FOR IMMEDIATE RELEASE

Contact:
Temren Wroge
202-738-3523
Temren.Wroge@sba.gov

WASHINGTON, D.C. – (April 1, 2020) –  In the midst of uncertainty, the National Women’s Business Council (NWBC), a federal advisory committee comprised of small business owners and representatives of national women’s business organizations, acknowledges the detrimental effects coronavirus has had on small businesses. Council Members have shared the challenges that the outbreak has presented for their own enterprises or those of their organization’s members. From the disruption in the supply chain to the cancellation of annual industry trade shows, the impact can be felt across industries and state lines.

 NWBC has also indefinitely postponed its signature #LetsTalkBusiness Roundtable Series, which connects the voices of women entrepreneurs and business owners from across the country to policymakers in the Nation’s capital and helps serve as a springboard for the Council’s annual policy recommendations to Congress, the President, and the Administrator of the U.S. Small Business Administration (SBA)

Nonetheless, NWBC remains focused on carrying out its critical mission. As was reinforced at our first 2020 #LetsTalkBusiness Roundtable last month in San Juan, Puerto Rico, women business owners are key to helping local and national economies recover from disasters as well as grow and thrive.

Women-owned businesses represent 42% of all businesses — nearly 13 million — employing 9.4 million workers and generating revenue of $1.9 trillion. Over the past five years, the annual growth rate in the number of women-owned firms has been more than double that of all businesses. Female founders have fought too hard for a true place in the economy to lose all gains now.

With COVID-19 abruptly and drastically changing the landscape of our economy and disrupting local ecosystems, small businesses are looking for resources and advice to help them navigate these uncertain times and persevere.

The SBA is offering small businesses impacted by the Coronavirus up to $2 million in low-interest loans. These loans—available in all U.S. states, Washington D.C., and territories—can be used to “pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact.” The interest rate offered to qualifying small businesses is 3.75%, and 2.75% for non-profits. The SBA is also providing deferment relief to its existing borrowers on certain SBA-serviced loans through December 31, 2020. You can find additional information at www.SBA.gov/disaster. 

The U.S. Treasury Department and Internal Revenue Service have also announced a tax filing extension for all taxpayers from April 15 to July 15, 2020.

As we adjust to the new realities this crisis brings, NWBC remains committed to advocating for the nation’s 13 million women business owners and entrepreneurs. Please email NWBC at info@nwbc.gov and tell us how the Coronavirus is impacting your business. Be sure to stay in touch with us as we work to develop a webinar series on assistance available for small businesses.

Check out these NWBC Council Member & Partner Resources: