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Small Business Disaster Loans Available in Maryland, Washington, DC and Virginia

Small Business Disaster Loans Available in Maryland, Washington, DC and Virginia

Service Businesses  |  Healthcare  |  Manufacturing & Distribution  |  Government Contractors  |  Construction & Real Estate

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.

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How Much Are the Loans For?

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.”

What Can I Pay for With a SBA Disaster Loan?

The loans can be used to pay for:

  • Fixed debts
  • Payroll
  • Accounts payable
  • Other bills that can’t be paid because of the disaster’s impact

What Are the Interest Rates?

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%.

How Do I Apply for an SBA Disaster Loan?

You can apply for a loan through this page on the SBA’s website. You will have to register or login to apply.

 

COVID-19 updates

Published on March 23, 2020