Has your business been severely affected by the Coronavirus? There are resources you should be aware of during these hard times, and applying for a disaster loan is one of them.
The U.S. Small Business Administration is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus to help get through this tough time.
Here’s what we know:
What states are eligible?
- New Hampshire
- New York
- Rhode Island
- New Mexico
- District of Columbia
- North Dakota
What can the loans be used for?
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 for non-profits is 2.75%.
What information do you need to apply?
- Most recent Federal income tax returns
- Personal Financial Statement
- Schedule of Liabilities listing all fixed debts
- All SBA Paperwork
- Year-end profit-and-loss statement and balance sheet for that tax year
- A current year-to-date profit-and-loss statement
- Monthly sales figures for increases in the amount of economic injury.
Where can you apply?