As we all respond accordingly to diminish the spread of Coronavirus, there are steps that business owners can take now to help protect their companies from the economic impact. One of the best options we’ve seen to date, is the SBA’s Low Interest Disaster Assistance Loan. The interest rate for small businesses is 3.75%. Loan terms are established on a case by case basis but have been set-up to keep monthly payments low with longer terms - up to 30 years. Here’s the link to see if your business qualifies:
https://www.sba.gov/funding-programs/disaster-assistance We’ve included more information about the loan below: 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%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
For additional information, please contact the SBA disaster assistance customer service center.
Call:1-800-659-2955 (TTY: 1-800-877-8339)
Email: disastercustomerservice@sba.gov.