DALLAS (KRLD) - The Small Business Administration is making disaster loans available to the owners of restaurants and shops in North Texas who have lost customers because of coronavirus. This week, President Trump approved a total of $50 billion for low interest loans.
"The president's priority is the health and safety of our people," says SBA Administrator Jovita Carranza. "We're using all our available resources, including access to working capital. Not only loans, but counseling, advising and coaching them on their particular disaster operating plans."
Small businesses can apply for up to $2 million in loans if they are suffering "substantial economic injury." Carranza is spending Friday in North Texas to meet with business owners and her own staff in the area's disaster recovery center.
"As administrator, I have a responsibility to make sure all our resources are positioned, and they have all the necessary tools and management support," she says.
Carranza says there are 30 million small businesses across the country. Economic injury disaster loans can be used to make payroll, pay debts or other bills that cannot be paid because of a temporary loss of revenue caused by the coronavirus spread.
Details are available at sba.gov.