DES MOINES, Iowa (KWWL) – The U.S. Small Business Administration issued a disaster declaration for the state of Iowa. It is predated to January 31, 2020 and allows pandemic-effected small businesses to apply for low interest support loans.
Governor Kim Reynolds made the announcement Saturday that the declaration comes after Governor Reynolds submitted a federal funding request.
“This SBA Disaster Loan program is vital in assisting our small businesses that have been so heavily impacted by these unprecedented times,” said Gov. Reynolds, “I will continue to work with President Trump and his administration to provide relief to Iowa small businesses as we combat the spread of COVID-19 in Iowa.”
The loans through the SBA are now available statewide to small businesses and private, non-profit organizations to help alleviate economic injury due to COVID-19. The disaster loans offer up to $2 million in assistance.
They can be used to pay fixed debts, payroll, and other bills that can't be paid due to the outbreak. The interest rate is 3.75% for small businesses and 2.75% for non-profits. Terms are based on a case-by-case basis.
Applications can be made via the SBA’s website.
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March 22, 2020 at 02:18AM
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Financial assistance now available to Iowa small businesses hit hard by COVID-19 outbreak - kwwl.com
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