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Monthly Archives: March 2020
COVID-19 Relief Update
SBA Economic Injury Disaster Loans up to $2 Million are Now Available
Minnesota small businesses and private nonprofits may now apply for disaster loans through the U.S. Small Business Administration. These loans are for those organizations suffering economic injury due to the COVID-19 Coronavirus. The online application is found at DisasterLoan.sba.gov, or click the button below. Details include:
- Rates are 3.75% for businesses and 2.75% for nonprofits.
- Up to $2 million with terms up to 30 years.
- May be used to help pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.
- Loans under $25,000 can be made without collateral while loans over $25,000 should be collateralized. (However, the SBA will not decline a loan for lack of collateral.)
No cost to apply nor any obligation to accept the loan if approved.
The Small Business Administration offers information and assistance:
SBA Disaster Assistance Customer Service Center
1-800-659-2955 / TTY: 1-800-877-8339
The American SBDC has a web page with information and resources at https://americassbdc.org/coronavirus-information/
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