Wyoming businesses can start applying for federal disaster loans

A worker wearing a protective mask sits in a closed restaurant in the Little Italy neighbourhood of New York City US as analysts predict that the restaurant industry alone is set to lose 7.4 million jobs and the overall jobless rate could rocket to 30

7 (a) Loan Program: Offers loans up to $5 million to use for working capital, expansion/renovation, new construction, purchase of land or buildings, purchase of equipment, purchase of fixtures, leasehold improvements, refinancing debt for compelling reasons, seasonal line of credit, inventory or starting a business. "We are hopeful that businesses find this resource helpful in reducing the economic impacts from the state's mitigation efforts in preventing the spread of COVID-19".

"We know that COVID-19 pandemic is having detrimental effects on New Hampshire businesses", Caswell said.

The 2.7 million small businesses in Texas employ almost half the state's workforce, said Justin Crossie, SBA South Central regional administrator.

U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. "Small businesses and nonprofits across the state are suffering greatly in the wake of this pandemic, and these loans will help overcome the temporary loss of revenue companies are experiencing during this hard time".

Economic Injury Disaster Loans administered by the SBA are created to help small businesses and private nonprofits that have suffered substantial economic injury as a result of COVID-19.

"The loans are not meant to replace lost sales or profits, rather they are meant to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred", reads the loan application document.

While the initial phase of the loan program is only open to St. Louis city and county businesses, the Partnership is working aggressively to identify resources to extend the program to St. Charles County and southwestern IL. The grants will be provided to businesses in more than 30 countries. Applicants must demonstrate that their company's jobs are threatened by the health crisis, and they must explain how the loan will assist with their continued operations.

"If the businesses have really good accounting data, they should be able to tell, even in the past week", if they've seen a decline and how much, Mellon said.

Applicants are encouraged to apply online for a disaster loan. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

The deadline to apply for an economic injury disaster loan is December 21.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.

If you need cash to offset lost revenue and help keep your business afloat, the programs below can help.

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