Dear Friends and Colleagues,
This may not apply to many of you, but small businesses can now apply online for low-interest loans through the U.S. Small Business Administration (SBA).
An SBA Section 7(b) Economic Injury Disaster Loan provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost profits.
The interest rates for the loans are 3.75% for small businesses. The loans also offer a one-year deferment on payments.
Small businesses can apply for the loans at disasterloan.sba.gov/ela