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SBA Disaster Assistance for Coronavirus Impacts on Small Businesses and Non-Profits

The U.S. Small Business Administration (SBA) issued an Economic Injury Disaster Loan Declaration for New York State on March 19, 2020.

The Declaration allows SBA to offer low-interest federal disaster loans to provide working capital for small businesses and private, non-profit organization that are suffering substantial economic injury as a result of the Coronavirus (COVID-19).

  • Economic Injury Disaster Loans offer up to $2 million in assistance to help small businesses overcome the temporary loss of revenue.
  • They can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • To keep the loans affordable, SBA can offer a long-term repayment schedule, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Click Here to Apply online.

 

This is not intended to be legal advice.  You should contact an attorney for advice regarding your specific situation.  

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