SBA and FEMA Establishing Loan and Grant Programs in Response to COVID-19
Federal and state authorities have or are in the process of establishing various loan and grant programs designed to assist businesses affected by the COVID-19 crisis with the potential availability of additional relief literally changing by the hour. As of this writing, the only two programs that have gone “online” are the Small Business Administration’s Economic Injury Disaster Loan Program and the Federal Emergency Management Agency’s Public Assistance Program.
Generally, the SBA is making low-interest loans available to businesses that have suffered losses associated with COVID-19, while FEMA is providing grants to certain eligible non-profit entities. It is anticipated that additional business aid will be part of any federal relief program that might eventually be adopted by Congress. Stay tuned.
Please visit Riker Danzig’s COVID-19 Resource Center to stay up to date on all related legal issues.