The SBA has revised the criteria for states seeking an economic injury declaration related to Coronavirus:
- Faster, Easier Qualification Process for States: states are only required to certify that at least five small businesses have suffered substantial economic injury.
- Expanded, Statewide Access to SBA Disaster Assistance Loans: loans will be available statewide following an economic injury declaration.
“….most small businesses that need credit during these uncertain times will be able to obtain it….our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels,” said Administrator Carranza.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
SBA disaster assistance website at SBA.gov/Disaster.