U.S. Small Business Administration offering assistance during Coronavirus

Theresa FerroneBlog

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The 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. Small business owners in the U.S. are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. 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 and 2.75% for non-profits. 

For more information visit: https://www.sba.gov/disaster-assistance/coronavirus-covid-19