The SBA opened applications for coronavirus relief loans for small businesses in Georgia. The loans can go up to $2 million.
Small businesses in Georgia experiencing negative impacts due to the coronavirus outbreak can apply for low-interest relief loans from the Small Business Administration (SBA).
Under a program from the SBA, small businesses are able to apply for low-interest loans — 2.75% for nonprofits and 3.75% for small businesses — to help pay bills or make payroll if the business has been hurt by slowed or even stalled commerce.
Loans can be as high as $2 million with repayment terms up to 30 years.
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.
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.