Business owners have several aid options in COVID-19 crisis

LINCOLN — Business owners have been scrambling lately as most, if not everyone’s lives has been disrupted in some way due to the coronavirus.

Tony Goins, Director of Economic Development for the state said during Gov. Pete Ricketts’ daily coronavirus press conference Friday that state and federal leaders are working hard to provide relief to businesses across Nebraska.

Goins mentioned several practical steps businesses can take, inclidng contacting vendors about payment arrangements and looking at bank loan and rent deferments. He said small businesses are also encouraged to look at the Economic Injury Disaster Loan.

“That’s available to small businesses and nonprofit organizations with fewer that 500 employees. This provides up to $2 million of working capitol and long term repayment of up to 30 years. The interest rate is 3.75 percent and 2.75 percent for nonprofits. Payments are deferred for up to one year and you can apply for an emergency grant of $10,000 when applying for the loan.” Goins also said the newly signed CARES Act is designed to also help small businesses as it includes payroll tax deferment between now and January 2021 and employee retention credit.

For more information about the programs visit Opportunity.Nebraska. Gov.