HOW TO APPLY
Under the recently enacted Corona virus Preparedness and Response Supplemental Appropriations Act (the Act), small businesses that have suffered substantial economic injury as a result of COVID-19 can apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.
We’ve highlighted the following key details of the Act for you here, but you can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.
The Coronavirus situation is changing rapidly, as are the updates to various relief efforts. We will continue to monitor news and keep you updated as clarification is provided.
QUICK FACTS
INTEREST RATE
Loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits.
LOAN USE
Loans can be used to cover accounts payable, debts, payroll and other bills.
LOAN TERM
Terms are determined on a case-by-case basis — up to a maximum of 30 years.
LOAN REASON
When applying select “Economic Injury” as the reason for seeking assistance.