Federal assistance available to small SD businesses impacted by COVID-19
PIERRE, S.D. — The coronavirus (COVID-19) has negatively impacted many businesses and non-profit organizations in the U.S. and worldwide.
However, Gov. Kristi Noem announced Friday that the U.S. Small Business Administration (SBA) will provide economic assistance for eligible businesses in South Dakota.
“I submitted a request to the SBA for expedited approval of the disaster relief declaration and received word this afternoon that South Dakota has been approved,” Noem said. “Both my Office of Economic Development (GOED) and the Department of Tourism have been working diligently to reach out and survey companies to determine the impact of COVID-19 on our small business community. If your business is impacted by COVID-19, please reach out to my team at GOED or Tourism. We are here to help.”
The following are additional details from the SBA loan assistance:
- The SBA will offer up to $2 million in assistance per small business, and it can provide vital economic support to other small businesses to help lessen the blow of the temporary loss of revenue they have experienced.
- The loans given by the SBA may be used to pay fixed debts, payroll, accounts payable and other bills that couldn’t be paid because of the coronavirus impact.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Small business can learn more about the program or apply for assistance here or call the SBA at 1-800-659-2955.