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Due to the impacts of the coronavirus, small business taxpayers in most every state — including Oregon and Washington — are now eligible for up to $2 million in low-interest loans through the U.S. Small Business Administration (SBA) Disaster Loan Assistance programs. Applications are currently being processed and some have even been approved.
The loans are available to:
The loans are intended to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
The loans will only be issued when the small business is unable to obtain credit elsewhere. The maximum interest rate is 3.75% and is expected to be 2.75% for nonprofits.
While there is authorization to lend up to $2 million per approved business, the actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries. If a business is a major source of employment, SBA has the authority to waive the $2 million statutory limit. It generally takes two to three weeks from application to receipt of a check.
Applications and information can be found at the SBA website.
If you'd like help to determine if you may be eligible for Small Business Administration Disaster Loan Assistance, reach out to us at Delap. We're here to help guide you through the process.