Description:
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
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 without credit available elsewhere; The interest rate for public non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Economic Injury Disaster Loan (EIDL) program is a direct loan program administered by the SBA’s Office of Disaster Assistance and funded by the U.S. Treasury.
Unlike most SBA programs, EIDL does not require a bank or credit union partner however SBA will work with your existing bank or credit union (if any) and take a junior lien position on available collateral.
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