The Small Business Administration has approved an Economy Injury Declaration for Delaware.
The declaration makes loans available to small businesses and nonprofit organizations in New Castle, Kent, and Sussex counties.
Gov. John Carney submitted the application that included small business representatives submitting information on the impact of the virus.
“We know that the public health restrictions we put in place to reduce the spread of coronavirus will hit Delaware’s small business community especially hard,” Carney reported. “We will continue to work with the Small Business Administration, and with our congressional delegation and state agencies, to provide relief to those small businesses impacted during this time.”
Carney has directed the Delaware Division of Small Business and Delaware Department of State to look for additional opportunities to support the state’s 25,000 small businesses.
The governor today announced the HELP program that will provide interest-free loans of up to $10,000 a month to some hospitality businesses.
Click here for details on the program.
The low-interest SBA loans of up to $2 million per business will be available for many small businesses and nonprofits that have suffered substantial economic injury as a result of the COVID-19 outbreak.
The loans are designed to help with the temporary loss of revenue these businesses and nonprofits are experiencing. The loans may be used for working capital expenses such as payroll, fixed debts and accounts payable, as well as other bills the business or nonprofit is currently unable to pay because of the impact of COVID-19.
Click here for more information on SBA Economy Injury Disaster Loans.
