The U.S. Small Business Administration (SBA) is authorized to issue up to $2 million in loans, with a generous 3.75%/30 year repayment. For some companies, this may be a critical piece of their strategy for surviving economic setbacks during the coronavirus (COVID-19) pandemic.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and
can provide vital economic support to small businesses to help overcome the temporary loss of
revenue they are experiencing.
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. 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%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a
maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s
ability to repay.
For details and for program contact information to apply, see the official SBA information – click here.