Federal disaster aid available to small businesses

Thursday, March 26, 2020

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to all Montana small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19), SBA Administrator Jovita Carranza announced this week.

SBA disaster assistance is now available in all counties within Montana.

SBA customer service representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and the application process.

“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 may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred,” said Carranza.

Eligibility for these loans is based on the financial impact of the coronavirus. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments 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.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s customer service center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. People who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for a loan is December 17.

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