The U.S. Small Business Administration (SBA) is offering low interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID 19). 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%. 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.
This webinar will use the Skype for Buisness platform but there will also be a call in number available with slides available in advance to anyone who is unable to access the online webinar. Register in advance to join this Chamber webinar to learn more about this loan program and how your business can apply.
Ili Spahiu, Assistant District Director for Lender Relations, Massachusetts District Office, U.S. Small Business Administration