We are entering a new era, and many small businesses are suffering as a result. You are not alone! The Small Business Administration is working with the local government on an Economic Disaster Loan Program for small businesses and non-profit organizations that are negatively impacted by COVID-19. Today, we break down who qualifies, why you might want to use it, and where to apply.
Who Qualifies
Organizations and non-profit organizations alike can qualify for up to $2 million in current and future disaster assistance. These loans have a low-interest rate and can be used for a multitude of different purposes. The following states qualify, but note that some areas on this list include the entire state, while others are certain counties within a state:
California
Connecticut
Delaware
District of Columbia
Florida
Georgia
Indiana
Maine
Massachusetts
Montana
Nevada
New Hampshire
New Jersey
New Mexico
North Carolina
Rhode Island
Utah
Washington
Uses
You can use this loan for a multitude of things for your business, but here are some common issues that business owners encounter.
Capital Access
Workforce Capacity
Inventory and Supply Chain Shortfalls
Facility Remediation/Clean-Up Costs
Insurance Coverage Issues
Changing Market Demand
Marketing
The interest rate for small businesses is 3.75% and for a non-profit organization is 2.75% with loans up to 30 years. You can use this money additionally for:
Paying Fixed Debts
Payroll
Accounts Payable
Other Bills
Apply Now at https://disasterloan.sba.gov/ela/
Follow Us:
Facebook: Adam Kae & Associates
Instagram: AdamKae_CFO
LinkedIn: Adam Kae & Associates
YouTube: CFOAdam
Disclaimer: This article contains information and opinions from Adam Kae & Associates, and the information and opinions should not necessarily be seen as the best possible solutions for your business. Please contact us at info@adamkae.com to help you find the best solutions for your business.