Economic Leaders in Pike County are helping businesses get back on their feet amid the coronavirus outbreak.
With only a select few number of businesses still able to remain open during this outbreak, others are struggling. Economic Leaders understand that burden and are trying to find money to help them keep their doors open.
The streets of Milford are silent – Most of the businesses on the main drag shut-down amid the coronavirus outbreak.
“ A lot of people have lost days of work. A lot of businesses have lost days of business. “
The pandemic has brought the economy to a screeching halt -- sending stock markets reeling, unemployment rates surging and upending entire industries.
“The only thing that I can think of that was even close was the gas shortage of the 1970’s that hampered the economy terribly. “
And Sullivan points out, it’s going to take some time before things return back to normal.
“Sadly I don’t have a crystal ball and certainly none of us have any place deciding when this should be over. “
But it’s not all grim, businesses who are drowning, are being thrown a life preserver.
“There is a wonderful program out there that is in place that is from the small business administration. “
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance - providing vital support to small businesses to help overcome the temporary loss of revenue
“They’re providing these loans to small businesses to keep their doors open. They are doing everything to make sure they don’t close, vanish and never be heard from again. “
Sullivan says the loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. He says the entire process only takes a couple minutes to complete.
They are available on sba.gov