita Carranza issued the following statement today in response to the President's Declaration of a National Emergency:
"The President's decision to declare a national emergency represents another significant and very important step in reducing barriers to public health and protecting America's 30 million small businesses from the threat posed by Coronavirus (COVID-19). The President's declaration, coupled with the Administration's unprecedented efforts to mobilize and involve the full force of the federal government and the private sector — including leaders in science, medicine, transportation, finance and business — will help save lives and reduce economic disruptions in every community. The SBA is strongly committed to providing the most effective and customer-focused response possible to support small businesses that have incurred substantial economic loss as a result of the outbreak. The Agency is working closely with Governors to make up to $2 million in targeted, low-interest disaster recovery loans available to any small business enterprise that has been severely impacted by the situation."
SBA's Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Emergency Declaration Loans can be used to cover payroll, cover inventory, pay debt or other expenses. Visit www.SBA.gov/coronavirus for more information on SBA's assistance to small businesses.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
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SOURCE U.S. Small Business Administration