Federal Disaster Loans for Small Businesses

By Howard Schmidt
Chief of Staff to Supervisor Susan Peters

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) outbreak.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the virus. Both small businesses and private non-profit organizations can apply. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay and eligibility is based on the financial impact of the Coronavirus (COVID-19).

Applicants may apply online, receive additional disaster assistance information and download applications at www.disasterloan.sba.gov. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information. The deadline to apply is Dec. 16, 2020.