the SBA program will help qualified businesses and nonprofits recover from the economic losses associated with the sharp downturn triggered by the COVID-19 disease.
“Small businesses are the backbone of Alabama’s economy, and many of them need immediate help during these difficult times,” Governor Ivey said. “My team has worked closely with the SBA over the past few days to make this economic aid possible. We are all grateful to President Trump and the SBA for responding quickly to the problems faced by small businesses in Alabama. “
SBA Economic Disaster Loans provide up to $ 2 million in assistance to a qualifying small business. These loans can provide vital economic support to small businesses to help them overcome the temporary loss of income they experience.
These low interest rate loans can be used to pay off fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster.
Businesses must be eligible for EIDL assistance. For more information, visit the SBA COVID-19 Disaster Assistance Webpage.
Greg Canfield, secretary of the Alabama Department of Commerce, said the department Small Business Advocacy Office heard from many small business owners across the state who are pressed by the sudden decline in economic activity brought on by the emergence of the coronavirus.
“Small businesses are the lifeblood of communities across Alabama, employing local residents and supporting economic vitality,” Secretary Canfield said. “Keeping healthy small businesses in the state is critical, and the SBA’s Disaster Lending Program could prove to be a lifeline for many of them.”
Commerce worked with the Alabama Emergency Management Agency and the Alabama Small Business Development Center (SBDC) to prepare for Alabama’s candidacy for the SBA’s EIDL program. The SBA accepted Alabama’s request today.
“This is a team effort that will help many small business owners in Alabama get through this crisis and thrive again,” Governor Ivey said. “I want to thank the whole team, especially the quick response from the SBDC, bringing together all the moving parts of the app.”
According to data from the SBA’s Office of Advocacy, there are nearly 400,000 small businesses in Alabama, employing nearly half of all workers in Alabama.