Small businesses in Arizona can now apply for SBA loans to help address the impact of the coronavirus outbreak.
Small businesses impacted by the coronavirus outbreak in Arizona can now apply for coronavirus relief loans from the Small Business Administration (SBA). The low-interest loans are designed to help small businesses weather the impact of slowdowns and shutdowns as the nation deals with the public health crisis.
While some Arizona counties had previously been declared eligible because they neighbored other eligible states. But the declaration from the SBA applies statewide.
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.
Small businesses experiencing negative impacts in Arizona from slowed or stalled business and sales can apply for the loans to be used to pay bills or make payroll.
The SBA loans can go up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Arizona joins a growing list of approved states and counties for coronavirus relief 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.