SBA approves disaster aid for small businesses affected by COVID-19

Updated: Mar. 20, 2020 at 3:36 PM CDT
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JACKSON, Miss. (WLOX) - Businesses are feeling the wrath of the coronavirus pandemic more than ever. People are leaving their houses less, while social distancing is being practiced more.

On Friday, the U.S. Small Business Administration approved Gov. Tate Reeves’ request for an Economic Disaster Declaration in Mississippi.

The entire state of Mississippi has just been declared a disaster for COVID-19, which now opens up disaster loan assistance for small businesses and eligible nonprofits for economic injury relief.

All Mississippi businesses and nonprofits that are severely impacted by the coronavirus pandemic are eligible to apply for low-interest federal disaster loans. These businesses can apply for up to $2 million in working capital that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

Small business owners can begin the process immediately and apply for assistance online HERE.

The Mississippi Emergency Management Agency is also urging small business owners to fill out and submit a coronavirus impact report.

“We are collecting this information so that Mississippi may request an Economic Injury Declaration from the Small Business Administration to aid in the economic loss suffered as a result of the COVID-19 event,” MEMA said in a statement.

Once the paperwork is completed, you can send it directly to the MEMA State Coordinating Officer at Questions can be sent to that email as well.

The deadline to submit the report is Wednesday, April 1.

See more COVID-19 Related Businesses Resources here>>

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