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.
Website link: https://disasterloan.sba.gov/