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April 6, 2020

Federal loans available for small businesses

Meant to alleviate COVID-19 impact

The U.S. Small Business Administration is offering federal disaster loans of up to $2 million for small businesses affected by COVID-19.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of COVID-19. Businesses located in Santa Clara County are eligible.

“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,” SBA Administrator Jovita Carranza stated in a press release. “Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”

According to the SBA, the interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. Loans can be repaid up to a maximum of 30 years.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected]

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