SBA Emergency Small Business Loans in Response to COVID-19

Adapted from CNBC. Click here for the full article

“People are freaking out and they are panicking, and if we are not already at martial law beyond a few states, it will sweep through the rest of country,” Hurn said. “No one will be doing much business except SBA lenders.”

According to a National Small Business Association survey of its members conducted last week, 3 in 4 small business owners say they are very concerned about the economic impact of COVID-19, and nearly half have already experienced reduced customer demand for their products and services. More than half are now anticipating a recession in the coming 12 months compared with just 14% in January. Thirty-eight percent say they are not confident in the financial future of their business compared with just 15% in January.

​“We’ve got to triage this,” Hurn said. “If the business was thriving until mid-February and it’s fallen off a cliff, and there are a lot of them, with 20-30-40-50 employees, they won’t have the reserves to make payroll,” Hurn said. “Those are the people we can help.”

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SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
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