Small businesses in Abbeville County may be able to find some relief from an emergency loan program being offered by the U.S. Small Business Administration in the light of the coronavirus crisis.
According to the South Carolina Department of Commerce, the U.S. Small Business Administration is offering low interest federal disaster loans for South Carolina small businesses suffering substantial economic injury resulting from the Coronavirus.
Small businesses and nonprofit organizations that have been financially impacted as a direct result of COVID-19 may qualify for up to $2 million to help meet financial obligations and operating expenses.
The loans are called Economic Injury Disaster Loans, and the Small Business Administration defines them as “working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
These loans are intended to assist through the disaster recovery period. According to the SBA:
The agency provides low interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners and renters to repair or replace uninsured/underinsured disaster damaged property.
SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.
For more information, one may call the SBA’s Customer Service Center at 800-659-2955 or visit disasterloan.sba.gov/ela
The City of Abbeville’s community development director, Mike Clary, expressed satisfaction at the news that the loans would be available.
“From an economic standpoint, the City is thrilled that the SBA is making these loans available to small businesses in Abbeville. We are encouraging all businesses to investigate this program and see if it may help them get through the coronavirus situation. We are also encouraging businesses to check out our COVID-19 resources page which we update daily. It contains information from a number of sources, much of which is pertinent to businesses and employees. For example, the SC Department of Revenue has delayed tax payments due to the state until June 1st; This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, Withholding Tax, and other taxes administered by the South Carolina Department of Revenue... For employees, the SC Department of Employment and Workforce has loosened unemployment claim requirements to help individuals who have been put out of work or lost a large portion of their income as a result of COVID-19.
“We are hopeful that these and other measures enacted on the federal and state levels will help to alleviate the burden on local businesses and residents as we work our way through this difficult situation. And we are encouraging residents to continue to support local businesses during this time as they need our support now more than ever. Many local businesses are offering delivery, curbside to go, and other new services to help you shop safely during this time.”