SBA Has Billions in Forgivable COVID-19 Aid for Businesses in Low-Income Areas – NBC 5 Dallas-Fort Worth

[ad_1]

Almost half of the US population has been vaccinated and states continue to drop pandemic restrictions, but small businesses are still struggling to recapture last year’s losses.

The U.S. Small Business Administration says it still has billions in aid but is struggling to attract business owners who want them.

The SBA has only distributed $ 1.5 billion of the $ 30 billion available for a COVID-19 relief program for small businesses in low-income areas. The program will later open to companies outside of the specified geographic areas, said Herbert Austin, district director of the SBA’s Dallas-Fort Worth office.

President Joe Biden’s American Rescue Plan Act, signed in March, provided additional aid to the country’s more than 30 million small businesses. The package included $ 15 billion in additional funding for targeted advances on fraudulent disaster loans, including $ 5 billion in additional targeted EIDL advances.

Click here to read more from our partners at The Dallas Morning News.

[ad_2]