The Small Business Administration has low-interest federal disaster loans for working capital available for businesses suffering substantial economic injury as a result of COVID-19. The following is a summary of the Economic Injury Disaster Loan Program.
- The Economic Injury Disaster Loans are up to $2 million in assistance.
- The loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they experience through COVID-19.
- The 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 and 2.75% for non-profits.
- As a way to keep repayments affordable, the loan repayment term is up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon the ability to repay.
For the online application visit www.sba.gov/disaster.