COVID-19 Information: SBA Economic Injury Disaster Loans

Upon Governor Ron DeSantis’ request, Florida small businesses and private, non-profit organizations are now eligible for up to $2 million in SBA low-interest federal disaster loans for working capital to help alleviate economic injury caused by the Coronavirus (COVID-19). Here are some details:

 

  • SBA’s Economic Injury Disaster 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. The interest rate for non-profits is 2.75%. 

 

  • 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. 

 

 

Leave a Comment