The SBA declared Colorado small businesses eligible to apply for coronavirus relief loans.
The Small Business Association has declared small businesses across Colorado eligible to apply for low-interest loans intended to help relieve the impact of the coronavirus outbreak.
Previously, certain businesses in counties that neighbored other eligible states were able to apply. But the new declaration provides eligibility statewide.
That’s the result of a recent change in policy the SBA put in place specifically for dealing with the coronavirus outbreak. The relaxed policy allows governors to seek statewide eligibility for coronavirus loans rather than for individual counties.
This relaxed policy could also help mitigate confusion over how to apply for the loans.
The coronavirus relief loans were announced by President Donald J. Trump as a stimulus to help small businesses facing downturns in business due to the outbreak. Impacted businesses can apply for up to $2 million in loans with interest rates between 2.75% and 3.75% depending on the type of business. The funds can be used for paying debts, bills, accounts payable, payroll, among other reasons. Repayment plans can be as long as 30 years.
Those three states joined a growing list of approved states and counties for coronavirus relief loans.
The declaration in Colorado also means some counties in neighboring states were also made eligible. These include:
Kansas Counties Eligible for SBA Loans
Nebraska Counties Eligible for SBA Loans
Oklahoma Counties Eligible for SBA Loans
Wyoming Counties Eligible for SBA Loans
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.