It is a desperate time for small local businesses as the rug is being pulled out from under them by the COVID-19 pandemic. These stores, shops, restaurants and services are taking a tragic hit as the stay-at-home order effectively halts their business. This problem is not going to go away quickly and economic losses are feared by all.
The U.S. Small Business Administration has Disaster Loan Assistance available to provide Economic Injury Disaster Loans in the wake of the COVID-19 pandemic. These are working capital loans to help small businesses of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster and will continue through the disaster recovery period.
Eligible businesses include small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of all sizes.
For more details regarding credit requirements, interest rates, loan terms, loan amount limit, loan eligibility restrictions, refinancing, and insurance requirements, please click here and download the PDF fact sheet.
Applicants may apply online, receive additional disaster assistance information and download applications at http://disasterloan.sba.gov/ela or call customer services at (800) 659–2955 or email [email protected].
