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SBA Disaster Assistance available to Virginia small businessess

The U.S. Small Business Administration (SBA) offers low-interest federal disaster working capital loans to Virginia small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

SBA acted under authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by the President, following a request received from Gov. Ralph Northam.

The disaster declaration makes SBA Economic Injury Disaster Loans (EIDL) assistance available in the entire Commonwealth.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of COVID-19,” said Administrator Carranza. “SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.”

Eligibility is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses, and 2.75% for private non-profit organizations.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

To learn more, check out the whole article below.