SBA OKs Mo. disaster declaration

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SBA OKs Mo. disaster declaration

Fri, 03/27/2020 - 01:58
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JEFFERSON CITY The U.S. Small Business Administration approved Missouri’s request for assistance through the federal coronavirus disaster loan program.

This move makes low-interest disaster loans available to small businesses and private non-profits impacted by COVID-19, SBA information states.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business or nonprofit. These loans can help small businesses overcome the temporary loss of revenue.

Key information about seeking a coronavirus disaster loan includes:

• SBA offers loans with repayment plans of up to 30 years;

• Eligibility is based on the financial impact of the coronavirus; and

• The interest rate is 3.75% for small businesses. The interest rate for private nonprofit organizations is 2.75%.

Applicants are taken online at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disaster-customerservice@sba.gov for more information on SBA disaster aid. Deaf or hard-of-hearing individuals may call (800) 877-8339.

Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The loan deadline is Dec. 21.

For details, go to SBA.gov/Disaster.