August 9, 2020

Volume X, Number 222

August 07, 2020

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SBA Disaster Assistance Loans Available for Businesses and Nonprofits Impacted by Coronavirus Disease 2019

The Small Business Administration is working with state governors to provide low-interest disaster recovery loans to small businesses and nonprofits that have been severely impacted by the Coronavirus Disease 2019 (COVID-19).

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for small businesses to help overcome the temporary loss of revenue they are experiencing. 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.

The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

For additional information about loans in your state, please see the release from the Small Business Administration, and contact your local SBA office.

©2020 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume X, Number 74


About this Author

Alisa Nave-Worth Government Contract Attorney Greenberg Traurig Law Firm Las Vegas

Alisa Nave-Worth has more than a decade’s-worth of experience with politics and government affairs. She has deep legal, political, and public policy experience in Nevada, which she uses to implement and advocate legislative strategies before state and local agencies for a wide range of corporate clients. She maintains strong relationships with lawmakers and regulators and has a reputation for honesty and integrity to her clients.

Alisa represents clients with legislative, regulatory, and administrative issues across all policy areas, with an...