Small businesses who have been hurt by the effects of COVID-19 can apply for loans from the federal government.
According to a release from Congressman Kevin Brady’s camp, President Trump this week instructed the US Small Business Administration to offer loans to small businesses. Additionally, Congress approved an additional $20 million dollars to support the SBA loan program.
On Tuesday, Governor Gregg Abbott requested designation from SBA, which will allow them to provide long term, low interest loans to qualifying businesses.
As part of the Economic Injury Disaster Loan program, the SBA can provide qualifying small businesses with loans of up to $2 million dollars. These will help provide vital economic support to the small businesses to help overcome the temporary loss of revenue they are experiencing.
You can apply or these loans at the SBA website, disasterloan.sba.gov. More information can also be found on Kevin Brady’s web page.