As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus.
Loans carry an interest rate of 3.75 percent for small businesses and 2.75 percent for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. Loans can be used to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
Applicants will need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all current debts. Complete details on the SBA’s Disaster Loan Program, along with an online application portal can be found at www.sba.gov/funding-programs/disaster-assistance.
The U.S. Small Business Administration (SBA) also provides a list of additional relief programs and guidance to small business owners during this crisis at www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.