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.
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:
District of Columbia
You can use this loan for a multitude of things for your business, but here are some common issues that business owners encounter.
Inventory and Supply Chain Shortfalls
Facility Remediation/Clean-Up Costs
Insurance Coverage Issues
Changing Market Demand
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
Apply Now at https://disasterloan.sba.gov/ela/
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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 firstname.lastname@example.org to help you find the best solutions for your business.