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Small businesses impacted by COVID-19 regulations eligible for federal loan

3 months 2 weeks 3 days ago Monday, March 23 2020 Mar 23, 2020 March 23, 2020 7:31 PM March 23, 2020 in News - Coronavirus Pandemic

MCALLEN – Small mom and pop businesses were hit by the efforts to slow the spread of COVID-19 in the Rio Grande Valley. Owners are hanging on, but for how long?

It’s a nightmare thousands of business owners are living across the country, but there is some hope from the U.S. Small Business Administration. Owners can apply to receive a loan up to $2 million.

Luis Santos from SBA says the federal loan is not to build or start up a business, but to help maintain it by helping to pay debt and employees.

In order to apply, business owners need to provide financial and tax documents. Visit the SBA website here for details about how to apply for the federal loan.

Watch the video above for the full report.

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