Gov. Tate Reeves has requested a federal catastrophe declaration from the U.S. Small Enterprise Administration, which can probably unlock low-interest authorities loans price as much as $2 million for companies coping with plummeting revenues from COVID-19.
Reeves introduced Wednesday that he despatched a letter to SBA Director Kim Fleming to request the loans from the Financial Damage Catastrophe Mortgage program. The loans can present a brief enhance for small companies to beat lack of income.
The governor in a press release stated companies can receive mortgage paperwork from their respective county emergency administration companies. That paperwork will then be given to the Mississippi Emergency Administration Company and forwarded to the SBA.
Mississippi coronavirus enhance: 34, with 13 new instances reported Wednesday
Mortgage paperwork is to be submitted to MEMA State Coordinating Officer Todd Demuth, at [email protected]
Reeves — who stays in a self-imposed quarantine following a current journey to Spain — stated in a Wednesday morning name with small enterprise leaders that it was necessary they stuffed the SBA mortgage data out shortly.
“We’ve met the minimal threshold (to acquire SBA loans), however the extra information we will accumulate to offer to SBA the extra probably we will get that expedited,” Reeves stated.
“And so what we’re asking for our small enterprise homeowners round Mississippi is, work by your native (emergency administration companies)” Reeves added. “Present them data and information by way of what the enterprise losses are in your communities. As a result of the extra data now we have, the stronger case that we will make to the SBA to get this performed extra shortly.”
President Donald Trump stated final week he’s looking for $50 billion in funding from the SBA’s lending program to help companies through the coronavirus outbreak. That will greater than double the quantity the company doled in out 2019.
Contact Luke Ramseth at 601-961-7050 or [email protected] Comply with @lramseth on Twitter.