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Home Business Loans Loans and Grants for Small Businesses Impacted by Coronavirus
The US Small Business Administration (SBA) is one of the few constants in the volatile world of entrepreneurship. Tasked with providing resources and financing to our nation’s small business owners, the agency really shines when calamity strikes. Whether it’s wildfires, floods, earthquakes, pandemics, or something else entirely, the SBA’s disaster loans can be lifesavers for those affected.
To address the challenges many small businesses are facing due to the coronavirus outbreak, President Trump approved a bill that will open the SBA’s taps to provide tens of billions of dollars via disaster loans.
“The president took bold, decisive action to make our 30 million small businesses more resilient to coronavirus-related economic disruptions,” announced SBA Administrator Jovita Carranza in a statement. “Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our agency will work directly with state governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation.”
These SBA disaster loans are intended for small business owners who can’t get funding from other sources. Basically, if you’ve had doors slammed in your face, the new bill is intended to enhance your opportunity to qualify for a number of loans and grants.
Here’s a look at some of the best emergency financing options available:
Despite the inevitable challenges that lie ahead for America’s small businesses, the good news is that help is on the way. In the case of SBA loans and other programs, it’s already here. Take the time to research the options available for your business. Your success today and in the future could depend on it.
Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.
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