The Small Business Administration (SBA) has introduced loans to help small businesses navigate coronavirus (COVID-19)-related cash flow and revenue issues. Small business loans of up to $2 million per company are now available for those organizations, the SBA says.
The SBA guidance comes amid President Trump's plan to ask Congress to increase funding for the SBA lending program to $50 billion. It's unclear if or when that particular funding will arrive, but the SBA is taking financial steps to assist small business owners in the meantime.
In a statement, the SBA says it will:
"work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing."
The SBA also pointed small business owners to these five bullet points for more guidance:
