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The U.S. Small Business Administration has approved all affected small businesses in Louisiana suffering substantial economic injury as a result of COVID-19 for low-interest federal disaster loans for working capital. The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Sen. John Kennedy (R-La.) released the following statement after the U.S. Small Business Administration declared Louisiana an economic disaster in the wake of the coronavirus. “Now is the time to mobilize resources to save American lives and livelihoods. Louisiana businesses and their employees are struggling through no fault of their own, and they need relief fast. When our state and country recover from the coronavirus, we want to ensure that we have a strong economy to return to. Low-interest loans for small businesses are a key to Louisiana’s economic success in the future. I’ve been talking with the administration about our great state and am glad to see the Small Business Administration make this resource available to hardworking Louisianians,” said Kennedy.
An Economic Injury Disaster Loan assistance declaration issued by the Small Business Administration makes loans available to small businesses and private, nonprofit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19). The Economic Injury Disaster Loans will provide up to $2 million in assistance, and can provide economic support to help small businesses overcome the temporary loss of revenue due to the issue. The loans can be used fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate for the loans is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
The loans are offered with long-term repayments — up to a maximum of 30 years, according to the agency. The terms will be decided based on each borrower’s ability to repay.
For more information about the Small Business Administration’s program visit: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19, call the Small Business Administration disaster assistance customer service center call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
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