Businesses Can Get Low-Interest SBA Loans To Offset Virus Impact

News Reports
Posted on March 12, 2020

Small businesses in areas affected by the novel coronavirus are now being granted access to low-interest loans from the Small Business Administration (SBA). President Donald Trump announced the move during a stark Oval Office address in which he outlined some immediate actions being taken to quell the financial upheaval.

The Business News Daily article here

Related Topics: business loans, coronavirus, covid-19, crisis management, disasters, emergency planning, emergency preparedness, finance, money, small business, small-fleet operators

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Comments ( 1 )
  • Pat Charla

     | about 5 months ago Trump has only asked Congress for the $50 million and I am sure that he and Nancy are fighting about it. There are other stipulations: Small businesses that have experienced “substantial economic injury as a result of the coronavirus” in targeted regions will have access to low-interest federal disaster loans Upon receiving a request from a state’s governor, the SBA will use its own discretion provide an economic injury disaster loan declaration The declaration makes loans available to small businesses and non-profits in designated areas SBA’s Economic Injury Disaster Loans offers up to $2 million in assistance The 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% Terms and the length of the loan are determined on a case-by-case basis, based upon each borrower’s ability to repay.

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