SBA offering federal loans to businesses impacted by coronavirus

Around New York State

FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. (AP Photo/Elise Amendola, File)

BUFFALO, N.Y. (WIVB) — In response to the coronavirus pandemic, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to businesses in need of help during this time.

SBA Administrator Jovita Carranza made the announcement on Friday morning.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist New York small businesses with federal disaster loans,” Carranza said. “We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19).”

Businesses, private non-profits, agricultural cooperatives and aquaculture enterprises that are being financially impacted by the pandemic may qualify for a loan of up to $2 million.

The interest rate for small businesses is 3.75 percent, while the rate for private non-profits is 2.75 percent. Long-term payment plans, up to 30 years will be offered.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

The deadline to apply is December 21, 2020. Those interested can apply online or download an application here. Completed applications can be mailed to this address:

U.S. Small Business Administration

Processing and Disbursement Center

14925 Kingsport Road

Fort Worth, Texas 76155

Questions may be directed to (800) 659-2955 or email disastercustomerservice@sba.gov. Anyone with hearing difficulties can call (800) 877-8339.

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