Governor announces that Wyoming businesses can start applying for federal disaster loans
March 19, 2020
CHEYENNE, Wyo. – Governor Mark Gordon announced that Wyoming small businesses are now eligible to apply for up to $2 million per company in federal economic disaster loans through the U.S. Small Business Administration (SBA). The announcement applies to businesses in all 23 counties.
Economic Injury Disaster Loans administered by the SBA are designed to help small businesses and private nonprofits that have suffered substantial economic injury as a result of COVID-19.
“I thank the SBA for giving final approval to make Wyoming businesses eligible to apply for these funds. I also thank our Congressional delegation for working to make this happen,” Governor Gordon said.
The low-interest loans provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. The loan amount will be based on actual economic injury and financial needs, so small business owners are encouraged to gather items such as financial statements, tax returns and revenue projections to prepare for a loan request.
Wyoming SBA Director Amy Lea said applicants may apply for loans online at sba.gov/disaster and will be able to check their application status there as well. If an employer or employee needs assistance in preparing their application package, the Wyoming Small Business Development Center Network (SBDC) can assist businesses with preparing a loan package at no charge. Their team are experts in providing virtual advising. Find your SBDC regional director at https://www.wyomingsbdc.org. Their website also has COVID-19 small business resources.
Other resources are also available to help businesses navigate this evolving situation. Regional directors at Manufacturing Works can provide technical assistance in securing supply chains. Email [email protected] for more information.
Wyoming Business Council regional directors can help businesses navigate assistance needs and options. Contact information can be found at https://wyomingbusiness.org/contactus.
Most importantly, we want Wyomingites to stay healthy. We encourage you to follow the CDC guidelines on sanitation and social distancing. Wyoming’s business community is resilient, and together we will help each other emerge from this challenge stronger.