WASHINGTON (Gray DC) — The Small Business Administration has been heavily involved in distributing millions of loans to businesses and non-profits around the country that fell on tough economic times as a result of the COVID-19 crisis.
Negotiations continue on Capitol Hill this week between bipartisan congressional leaders and the White House. Officials are eyeing another round of coronavirus disaster federal relief. Small Business Administrator Jovita Carranza talks about what she thinks should be included in these funds.
While many strained businesses and non-profits have already applied for federal relief dollars to stay afloat, Carranza urges them to ask for help through the Paycheck Protection Program (PPP). She says there is still more than $130 billion remaining in the funds and small businesses have until August 8th to apply.
She emphasized that the government has made many changes to streamline the process so businesses can access these forgivable loans within five business days. Carranza also encouraged business owners to consider taking advantage of other options, like the Economic Injury Disaster Loans (EIDL), for access to low-interest loans.
Watch the video below to hear more.
Carranza also reflected on the evolution of these COVID-19 relief programs, as there were challenges early on to deploy funds to those in greatest need. She also spoke about the future outlook for small businesses and how leaders hope to lift up this critical sector of the economy and American society. Click the video below for more.
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