Businesses economically impacted by the pandemic can get more assistance from the Small Business Administration, according to a report by Northwest Indiana Business Magazine.
The SBA has opened another round of Economic Injury Disaster Loan assistance or Supplemental Targeted Advances, which will provide $5 billion in additional funds to 1 million small businesses and nonprofit organizations that have been severely affected by the pandemic. The program is part of the American Rescue Plan Act announced in March.
“Many of our nation’s small businesses are still struggling to recover from the economic impact of the COVID-19 pandemic, and we’ve found that the smallest businesses — the majority of which are minority-owned — are hurting the most,” said SBA Administrator Isabella Casillas Guzman. “The SBA’s Supplemental Targeted Advance program aims to reach those businesses with 10 employees or less who need our help today.”