If your small business or nonprofit has taken a direct hit from the COVID-19 pandemic, you may be eligible for an Economic Injury Disaster Loan from the U.S. Small Business Administration.
When you apply for an EIDL, you can also request an emergency advance of $10,000, which will be disbursed within three business days of approval and does not need to be repaid under any circumstances.
The advance may be used to keep employees on payroll; pay for sick leave; meet increased production costs caused by supply-chain disruptions; or pay debts, rent, mortgage or other business obligations.
The Coronavirus Aid, Relief and Economic Security (CARES) Act has expanded eligibility for SBA disaster loans to include:
According to Julianna Martinez-Barbee, director of the New Mexico Small Business Development Centers, the SBDCs located throughout the state can assist you with the federal loan application process. They can also provide information and guidance on all the other resources available to help you survive the COVID-19 crisis.
"We understand that this is a stressful time and that small businesses are experiencing unexpected consequences as a result of the coronavirus outbreak," said Martinez-Barbee. "Our statewide New Mexico SBDCs are ready to assist any business affected by COVID-19."
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