SACRAMENTO, Calif. — The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a result of the COVID-19.
SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the president, to declare a disaster following a request received from Gov. Gavin Newsom’s designated representative, Director Mark S. Ghilarducci of the Governor’s Office of Emergency Services on March 13.
The disaster declaration makes SBA assistance available in the following California counties:
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Individuals who are deaf or hard of hearing may call (800) 877-8339.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.