Small businesses can get help if virus led to financial harm

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic loss as a result of the coronavirus (COVID-19).
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus (COVID-19).
The interest rate is 3.75 percent for small businesses.
The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit www.sba.gov.
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process at 1-800-659-2955.

Author: Rachel Howell

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