Missouri Delegation Urges SBA to Grant Small Business Assistance
Missouri’s congressional delegation sent a letter to the Small Business Administration asking them to grant Missouri Governor Mike Parson’s request for SBA Disaster Assistance in the wake of the COVID-19 crisis.
On March 13th, President Trump declared COVID-19 a national emergency, which opened up $50 billion in SBA aid to the states.
Economic Injury Disaster Loan assistance from the SBA gives small business the opportunity to apply for loans to help alleviate economic injury related to COVID-19. However, to be eligible for the loan, each state’s Governor must work with the SBA and apply for Economic Injury Disaster Loan assistance.
One the SBA has approved the assistance, the information about the application process will be made available to all Missouri small business owners on the SBA’s website, SBA.gov/disaster.
SBA’s loans will offer up to $2 million in assistance and can provide vital economic support to small business to help overcome temporary loss of revenue they’re experiencing thanks to COVID-19. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19. The interest rate for small business is 3.75%.
SBA offers loans with long-term payments to keep them affordable, up to a maximum of 30 years. Terms are decided on a case-by-case basis.
Right now, states with disaster declarations are: California, Connecticut, Maine, Montana, Nevada, New Mexico, Utah Washington, Idaho, Oregon, New Hampshire, Massachusetts, New York, and Rhode Island.
More information about the SBA disaster assistance in response to COVID-19 can be found HERE.
The Missouri congressional delegation letter to the Small Business Administration can be found HERE.
The latest on COVID-19 from the Governor’s office can be found HERE.