NEW YORK — Small businesses struggling because of the novel coronavirus have been thrown a lifeline by the emergency bill signedFriday morning by President Donald Trump.
Language in the $8.3 billion bill provides “coronavirus shall be deemed to be a disaster.”
That means, similar to the impact of a fire or flood, struggling businesses can apply for a low interest loan from the government to get by during and after the “disaster.”
Examples may include restaurants in hard-hit areas hurting due to lack of customers, and offices that have to close because employees get sick.
The Washington Post reported up to $1 billion in loans may be issued; however, the language of the coronavirus bill only specifically outlines $20 million for administering the loans.
For information about disaster loan assistance and how to apply for a loan, click here.
If you have suffered substantial economic injury due to COVID-19, click here.
Click here to read the H.R.6074 – Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020.