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By Andrew Freter
It is no secret that the Coronavirus (COVID-19) is likely going to have a financial and economic impact on virtually every business. From restaurants temporarily closing to manufacturers having to quarantine employees, small business will likely feel the financial pressure of the pandemic just as much, if not more, than larger companies.
With that said, the US Small Business Administration (SBA) can be a resource to all small businesses during this time. The SBA, whose mission is to provide financial and informational assistance, has recently rolled out their disaster loan program to help small businesses impacted by COVID-19. The disaster loan program is tasked with delivering low interest loans up to $2 million to businesses impacted. As of the time of this posting, the SBA had authorized these loans for the states of California, Connecticut, Maine, Montana, Nevada, New Mexico, Rhode Island, Utah, Washington, and Washington DC. While not all states are currently covered, it is expected that the SBA will be rapidly expanding the states in which small businesses are eligible for disaster loans.
In addition to the disaster loans administered by the SBA, the SBA is providing a great amount of information for small businesses and small business owners as our country deals with recovering from COVID-19. The information ranges from how to find local assistance to dealing with a sick employee.
This situation is quickly evolving and updates are happening often many times each day. PyraMax Bank encourages all small businesses and small business owners to visit the SBA website for updates on how COVID-19 is impacting small business and the options that are (and may become) available.
As always, PyraMax Bank remains a resource for our customers and the small businesses in our community during this time. If you would like any further information or wish to discuss how your business can financially work through this pandemic time please feel free to reach out to one of our experienced commercial banking staff.