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 firstname.lastname@example.org for more information on SBA disaster assistance.Follow @natebeck9