Trump offers $50b in aid through SBA for coronavirus |
By Kristin Ely |
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SBA vows its commitment to small business during these “times of uncertainty.”President Donald Trump has instructed the Small Business Administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. In an address to the nation March 11, he said, “Effective immediately the SBA will begin providing economic loans in affected states and territories. These low interest loans will help small businesses overcome temporary economic disruptions caused by the virus.” He asked congress to increase funding for this program by $50 billion. He also said he would instruct the treasury department to defer tax payments without interest or penalties for individuals and businesses negatively impacted by the virus. This, he said this measure would put more than $200 billion in additional liquidity into the economy. He also said he provide immediate payroll tax relief. In response to Trump’s announcement SBA Administrator Jovita Carranza said, “The president took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. 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. She continued. “Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.” SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The following is the process for accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending
Additional information is available by calling the SBA disaster assistance customer service center at 1-800-659-2955 or by email at customerservice@sba.gov. ■
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