Alabama small businesses can seek SBA disaster loans

Alabama small businesses can seek SBA disaster loans
Governor Kay Ivey announced today that small businesses across Alabama negatively impacted by the coronavirus pandemic are eligible for assistance under the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. The program will help qualified businesses and non-profit organizations recover from economic losses tied to the abrupt downturn triggered by the COVID-19 disease.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for an eligible small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Businesses must qualify for EIDL assistance. For more information, go to the SBA’s COVID-19 disaster assistance web page. According to data from the SBA’s Office of Advocacy, there are nearly 400,000 small businesses in Alabama, employing nearly half of all Alabama workers.