Loans available to help small businesses weather the COVID-19 crisis

Payment terms may vary.

COLUMBIA, SC – Small business owners who need help can apply for relief through the U.S. Small Business Administration.

Greg White is the District Manager for South Carolina.

“We have two programs that are good for a small business. One is the Economic Damage and Disaster Loan and the second is the Paycheck Protection Program,” White said.

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The Economic Damage and Disaster Loan (EIDL) is designed to provide economic support to homeowners who have suffered a temporary loss of income.

The Paycheque Protection Program (P3) should help cover salary expenses so that owners can maintain their current staff.

Payment terms may vary.

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“(EIDL) they’re really stuck on this right now,” White said. “Typically, in a normal disaster, it takes a few days for them to process the request and maybe 30 days to get the funding. Right now it takes about two to three weeks for the request to be processed and then again after that. , it will take about thirty days to receive the funding. “

PPP funding will come from a commercial lender and may vary as well.

“My biggest piece of advice to small businesses is to really cut spending, conserve money, and fall back during this time because it will pass,” White said. “We have the services and programs here to help cover yourself and walk you through this. “

For more information on resources, visit SBA.gov.

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