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U.S. Small Business Administration Disaster Assistance Loan

Posted by Admin Posted on Mar 25 2020

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).

  •      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%.

This loan is different from the loan included in the FFCRA.  Clients who are affected by closed businesses are recommended to get their name on the list.

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