SBA providing $10K advances for coronavirus disaster loans
Photo | Grant Welker
Downtown Worcester's deadhorse hill restaurant is among those that have temporarily closed because of the coronavirus outbreak.
The U.S. Small Business Administration is inviting small business owners and nonprofits to apply for up to $ 10,000 in forgivable advances on Economic Injury Disaster Loans, related to the coronavirus.
After the coronavirus pandemic was declared a major state and federal disaster, businesses could apply for loans to cover their losses related to the spread of the disease. SBA already had this tool available in cases of major disasters, and it is separate from the $349-billion Paycheck Protection Program set up under the $2-trillion federal stimulus designed to help companies keep their workers employed.
Those who wish to apply for the $10,000 disaster loan advance funding should do so online as soon as possible, according to the administration. The application is available at www.SBA.gov/Disaster.
Those who have already applied for EIDL need to fill out a new application in order to qualify for the advance. The SBA underscored applying for the advance will not impact any previously submitted EIDL application.
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