SBA’s Disaster Declaration Makes Loans Available Due to the Coronavirus (COVID-19)
We are in this together. As a courtesy to our business partners we are providing you with this step by step SBA loan application guide. All of South Carolina business are eligible to apply for Economic Injury Disaster Loans to help cover working capital needs. The maximum interest rate is 3.75% for the duration of the loan.
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provide by the Coronavirus Preparedness and Response Supplement Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
SBA’s Economic Injury Disaster Loan Basics
What businesses are eligible to apply?
SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations
- Businesses directly affected by the disaster
- Businesses that offer services directly related to the businesses in the declaration
- Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product.