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SBA Assistance Available for Oregon Businesses
Following Governor Kate Brown’s request, President Donald Trump this week approved a disaster declaration for Oregon related to the COVID-19 pandemic. This declaration opens federal assistance for Oregon businesses available through the U.S. Small Business Administration (SBA). On March 27, President Trump signed into law the CARES Act, which expanded or funded a number of these SBA programs. Much of the money in the CARES Act will be distributed on a first come, first serve basis, so Oregon businesses should apply early.
One of the most popular programs for small business is likely to be the Economic Injury Disaster Loan (EIDL) program, which provides for loans up to $2 million, with an advance of up to $10,000. This advance will provide immediate economic relief to businesses that are currently experiencing a temporary loss of revenue, and the SBA has said funds will be made available within days of a successful application. This $10,000 loan advance will not have to be repaid, and will effectively function as a grant if the funds are spent on approved expenses like payroll, sick leave, or business obligations including debts, rent and mortgage payments.
View the full list of SBA programs related to the pandemic
In addition, the Oregon Small Business Development Center network can assist Oregon businesses in accessing the programs, and includes links to other resources.
The regulations around many of these programs have not yet been released, so all guidance documents should be considered a work in progress. One such document is the The Small Business Owner’s Guide to the CARES Act which is being distributed by the ranking member on the U.S. Senate Committee on Small Business and Entrepreneurship. Telling business owners to apply when regulations are not in place is concerning, but many of these programs are expected to be extremely popular and funds are limited.
Contact: Mark Gharst, Lobbyist – mgharst@orcities.org
Last Updated 4/3/20