COVID-19 Small Business Economic Disaster Loans
We offer assistance preparing and submitting your SBA economic Disaster Loan package, as it is an in-depth package and submitting all the correct information the right way the first time may determine whether or not your loan application is approved by the SBA. It is our loan & tax expertise that we will use to process and submit your loan application to the SBA for you. The SBA has informed us that if a loan application is rejected the business can properly request a reconsideration, if it is rejected then there is a 6 month waiting period to reapply.
We understand the expediency of getting the money into the small business owners hands as quickly as possible during this unprecedented time of businesses forced to close their doors for the safety of the public.
The SBA.gov has announced:
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). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
- Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.
- SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
- Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
- 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 questions or to complete an information form, please call 833-SBA-C911.