“There is a good chance that you, like many small business owners, are wondering how the financial fallout of the coronavirus (COVID-19), will impact your business. For many, it isn’t just a question of lost sales, but uncertainty around how to best protect your livelihood, support your employees and manage ongoing operational costs.
However, there may be a light at the end of the tunnel, as the U.S. Small Business Administration announced on March 12, 2020, that they will be offering low-interest Economic Injury Disaster Loans of up to $2 million to impacted small businesses. The interest rate on these loans will be 3.75% for small businesses and 2.75% for non-profits. Loans can be repaid over a period of up to 30 years. Here’s a quick overview of the SBA Economic Injury Disaster Loan program with details below.”