The U.S. Small Business Administration (SBA) is offering businesses in 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). By the authority of the Coronavirus Preparedness and Response Supplement Appropriations Act, as of March 23, 2020, all counties in the states of Missouri, Kansas, Nebraska, and Iowa have been approved as eligible for disaster loan assistance.
SBA Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. The loans can go up to $2 million and will offer extended repayment terms up to 30 years. Companies will have till December 21, 2020 to apply.
The application process is online. The best place to start to see if your business is eligible, begin your application or check the status of the application is https://disasterloan.sba.gov/ela . Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
By Larry Cresswell, ITC Advisory Board Member
Export Finance Manager
Office of International Trade
U.S. Small Business Administration