The Federal Small Business Administration announced March 23 it has created a disaster relief loan program for nonprofits in the wake of COVID-19.
Disaster loans offer up to $2 million in assistance for each affected small business. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing, according to Louis Medina, director of community impact at the Kern Community Foundation.
Process for accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending:
• 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 percent for small businesses. The interest rate for non-profits is 2.75 percent.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
• For additional information, visit the SBA disaster assistance website at SBA.gov/Disaster.
To apply and receive more information:
• Online: Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.
• By phone (or TTY for the deaf or hard-of-hearing): Call the SBA Customer Service Center at (800) 659-2955; or via TTY at (800) 877-8339.
• Via email: Write to email@example.com.