The U.S. Small Business Administration (SBA) will offer low-interest federal Economic Injury Disaster Loans for working capital to Berkshire County small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Here are the program highlights:
• Eligible companies include small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020. Small businesses are businesses that have no more than 500 employees.
• Loans may be for up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Specific eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19).
• Interest rates are 3.75% percent for small businesses and 2.75% for private non-profit organizations.
• Repayment term is up to 30 years.
• The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.
Please refer to the Fact Sheet – SBA Economic Injury Disaster Loans for details and any updated information. Apply on-line here, call the SBA’s Customer Service Center at 800-659-2955 or contact them via email at [email protected]. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.