SBA Offering Economic Injury Loans To Georgia Businesses

In less than two weeks, the escalation of the coronavirus has had devastating effects on the US and the global economy. The US senate’s inability to agree on a proposed $1.8 trillion stimulus package for the national economy has hurt the markets, with the Dow Jones Industrial Average falling more than 8,000 points.

Nowhere is this damage being felt more acutely than in small business markets. With just a week or two of lowered or altogether halted activity from customers and clients, these small businesses have had to lay staff members off, make significant changes to their services, and dip into their savings.

Is your business struggling? Most likely – but the good news is that you’re not entirely on your own.

Am I Eligible For An SBA Economic Injury Loan?

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury due to the coronavirus pandemic.

If you qualify, you could receive assistance to help keep your business running through the course of the pandemic.

What Do I Need To Know About SBA Economic Injury Loans?

Here are the particulars you should be aware of:

  • These loans offer up to $2 million in assistance for businesses experiencing a temporary loss of revenue.
  • Loan funds can be applied to fixed debts, payroll, accounts payable and other bills that can’t be met due to the impact of the pandemic.
  • Interest Rates:
    • 3.75% – small businesses
    • 2.75% – non-profits
  • Loans can be paid according to long-term plans, up to a maximum of 30 years. The details of the repayment plans are determined on a case-by-case basis, based upon each borrower’s ability to repay.

How Do I Apply For An SBA Economic Injury Loan?

You can apply for assistance on the SBA’s website – CLICK HERE to learn more and to start the application process.

Like this article? Check out the following blogs to learn more:

Keeping Our Clients Connected During The Coronavirus Pandemic
Coronavirus: The Human Virus’s Impact on Tech Businesses and More
Seven Things You Need To Know About Cloud Computing

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