Millions of businesses receive SBA loans, many preparing for COVID spike

SBA loans helping small businesses

SBA loans helping small businesses

TUCSON, Ariz. (KOLD News 13) - Millions of small businesses have gotten economic relief through the U.S. Small Business Administration. SBA Administrator Jovita Caranza visited Tucson, Wednesday, and explained what small businesses across the country are doing to power through the COVID-19.

“They have pivoted during these pandemic times," Caranza said. "They’ve revisited their business plan, put in new production lines.”

SBA economic relief has sparked life into millions of businesses through providing Paycheck Protection Program loans worth more than $500 billion in total.

“Those 5.2 million businesses are now positioned to submit their forgivable applications so they’re now anxious to go through that process," she said.

As business owners wait for their loans to be forgiven, Caranza said they’re also waiting to see what will happen with the virus next.

“Every business that I’ve met with is actually preparing for another COVID spike," she said. "They are very thoughtful about their next steps and their investments.”

The president of PVB Fabrications, Peter Van Bogart, said his heavy industrial company is surviving through the pandemic but has still witnessed the devastating impacts the virus can bring on.

“We’ve been able to march right through it but we have experienced the effect of the coronavirus with a lot of our employees,” Van Bogart said. “It’s really painful to watch how it devastates someone’s life.”

Van Bogart said PVB Fabrications has operated for 17 years.

“We’ve been able to stay afloat and thrive in a highly competitive market as it already is," he said.

PVB Fabrications recognizes that it is one of the fortunate ones.

“It’s very sad and my heart goes out, we are very empathetic,” Van Bogart said. “We pray for our country and pray for friends of ours and other businesses who were struggling.”

Copyright 2020 KOLD News 13. All rights reserved.