Small Business Administration: Economic Injury Disaster Loans

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Tue, Apr 7, 2020
2020-04-07T00:00:00-04:00
2020-04-08T00:00:00-04:00
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Economic Injury Disaster Loans
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to North Carolina small businesses suffering substantial economic injury as a result of the COVID-19, SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Roy Cooper on March 17, 2020.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.ed for COVID-19. 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 deadline to apply for assistance is December 18, 2020.