Low-interest federal disaster loans for working capital are being made available to small businesses in NY state suffering substantial economic loss as a result of the Coronavirus (COVID-19), according to news shared from the U.S. Small Business Administration (SBA)
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. 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.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit www.sba.gov.
SBA Customer Service Representatives are available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process at 1-800-659-2955.
Special thanks for receipt of this news from Neal Schwartz, president, Armonk Chamber of Commerce
