Small businesses in Louisiana can now apply for SBA coronavirus relief loans. Loans can go up to $2 million.
The Small Business Association (SBA) approved eligibility for coronavirus relief loans for impacted small businesses in Louisiana, opening the application process in the state.
Small businesses statewide who are impacted by the coronavirus outbreak, and related slowdowns and lockdowns, can apply for loans to pay bills and help make payroll.
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. Louisiana was 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.
Small businesses experiencing negative impacts in Louisiana 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.
Louisiana joins a growing list of approved states and counties for coronavirus relief loans. Counties in neighboring states were also included in the declaration. That list includes:
- Pearl River
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.