SBA Offers Disaster Loans
Aug. 25, 2020—U.S. Small Business Administration is still offering loan assistance to those impacted by COVID-19 pandemic. Small businesses, private non-profits, and agricultural businesses who have been affect are all eligible to apply for an Economic Injury Disaster Loan.
The goal of the loan is to help small businesses who have had a significant decrease in revenue in recent months. The loan will allocate $1,000 per employee up to a maximum of $10,000. As for agricultural businesses, those with 500 or fewer employees are eligible to apply. Agricultural businesses include those involved in the production of food and fiber, ranching and raising of livestock, and more.
According to the SBA's website, the loan can be used to cover expenses ranging from health care benefits to rent to debt payments.