The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Small business owners should apply now for federal disaster loans, even if they think they don’t want or need them, since it’s likely to take more than a month for businesses to receive the funds. That isn’t our opinion, it’s coming directly from the Federal Government and members of Congress. Economic Injury Disaster Loans are available up to $2 million each, at interest rates of 3.75%.
The SBA held a webinar to cover the process of applying for a Disaster Loan. You can access the portal here, and review the process below.