CHARLESTON, W.V. (WOWK) – Small businesses across the nation are hurting, because of the COVID-19 outbreak.
For example, in the hotel-motel-lodging industry alone, over 12,000 people have been laid off.
The U.S. Small Business Administration – or SBA – is offering designated states low-interest federal disaster loans for small business owners.
“West Virginia is now eligible,” said Steve Bulger with the SBA. “Just about all small businesses in West Virginia are now eligible for these economic injury loans.”
So how do you apply?
“Go to our website, sba.gov,” said Bulger. “There will be a lot of information there on how to apply for our economic injury disaster loans.”
In addition to the information on how to apply, the website shows what this ‘economic injury disaster loan’ really is, what states have been approved, and it even gives some advice for business owners during this time of uncertainty.
“We’re doing ours as we speak, that’s why we had to do this over the phone,” said Frank Gonzales, a small business owner in Charleston.
Gonzales says the important thing when going through the process – practice patience.
“It’s like anything else,” he says. “This is going to be tedious and time consuming, but it’s just one of those things as a small business owner you’re gonna have to do if you expect to get help on the other end.”
The SBA is urging small business owners to apply for this loan immediately.
With millions of applications across the nation coming into the SBA, the process takes some time.
“What we’re telling people, to be as realistic as we can, is about 28-30 days,” said Bulger. “From when you file the application, to when the money gets into your account.”
Roughly one month before you will see any of these federal funds, so get those applications in as soon as you can.
Here is the website to apply: www.sba.gov