• Adam Kae & Associates

COVID-19 Small Business and Non-Profit Organization Loans

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


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/

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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 info@adamkae.com to help you find the best solutions for your business.

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