On March 21, 2020, Governor Kay Ivey, announced that small businesses located in Alabama negatively impacted by the coronavirus pandemic may be eligible for assistance under the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program.
This program will assist qualified businesses and non-profit organizations with recovery from their economic losses connected to the sudden downturn brought on by the COVID-19 disease.
“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Governor Ivey said. “My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”
The SBA’s Economic Injury Disaster Loans (EIDL) offer up to two million dollars in assistance for eligible small businesses. The loans provide extra economic support to small businesses strained by the current circumstances. These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that the businesses wouldn’t be able to pay because of the disaster’s impact.
“This was a team effort that will help many small business owners in Alabama make it through this crisis and move forward to thrive once again,” Governor Ivey said.
In order to obtain a SBA loan, businesses must first qualify for EIDL assistance. For further information, visit SBA’s COVID-19 disaster assistance web page.