Delgado offering online training for SBA disaster loans

Small Business Administration Disaster Assistance

"Small businesses across our state are facing unprecedented challenges as we take every step possible to mitigate the spread of coronavirus", said Gov. Gretchen Whitmer.

For Ware and so many others there's a fear of losing a business due to the coronavirus.

No one knows how long the current crisis will last. They have experienced business advisors standing by to help, via video conferencing.

- If borrowers decide they need more money, they can apply for it. The maximum loan size available is $10 million.

Underscoring the urgency, Treasury Secretary Steven Mnuchin on Wednesday said banks should be able to issue small business loans by the end of next week.

SBA's Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue.

The business must be a small business, small agricultural cooperative, small aquaculture business, or small non-profit organization, and not be operating in an industry deemed ineligible by the SBA.

What can the loan be used for?

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These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred. Private non-profits may also apply. Additionally, the loans are zero percent interest, except for agriculture producers who will pay two percent interest.

Online applications can be found at disasterloan.sba.gov/ela.

To get funding from the stimulus package, businesses must apply through the SBA's disaster loan site.

Panelist Marilyn Landis, CEO of CFO services company Basic Business Concepts, added that companies should visit SBA.gov to ensure that they're eligible for particular loans before they go through the process of applying.

Businesses can obtain an application at the Onondaga County Economic Development website. The average loan is expected to be around $10,000. A network of more than 800 lenders already approved to make SBA loans will extend the money to small business, with some choosing to hold the loans and others selling them on the secondary market. These could be forbearance on payments, deferred payments and loan extensions of up to three months. "The scope and scale of this new challenge requires immediate action to support New Jersey workers and businesses", said Governor Phil Murphy.

South Salina Street in the heart of downtown Syracuse is almost abandoned on the afternoon of Wednesday, March 25, 2020, during the coronavirus outbreak.

On March 19, the SBA responded by adding Tulare, Kings and Fresno to the list of eligible counties.

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