PINELLAS COUNTY, FL (March 19, 2020)
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Florida small businesses suffering substantial economic injury as a result of COVID-19.
SBA Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These working capital loans are intended to assist small businesses in meeting their financial obligations through the disaster recovery period.
- 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 application is available online at https://disasterloan.sba.gov/ela
- The interest rate for businesses is 3.75% with loan terms up to 30 years.
SBA offers loans with long-term repayments to keep payments affordable for businesses without the financial ability to weather the adverse impacts of COVID-19.