As you are aware, the federal government took decisive action to make small businesses more resilient to Coronavirus (COVID-19)-related economic disruptions. As a result, the U.S. Small Business Administration (SBA) plans to offer designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Locations in Florida may be among the areas designated.
Upon a request received from a state’s or territory’s Governor, the SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act, an Economic Injury Disaster Loan declaration.
Once a declaration is made for designated areas within a state, further information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities. To the extent this opportunity may be of benefit to any of your customers, an email request may be directed to disastercustomerservice@sba.gov for more information.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA continues to take the necessary steps to protect small businesses. Trenam Law’s SBA Lending Group is available to answer any questions you may have and we are ready to assist.
