Gov. Parson Anticipates SBA Will Approve Loans for Missouri Small Business
Gov. Mike Parson anticipates that the federal government will soon add Missouri to the growing list of states that are now approved to apply for low-interest disaster loans. That means that thousands of small businesses across Missouri who have been impacted by COVID-19 could soon be eligible.
Governor Mike Parson requested that Missouri be allowed to seek assistance for businesses through the U.S. Small Business Administration (SBA) and their economic injury disaster loan program. The governor’s administration expects a decision soon. Small businesses that qualify could get up to a $2 million loan with a 3.75% interest rate. These would be 30-year low-interest loans, through SBA.
The governor is warning that thousands of Missourians will lose their jobs, due to coronavirus. Missouri’s bipartisan congressional delegation has written a letter supporting the governor’s SBA request. Every member in both parties signed the letter.
Gov. Parson said many Missouri small businesses are worried about their ability to pay the bills and some even fear they may have to shut their doors. The governor expects SBA to approve his request.
