Future Uncertain for Many Small Businesses

The future is uncertain for many small businesses and some owners are worried about the long-term impact of the coronavirus pandemic. According to KOB-TV relief efforts are already underway to assist small businesses. The New Mexico district office of the Small Business Administration is working closely with the governor’s office to apply for a declaration of disaster. Businesses that apply will have to prove their business has been impacted by this declaration. If approved, the Disaster Assistance Office in Sacramento, California, will deem them eligible for a 3.75% loan. If they’re not eligible for a 7A loan, 504 loan or a community advantage loan, then they can rely on this economic injuries disaster loan.