Businesses impacted by COVID-19 now eligible for SBA disaster aid

PEARL, Miss. – Governor Tate Reeves’s request for an Economic Disaster Declaration by the U.S. Small Business Administration was approved on Friday, March 20, 2020.

The entire state of Mississippi has just been declared a disaster for COVID-19 by SBA Administrator Carranza which now opens up disaster loan assistance for small businesses and eligible non-profits for economic injury relief.

All Mississippi businesses and non-profits that are severely impacted by the Coronavirus (COVID-19) 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 by visiting this link: sba.gov/disaster

Additionally, the SBA offers a three step process for disaster loans, which is explained further here: disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf