March 31, 2020

2020 – 03/25 – SBA offering loans to small businesses hit hard by COVID-19

If your small business has been hurt by the outbreak of the coronavirus (COVID-19), the Small Business Administration is offering some financial relief. The agency has announced the availability of Economic Injury Disaster Loans under the Coronavirus Preparedness and Response Supplemental Appropriations Act. Each state’s governor can submit a request for assistance, the criteria for which have been relaxed. Once approved, the loans may provide up to $2 million in financial assistance to small businesses anywhere in the state. The interest rate is 3.75% for qualifying companies and 2.75% for eligible nonprofits. Terms vary based on a borrower’s ability to repay.