“Effective immediately the SBA will begin providing economic loans in affected states and territories. These low-interest loans will help small businesses overcome temporary economic disruptions caused by the virus”, Trump announced in a speech on March 11, 2020.
Now that the government is pumping an additional $50 billion into the Small Business Administration, relief is well on its way for business owners suffering from the effects of the coronavirus outbreak.
Details of coronavirus SBA loans are as follows:
- Designed to provide necessary working capital to help small businesses survive until normal operations resume
- Loan amounts cap out at $2 million
- Low-interest rates at 3.75%
- Loan terms of up to 30 years
Since these loans are specifically designed for businesses that are in the most need, the SBA is requiring applications for approval on a state-by-state basis.
Areas eligible for coronavirus SBA loans:
- Washington (state)
Stay tuned-in here for updates about which states have been approved for emergency coronavirus business loans through the SBA.