MONTGOMERY, Ala. (WSFA) - Alabama Gov. Kay Ivey made an announcement Saturday that could affect several small businesses across the state in a positive way.
Gov. Ivey says that small businesses across Alabama negatively impacted by the coronavirus pandemic are eligible for assistance under the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program.
The program will help qualified businesses and non-profit organizations recover from economic losses tied to the abrupt downturn triggered 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,” said Ivey. “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 governor’s office says SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for an eligible small business. These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
“Small businesses are the lifeblood of communities all across Alabama, employing local residents and sustaining economic vitality,” said Alabama Department of Commerce Secretary Greg Canfield said. “It’s critical that small businesses around the state remain healthy, and the SBA’s disaster loan program could prove to be a lifeline for many of them.”
According to data from the SBA’s Office of Advocacy, there are nearly 400,000 small businesses in Alabama, employing nearly half of all Alabama workers.
As of Saturday morning, there are now more than 100 confirmed cases of the coronavirus in Alabama.