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Federal Market Intelligence for Small Business |
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SBA OKs disaster loans; gives guidance on contracts, workThe Small Business Administration has stepped up its efforts to provide assistance and guidance to small businesses and federal contractors to deal with the coronavirus (COVID19) pandemic. The SBA is offering disaster loans in states that have declared the pandemic a public health emergency. There also is an SBA Coronavirus Resources Web page with advice and Web links for small firms, including small business federal contractors. On the SBA COVID-19 Resources Web page, the SBA advises contractors unable to perform on their contract to reach out to their contracting officers to seek to obtain an extension before receiving a cure notice or threat of termination. The small business owners are urged to contact an SBA Procurement Center Representative (PCR) to assist in engaging with their contracting officer. The SBA also provides several emails and links for what appears to be general advice for 8(a), HUBZone and women-owned small firms. SBA Economic Injury Disaster Loans SBA’s Economic Injury Disaster Loans offer up to $2 million to small firms to help them cover losses from the pandemic. The current interest rate is 3.75% for small businesses and 2.75% for non-profits. Repayment terms can be up to 30 years, determined case by case. SBA Coronavirus Resources Page The SBA’s Coronavirus Resources Web page primarily relies on Centers for Disease Control guidance on COVID19, with numerous Web links to CDC documents. There also is a section of advice and various concerns, including access to capital, workforce capacity, inventory and supply chain difficulties, facility cleanup, insurance coverage, changing market demand related to access controls or movement restrictions that impede customers; marketing and planning.
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