At the height of the COVID-19 pandemic, small business recovery is essential to stimulate economic activity, create new jobs and promote growth opportunities to contribute to the recovery of our national economy. The Congressional Research Service just issued its latest comprehensive update highlighting Small Business Administration (SBA) programs related to COVID-19 relief assistance.
For government contractors heavily impacted with economic injury by this declared disaster, obtaining the available assistance may seem challenging. However, small businesses are receiving relief in the form of grants, loans, and capital access, as well as continued emphasis on the traditional SBA Contracting Programs for 8(a), HubZone, Service Disabled Veteran, and Woman-Owned small businesses.
Additional assistance is available to small businesses through SBA’s entrepreneurial programs. Small business government contractors may take advantage of the services provided by Small Business Development Centers (SMDC’s), Women’s Business Centers, and the Service Corps of Retired Executives (SCORE).
During 2021 in the wake of the devastating impact on the U.S. economy and uncertainty about the future, small business government contractors face daunting challenges. However, COVID-19 relief assistance to small businesses provides a significant lifeline that will likely help enable many to weather the storm and build for the future.
To read the entire CRS report please see: https://crsreports.congress.gov/product/pdf/R/R46284