New SBA Grants and Loans Announced

New SBA Grants and Loans Announced

( – Businesses and workers alike are struggling across America due to COVID-19, but help is on the way for the latter. The Small Business Administration (SBA) announced the reboot of its Economic Injury Disaster Loan (EIDL) program on June 15. It provides grants and loans to freelancers and independent contractors.

Each approved worker can receive a $1,000 grant that does not need to be paid back. Additionally, farms and other small businesses can apply for the same grant and receive $1,000 dollars per employee, up to a maximum of $10,000.

Previously, the CARES Act, passed in March, had allocated just $10 billion for these grants. Now, the SBA has an additional $60 billion. Any business, freelancer, gig worker, or sole proprietorship that applies must have been in business on January 31, 2020, and can apply for the grants through December 16, 2020, although the allocation is expected to run out long before then.

As the American economy bounces back from the COVID-19 epidemic, small business grants can help keep business afloat long enough to help bolster the economy. Only time will tell how much more money the government will pour into businesses at this time.

~Here’s to Your Prosperity!

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