Governor Brian Kemp submitted a letter to the U.S. Small Business Administration (SBA), on Tuesday requesting SBA Director Kem Flemin issue a declaration to provide SBA Economic Injury Disaster Loans to the State of Georgia.
“Small businesses in Georgia are enduring severe economic hardship stemming from the spread of COVID-19. The effects of this pandemic vary by industry and economic sector, but it is clear that we must act,” Governor Kemp said in a news release. “Georgia small businesses are the backbone of our state and national economies, and we look forward to working with SBA and our federal partners to support them in the weeks and months to come.”
The full text of the letter can be viewed below:
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Jeff
March 18, 2020 at 11:06 am
This is feel good BS from Kemp. Good luck to anyone who tries to apply for one. The amount of work, time and paperwork involved is apparently designed to make people give up. The loans are not even really for businesses that are struggling. Applying for an SBA loan can take weeks, even months.
Your chances of being approved are greater if your personal and business finances are in good shape. “If a company has been in business for at least two years, is profitable and has cash flow to support loan payments, it’s likely a good candidate for an SBA loan,”
If your business is struggling, an SBA loan is probably out of the question. And if it falls into any of the ineligible categories the SBA spells out on its site, don’t bother applying. Source: Smartbiz CEO Evan Singer