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Federal loans to help Wisconsin companies affected by COVID-19

Small businesses affected by the COVID-19 outbreak can seek low-interest federal disaster loans to stay afloat during the emergency, federal officials announced Monday.

The U.S. Small Business Administration program allows companies to seek up to $2 million in low-interest loans to cover expenses amid a broad shutdown of many parts of the economy to contain the spread of the virus. 

Gov. Tony Evers on Wednesday declared the outbreak a disaster, a step that put SBA loans on offer to businesses in the state and those near Wisconsin’s border. 

The loans have an interest rate of 3.75% for small businesses and 2.75% for private non-profits and can have repayment periods of up to 30 years. 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

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