The U.S. Small Business Administration (SBA) is making low-interest disaster recovery loans available to small businesses that have been severely impacted by the COVID-19 pandemic. Loans are available to businesses located in declared disaster areas, including Maryland, Washington, DC and Virginia.
Businesses can apply for up to $2 million in assistance. According to the SBA, these loans can provide “vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.”
The loans can be used to pay for:
The interest rate is 3.75% for small businesses without credit available from other sources. If your business has credit available elsewhere, you’re not eligible for an SBA disaster recovery loan. The interest rate for nonprofits is 2.75%.
You can apply for a loan through this page on the SBA’s website. You will have to register or login to apply.
Published on March 23, 2020