Small businesses and nonprofit groups hardest hit by the coronavirus pandemic now are eligible for additional support under a $5 billion Small Business Administration program
The new round of Economic Injury Disaster Loan assistance, known as Supplemental Targeted Advances, is available for up to 1 million small businesses and nonprofits with no more than 10 employees.
Here’s who can get the money:
Aside from having no more than 10 employees, they must be located in low-income areas and had an economic loss of greater than 50% over an eight-week period since March 2, 2020, compared to the previous year. They can receive $5,000 in grants, meaning the money does not have to be repaid.
The funding was included in President Joe Biden’s $1.9 trillion coronavirus stimulus law.
“Many of our nation’s small businesses are still struggling to recover from the economic impact of the COVID-19 pandemic, and we’ve found that the smallest businesses — the majority of which are minority-owned — are hurting the most,” SBA Administrator Isabella Casillas Guzman said.
The $5,000 grants are addition to the $10,000 many businesses received from earlier Economic Injury Disaster Loan funds.
The SBA will be contacting eligible small businesses.
SBA also has increased the maximum loan amounts for COVID-19 assistance to 24 months of working capital up to $500,000 from six months and $150,000.
For more information, businesses can contact the SBA at [email protected] or 1-800-659-2955.
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