In response to the coronavirus pandemic, the Small Business Administration today revised its criteria for states or territories seeking an economic injury declaration. This action will create a faster, easier qualification process for states seeking SBA disaster assistance as a result of the pandemic, while expanding statewide access to SBA disaster assistance loans, which offer up to $2 million for each affected small business.
Specifically, states or territories will only be required to certify that at least five small businesses within the state or territory have suffered substantial economic injury, regardless of where those businesses are located. SBA will make disaster assistance loans available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to the coronavirus.