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). Offering SBA Economic Disaster Loan and SBA Payment Protection Loan (PPP) 

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SBA’s Disaster Declaration Makes Loans Available Due to the Coronavirus (COVID-19)

• Once a declaration is made, SBA will publicize that Economic Injury Disaster Loan assistance is available to affected small businesses within the state.

• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate 2.75% for non-profits.

• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

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What businesses are eligible to apply?

SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations This includes:

• Businesses directly affected by the disaster

• Businesses that offer services directly related to the businesses in the declaration

• Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product.

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As an approved resource partner with SBA, AACCNJ & BTB are here to help ANY Small Business owner navigate and submit their EIDL / Grant and SBA PPP Application. Call The office today at 609-524-0530 or request an appointment by clicking on the button. 

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