Image of A Guide To Small Business Coronavirus Disaster Loans

A Guide To Small Business Coronavirus Disaster Loans

  • December 10, 2024
  • |
  • Web Media Infotech Pvt.Ltd

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?

  • California
  • Washington
  • Idaho
  • Oregon
  • Maine
  • New Hampshire
  • Connecticut
  • Massachusetts
  • New York
  • Rhode Island
  • New Mexico
  • Colorado
  • District of Columbia
  • Virginia
  • Maryland
  • Montana
  • North Dakota
  • Wyoming
  • Texas
  • Nevada
  • Arizona
  • Utah

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? 

Apply for disaster loan assistance here and find out more information here.

Related posts

Image of How To Know Which Cold Traffic Audience To Use For Your E-Commerce Facebook Ads
  • December 10, 2024
  • Web Media Infotech Pvt.Ltd
How To Know Which Cold Traffic Audience To Use For Your E-Commerce Facebook Ads

SHOULD I USE INTEREST TARGETING OR A LOOK-A-LIKE AUDIENCE TARGETING FOR MY FACEBOOK ADS? To keep all things equal, I’m...

Image of 3 Reasons Not To Hire A Social Advertising Agency
  • December 10, 2024
  • Web Media Infotech Pvt.Ltd
3 Reasons Not To Hire A Social Advertising Agency

I’ve been working on my sales skills. Reading books. Picking the brains of those smarter than I. And I think...

Image of 5 Inspiring Podcasts for Work and Life
  • December 10, 2024
  • Web Media Infotech Pvt.Ltd
5 Inspiring Podcasts for Work and Life

The #5minuteFriday series is simple. A post that takes me no longer than 5 minutes to write, and you no...