An announcement from Alabama governor Kay Ivey said that small businesses that have been affected by the outbreak of coronavirus or COVID-19 can apply for loans under the under the U.S. Small Business Administration’s Economic Injury Disaster Loan program.
“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Ivey said in the announcement.
“My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”
Small business owners who want to find out if they qualify can go to the SBA’s page on coronavirus assistance. They can also apply for a loan there.
According to the announcement, the SBA’s loan program offers up to to $2 million in assistance to relieve debt, payroll, accounts payable and other bills. The announcement also said that loans are low-interest.
“Small businesses are the lifeblood of communities all across Alabama, employing local residents and sustaining economic vitality,” said Alabama Department of Commerce Secretary Greg Canfield.
“It’s critical that small businesses around the state remain healthy, and the SBA’s disaster loan program could prove to be a lifeline for many of them.”