As businesses continue to be financially impacted by the COVID-19 pandemic, we wanted to share with you important information regarding the U.S Small Business Administration’s recently released low-interest federal disaster loans. 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. 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. 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.
We have provided below some helpful links as you consider the application process. We have a number of clients who are starting these applications currently.
- SBA Disaster Loan Press Release:
- To Register:
- To apply for loan disaster on-line:
- Disaster Loan Application paper Forms:
This process should be a more user friendly opportunity for securing capital. We will continue to pass along helpful information as we come across it. Please feel free to contact us with any concerns or questions at info@newburg.com