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Small Business Administration Disaster Loans in Response to Coronavirus

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Small Business Administration Disaster Loans in Response to Coronavirus

December 31

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue an Economic Injury Disaster Loan declaration. This makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). Note that eligible businesses include small agricultural cooperatives and producer cooperatives, but not agricultural enterprises. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These 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. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. A list of areas eligible for these disaster loans is available online.

Details

Date:
December 31
Event Category: