The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to South Carolina small businesses suffering substantial financial losses as a result of COVID-19, or coronavirus.
The Coronavirus Preparedness and Response Supplemental Appropriations Act, recently signed by President Donald Trump, gives SBA authority to declare a disaster following a request from Gov. Henry McMaster on March 17.
The disaster declaration makes SBA assistance available all over South Carolina.
“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,” SBA Administrator Jovita Carranza said.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus. The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofits.
SBA offers loans with long-term repayments, up to a maximum of 30 years.
Business owners can apply online and get additional disaster assistance information at https://disasterloan.sba.gov/ela. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Applicants can also contact SBA’s Customer Service Center at 800-659-2955 or email@example.com for more information on SBA disaster assistance. People who are deaf or hard of hearing should call 800-877-8339.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21.
For more information on SBA resources and services, visit SBA.gov/coronavirus.