Struggling small businesses looking to SBA loans to stay afloat amid Coronavirus pandemic

News

BATON ROUGE, La. (LOCAL 33/FOX 44) – Hundreds of thousands of Louisiana small businesses are stuggling due to the Coronavirus pandemic. Now, they have access to federal Small Business Administration disaster aid.

No customers in chairs. No buzz coming from clippers and no heads under the dryer. This unusual silence is the new temporary normal for Gerald Anderson.

“What it used to be is us in and out the shop, cutting clients, meeting new people. Now we’re just at home,” said Anderson, owner of Attractive Kutz and Stylz.

Anderson had to close his shop after Governor John Bel Edwards put the stay at home order in place. He said he and his four co-workers are now feeling it.

Anderson explained, “We need some assistance.”

Anderson’s business is just one of 440,000 in Louisiana who can now apply for small business loans.
Under the recently signed CARES ACT, there are four options.

“The portion of the loan that they use for payroll, rent, mortgage or utilities will be forgiven as grants,” said Louisiana Senator Dr. Bill Cassidy.

Senator Cassidy added business owners will then be able to borrow from the bank they work with on a regular basis.

Anderson is hoping to open his doors again soon.

“With the SBA loan, we’ll just keep things afloat,” said Anderson.

Get your questions answered by signing up for a business webinar here.

You can find more information about the SBA funding options here.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.