FEEEDS/FE3DS CEO Dr. Robin Sanders participated in an official COVID-19 briefing on all U.S. Federal Initiatives to assist America's small businesses under 500 employees. Key Takeaways from the briefing is that the U.S. small businesses can seek working capital low interest (3.5 percent) relief loans up to $USD 2million from the Small Business Administration (SBA). The Initiative called Economic Injury/Disaster Relief Loan Program offers a one year repayment deferment, and the goal is to keep America's small business and non-profits afloat during this uncertain, social distancing times of COVID-19.
Make sure your state is applying to be part of this Initiative as it only requires that a minimum of five small businesses in your state be impacted by COVID-19 for your entire state, and all of its small businesses with less than 500 employees, to be eligible to apply! Your State has to apply though to be part of the Initiative. To date states which have applied for eligibility or are in the procees of doing so are Maryland, Ohio, Colorado, Massachusetts, Washington State, Michigan, California, Louisiana and Maine to name a few.
Rules for non-profits are equally impressive and similar (with 2.75 percent loans), although religious organizations and churches, as of now, are not now eligible for these loans. Small businesses can apply for this new SBA COVID-19 Economic Injury/Disaster Relief Loans even if they already have an existing SBA loan. https://www.kxan.