Small businesses in Massachusetts, Delaware and New Hampshire can apply for SBA coronavirus relief loans.
Small businesses impacted by the coronavirus outbreak in three more states in the Northeast can now apply for coronavirus relief loans from the Small Business Administration (SBA). Delaware, Massachusetts and New Hampshire have all been declared eligible states for loan applications and assistance.
While parts of the state had previously been declared eligible, the new designation is for all three states in every county.
The loans were part of a program announced by President Donald J. Trump. But many small businesses were confused about how to apply for the coronavirus relief loans.
The SBA relaxed previous requirements, allowing governors to seek statewide eligibility for coronavirus loans. Delaware, Massachusetts and New Hampshire were each granted statewide eligibility, along with some counties in neighboring states. The SBA has said that eligibility approval for states takes no more than 48 hours, and that a credit decision on individuals loans can take two to three weeks. Approved loans can be disbursed within five days.
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.
Those three states joined 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.