Many of you are asking about the SBA Disaster Loan Program. Here are some facts:
- Any business affected by the current COVID-19 outbreak can apply for up to $2,000,000 in emergency loans.
- These are low interest loans with annual interest rates between 2.75% and 3.75%.
- Repayment terms can be as long as 30 years, however, long-term repayments are determined on a case by case basis based on each borrowers ability to pay.
- These Disaster Relief Loans bypass banks and have streamlined approval procedures. The application is filed directly with SBA. Lower fees will apply.
- These loans can be used to pay fixed debts, payroll, and other operating expenses.
Fill out the application online only at SBA.gov. Do not use third parties who promise speedier processing and beware of scams.
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