Del. businesses impacted by COVID-19 may get federal loan assistance

DELAWARE – On Tuesday, Governor John Carney announced he’s trying to make loans available to help mom and pop shops as well as nonprofits impacted by COVID-19.

The Delaware governor applied for federal assistance from the United States Small Business Administration (SBA). He says the impact of the coronavirus on small businesses will likely be “significant”. The loans may be used for working capital expenses like payroll, fixed debts and accounts payable as well as other bills the business or nonprofit is unable to pay right now. The owner of Baked Coffee Bar in Dewey Beach says that financial help may be the only way she can stay afloat.

“I’m worried that if they don’t find some funds for a small business like me, I’m not going to be able to keep doing what I’ve been made to do,” says Pam Minhas, the owner of Baked Coffee Bar.

It’s not clear if and when the state’s application to the SBA will be approved. But if it is approved, low interest loans of up to $2 million per business will be available for those who qualify in all three of Delaware’s counties.

Click here for more information on SBA Economy Injury Disaster Loans.

Categories: Coronavirus, Delaware, Local News