SBA Announces Disaster Assistance Loans For Small Businesses

Filed Under: COVID-19 Resource Center, More News

The Small Business Administration said today it would provide small businesses impacted by the coronavirus up to $2 million in disaster assistance loans.

“Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world,” said SBA Administrator Jovita Carranza. “Our agency will work directly with state governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

Once a disaster declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.

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 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75 percent.

For additional information, please contact the SBA disaster assistance customer service center. Call 800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

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