CLARKSVILLE, Tenn. (CLARKSVILLENOW) – The Small Business Administration (SBA) recently released a statement to businesses who may potentially be impacted by COVID-19.
The statement highlighted steps the agency will take to provide economic injury disaster loans off up to 2 million in assistance for small businesses. The purpose of these loans is to provide vital economic support to businesses who experience temporary loss of revenue due to closings and decreased demand for products and services.
Small businesses in Tennessee will qualify for loan assistance after the state receives an Economic Injury Disaster loan assistance declaration.
To be eligible for assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a disaster declared county or contiguous county. To receive a declaration the COVID-19, the pandemic has to cause widespread human and economic impact in a state.
To ensure Tennessee will qualify for disaster loan assistance, SBA is in the process of working with Governor Bill Lee to provide a disaster loan assistance declaration for the State of Tennessee.
Once a declaration is made for designated areas within a state, loan assistance will be made available to all affected communities and updated on the SBA.gov/disaster website.
The loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the pandemic. Interests rates will be 3.75% for small businesses without credit available elsewhere and interest rate for non profits will be 2.75%. Terms are determined on a case by case basis, based upon borrower’s ability to repay.
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March 18, 2020 at 12:03AM
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Small Business Administration may provide assistance to businesses impacted by COVID-19 - Clarksville Now
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