Virginia small businesses now eligible to apply for SBA disaster loans

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~ Press release issued by the Small Business Administration

U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).  The relaxed criteria will have two immediate impacts:

*          Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance.  Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish.  Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.

*          Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses.  SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor.  Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration.  This will apply to current and future disaster assistance declarations related to Coronavirus.

As a direct result of the relaxed criteria, small businesses in Virginia are now eligible to apply for SBA Disaster Loans.

Businesses are encouraged to submit applications online, which can be found here:  https://disasterloan.sba.gov/ela.

You may find additional information from the Page County Economic Development office at pagecountyliving.com — with a special section focusing on helping Page County businesses during the current mandated shutdown to help prevent the spread of COVID-19.

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