$10K Advance on Economic Injury Disaster Loan
In response to the COVID-19 pandemic, small business owners in all U.S. states, Washington D.C. and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
This recently launched one-stop-shop website is being continually enhanced to help citizens connect to important information during these changing times. The functionality of the website will be updated with soon to be released features including social media engagement, online inquiry forms and access to a call center.
Business Interruption Insurance Information
Businesses generally purchase insurance to protect themselves from potential losses. Business interruption or business income insurance coverage are examples of those types of insurance coverage and are usually offered as a supplement to a business owners property insurance policy to recover financial losses that may result from an interruption or cessation of the business’ operations.
COVID-19 Support Payments Explanation
Businesses in our state who have been compelled to place their employees on furlough (i.e., a temporary period of time during which an employee performs no personal services for the employer as a result of a layoff caused by the economic impacts of COVID‐19) may also receive unemployment insurance (UI) benefits. The Governor’s Executive Order clears the way for employers – who choose to take advantage of this voluntary option – to make these COVID‐19 Support Payments without such payments affecting their employees’ eligibility for UI benefits.