As small businesses across the country face the unique challenges cropping up from the spread of COVID-19, the U.S. Small Business Administration is readying their Disaster Assistance program. The purpose of the SBA’s Economic Injury Disaster Loans is to provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Current Situation:

As of Thursday, March 19th, a Disaster Declaration was issued prompting the SBA to mobilize the Disaster Assistance program and opening applications in the state of Colorado.

What to expect:

There will most likely be an overwhelming response from small business and it is likely that could lead to challenging response times.  Congress and the Administration are working through a number of other proposals that would provide additional relief for the stress in our small business community.  Central Bank & Trust will continue to monitor the situation and assist our clients and the small business community through these challenging times.

Resources:

For a quick overview the program and what it offers, click here.

To visit the SBA disaster website, click here.