SBA Warns Small Businesses of Potential Disruption | AccountingWEB

SBA Warns Small Businesses of Potential Disruption

More than 100,000 reservists and National Guard members have already been called to active duty in the war against terrorism. Many businesses are already facing disruption and change as a result of the temporary loss of military workers. The potential for this disruption will increase.

The Small Business Administration (SBA) has redesigned key areas of its Web site to provide tools and relevant information to small businesses that are affected by the call-up. "A call to duty of a key employee can be disruptive for a small business that is not prepared," said SBA Administrator Hector Barreto. "It is essential that we at the SBA provide small business owners and employees involved in defending our country with the information they need to prepare for time away from the workplace."

At the new reservists' Web site, businesses with key employees in the National Guard or the Reserve can find managerial, technical, and financial assistance as well as counseling and training to help in dealing with the loss of employees called up to active duties.

The SBA wants to remind affected businesses of the availability of its basic 7(a) loan guarantee, a loan program for businesses not able to obtain financing through conventional channels. In addition, affected businesses are reminded that they may qualify for disaster loans, debt repayment deferrals, and interest rate reductions.

Businesses interested in obtaining more information about the SBA programs can visit the SBA Reservists' Web site, the Office of Veterans Business Development Web site, or may call the SBA answer desk at 1-800-U-ASK-SBA.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.