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Public Service announcement for Small Businesses
Posted by: Lorraine Abbell
Monday, April 06, 2020

The Small Business Association (SBA) has many ways of assisting Winnsboro business owners during this outbreak of Corona virus.

Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.

Their website at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources has invaluable information for assistance for Small Business owners during the ongoing outbreak of Corona virus.

They have disaster programs ready to immediately apply for assistance online.

The “Economic Injury Disaster Loans and Loan Advance” application is online and streamlined for ease. This loan is up to $10,000 -and if you use the funds for payroll, you do not have to pay it back, it converts to a grant. Direct link to application: https://covid19relief.sba.gov/#/

They also are offering SBA Debt Relief

Under this program:

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan, mentioned above. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

The local Small Business Association office for Winnsboro is located in Columbia. Their contact information is:

SBA District Office
1835 Assembly Street Suite 1425
Columbia, SC 29201
803-765-5377

Visit website

If you have further questions about loan assistance, please contact Cyndi Gawronski in Grants Administration at “cgawronski@truvista.net or call (803) 815-2947 during business hours of 8-5pm.

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