Businesses located in the states of Pennsylvania, New Jersey and Delaware (more states eligible*) experiencing an economic hardship caused by the COVID-19 pandemic are now eligible to apply for an SBA Disaster Assistance Loan. Business owners in eligible states may now apply for an economic injury disaster loan directly through the Small Business Administration. Visit BMT’s summary page or by visiting the website https://disasterloan.sba.gov.
Key highlights of the SBA Disaster Loan Assistance Program:
- Most small businesses are eligible including real estate investors.
- SBA Disaster loans up to $2 million are now available.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the COVID-19 impact.
- Economic injury disaster loans granted under the COVID-19 disaster declaration will have:
- A 30-year term
- An automatic 12-month deferral period
- An interest rate of 3.75% as disclosed by SBA
- No prepayment penalty
Businesses that have experienced an economic hardship caused by the COVID-19 may want to take advantage of the SBA Disaster Loan Assistance Program. Interested business owners can visit https://disasterloan.sba.gov for further information or to apply.