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SBA offers loans to help struggling small businesses

KCEN-TV Waco-Temple-Bryan logo KCEN-TV Waco-Temple-Bryan 3/25/2020 Niki Lattarulo

Small businesses have been struggling due to practicing social distancing and limiting the number of people working. After McLennan and Bell counties ordered a shelter in place, businesses have been forced to close their doors. 

"We've seen a 22 trillion dollar economy grind to a halt," CEO of Waco Chamber of Commerce Matt Meadors said. 

There are nearly 30 million small businesses in the United States that employ 57.9 million American workers, according to the U.S. Small Businesses Administration. Because of that, President Trump signed legislation to support billions in low-interest disaster loans for small businesses economically impacted by the coronavirus.

The Small Business Asociation has made small business owners in all U.S. states and territories eligible to apply for a low-interest loan due to Coronavirus (COVID-19), the application is available here

As Central Texas small business owners are feeling the heat, Luke and Kayla Potts, owners of Woodhouse Day Spa in Belton nad Kona Ice of Central Texas, said they were stunned when they were ordered to close.

"We're thinking, 'How do we pay our bills? How do we pay our employees?'" Kayla said. "I had staff crying to me asking how they will put food on the table."

The couple decided to continue to pay their employees throughout this tough time. 

"We have eight employees (at Kona) and 30 employees at the spa," Luke said. "Its nothing they did or we did to cause this so they need the security to know they will be paid." 

With nearly 30 million small businesses across the country, Meadors suggested that people act fast in order to apply for a loan. 

"As it related to the loan program it's first come first serve," Meadors said. "So we need to encourage our small business owners if they think they need financial help to move quickly. Time is of the essence." 

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