There is little doubt now that COVID-19 is a serious matter upending every major facet of our lives. As airlines cancel travel routes and governments shut down their borders, many of us face an even harsher reality, the closure of our businesses. Effective today, March 20, 2020, Mayor Keisha Lance Bottoms enacted an order forcing Atlanta to make closures of their own. This order effectively shuts down all restaurant dining rooms, bars, nightclubs, private social clubs, fitness centers, gyms, movie theaters, bowling alleys and arcades within the city limits during the coronavirus pandemic.
While these closures promise uncertain times ahead for many businesses large and small, the Small Business Administration has stepped in to help those small businesses who may not have the resources to weather the storm.
In response to the sweeping closures, Governor Kemp announced on Thursday that Georgia has received an official statewide declaration from the SBA. This declaration will provide assistance in the form of Economic Injury Disaster Loans to impacted small businesses in all 159 Georgia Counties.
In reference to the relief program, Governor Kemp had this to say, “This is great news for Georgia small business owners. As we continue to navigate the impact of COVID-19 on our economy, small business owners can apply for much-needed funding to continue operation and pay their employees. My thanks to the Trump Administration for their swift action to protect small business owners throughout the country.”
The program is effective immediately, and Georgia small business owners can go directly to the SBA for assistance. The link to information and ability to apply directly online can be found here. The SBA is accepting applications until December 18, 2020 and are intended to assist small businesses through the disaster recovery period. The SBA approved loan limits up to $2,000,000 dollars, with a maximum interest rate of 3.75%, and repayment periods up to 30 years.
Events related to COVID-19 are developing rapidly. Thrift McLemore is diligently following these developments to ensure we are able to maintain the best interest of our clients. If you have any questions about the Georgia SBA Disaster Relief Declaration, or the legal implications of COVID-19 may have on a circumstance specific to you, feel free to contact us by email at firstname.lastname@example.org or by phone at 678-784-4150.