SBA opens disaster loan process for Florida
March 19, 2020 -
Florida's small businesses that are adversely impacted by Covid-19 coronavirus can now apply for disaster loans, the U.S. Small Business Administration said. The SBA is offering economic injury disaster loans to help meet working capital needs. The loans offer up to $2 million to help small businesses overcome the temporary loss of revenue resulting from the pandemic. The 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. Interest rates offered are as low as 3.75 percent for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75 percent. Repayment terms are up to 30 years. To apply, visit the SBA Disaster website at https://disasterloan.sba.gov/