In addition to the health risks of the Coronavirus, the economic fallout of nearly everyone staying home has resulted in real strain, especially for small business owners. But, help from the Small Business Administration is on the way. Reporter Heather Clisby has the details…
With most of us trying to stay home and isolate, small businesses are suffering terribly in our absence. So the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to California small businesses suffering as a result of the Coronavirus (COVID-19). According to the SBA, any small business, private non-profit organization, small agricultural cooperative, or small aquaculture enterprise that have been financially impacted as a direct result of the Coronavirus since January 31 may qualify for Economic Injury Disaster Loans of up to $2M to help meet financial obligations and operating expenses. These loans may be used to pay fixed debts, payroll, accounts payable, and other bills. The interest rate is 3.75 percent for small businesses and 2.75 percent for non-profits. The loans are offered with long-term repayments up to a maximum of 30 years. Details on how to apply are available below.
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 [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
