By Mike Sunnucks | Rose Law Group Reporter
That was fast.
The U.S. Small Business Administration has exhausted the $349 billion assistance and loan program set up to help small business survive economic fallout and closures from the Coronavirus.
The Trump administration and Congress are looking at adding another $250 billion to the COVID-19 small business program.
Rose Law Group attorney Dan Gauthier said during the firm’s New Economy (Virtual) Power Lunch on Friday that small businesses should keep forging ahead with their applications for SBA assistance and loans.
“You should still apply. You need to be in that queue,” Gauthier said.
There are also small business assistance programs and efforts at the state and local level. The cities of Phoenix and Mesa, for example, have announced new small business assistance efforts this week.
The federal program saw a tidal wave of applications as small businesses looked for help from COVID-19’s economic fallout. The SBA program was part of the CARES Act. It also requires companies receiving the federal help to not cut employees. There have been 20 million new unemployment claims due to the pandemic.