The SBA approved statewide eligibility for coronavirus relief loans for impacted small businesses in Oregon.
Small businesses statewide in Oregon that are experiencing financial hardship due to the coronavirus outbreak can now apply for coronavirus relief loans from the Small Business Association (SBA).
The loans from the SBA are at low interest rates (2.75% for nonprofits and 3.75% for small businesses) and approved borrowers can request as much as $2 million. Repayment terms can be as long as 30 years.
Businesses can use the loans to pay bills or make payroll.
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.
Oregon 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.