Dallas-Fort Worth (WBAP/KLIF) – The U.S. Small Business Administration website is live for small businesses impacted by the COVID-19 crisis to apply for emergency loans.
The application process can also be completed on local chambers of commerce websites, according to Trey Bowles with The Dallas Entrepreneurs Center (The DEC).
Bowles strongly suggests that business owners collect documents detailing all payroll, rent and mortgage payments for last year before applying
Meantime NPR reports that some banks won’t be ready today; and, that some may not participate at all because of risks associated with handing out loans quickly, as they would be required to do.
Small businesses impacted by the crisis may be eligible for 2M to 10M dollars in low interest loans.
Listen, as Trey Bowles with The Dallas Entrepreneurs Center explains more of the application process:
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
(Copyright 2020 WBAP/KLIF 24/7 News. This report contains material from NPR.)
