How much in coronavirus relief loans can a small business get?

max asked 3 months ago
We need financial assistance to pay bills.
1 Answer
Brittany Staff replied 3 months ago
Hello Max,

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. The interest rate is 3.75% for small businesses and 2.75% for nonprofits, and repayment can extend up to 30 years.

The loan can only be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. However, only small businesses and nonprofits that are unable secure other loan funding are eligible.