SBA Offers Loans To Help Counter Impact Of COVID-19 | New
The US Small Business Administration is offering low-interest federal disaster working capital loans to small businesses in Indiana suffering economic hardship as a result of the COVID-19 pandemic.
SBA Administrator Jovita Carranza announced the loans on Friday, saying the SBA acted under its own authority, as provided for in the Supplementary Appropriations for Coronavirus Preparedness and Response Act which was recently signed by President.
The disaster declaration makes SBA assistance available throughout the state of Indiana and the contiguous counties of Clark, Cook, Crawford, Edgar, Gallatin, Iroquois, Kankakee, Lawrence, Vermilion, Wabash, White and Will in Illinois.
The statement also makes assistance available in the Kentucky counties of Boone, Breckinridge, Carroll, Daviess, Gallatin, Hancock, Hardin, Henderson, Jefferson, Meade, Oldham, Trimble and Union. Also included are the Michigan counties of Berrien, Branch, Cass, Hillsdale and Saint Joseph in Michigan. In Ohio, the counties are Butler, Darke, Defiance, Hamilton, Mercer, Paulding, Preble, Van Wert and Williams.
The loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster, the agency said in a press release.
Eligibility for economic disaster loans is based on the financial impact of the coronavirus (COVID-19). The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long-term repayments to keep payments affordable, up to a maximum of 30 years, and are available to entities without the financial capacity to offset the negative impact without difficulty.
Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloan.sba.gov/ela.
Applicants can also call the SBA Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA Disaster Assistance.
People who are deaf or hard of hearing can call 800-877-8339.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an economic disaster loan is December 18, 2020.
For more information on the coronavirus, visit coronavirus.gov.
For more information on available SBA resources and services, visit SBA.gov/coronavirus.