Many business owners are facing a lot of unknowns due to the COVID-19 worldwide state of emergency. With these unknowns, many businesses are experiencing supply chain issues, a decrease in business and increasing health concerns. In light of these growing issues, the President recently authorized the Small Business Administration (SBA) to make available low-interest loans through their Disaster Assistance Program.
Once the affected state’s Governor makes a request, the SBA will be coordinating with that state to make these loans available. Essentially once the funding is available, the business owners from the affected states need to apply to SBA directly to receive the benefit. Under this program, a borrower can receive up to $2 million on a 30-year repayment term with interest rates of 2.75% for not for profit and 3.75% for all others. Click here for a link to the program. Additionally, if a business owner is experiencing financial hardship, they should reach out to their business banker and discuss loan extensions and alternative payment options.
We want to let you know that WilkinGuttenplan is here for you to help in any way we can, whether you need help approaching your banker or want to investigate your available options with the SBA