In the wake of the Coronavirus pandemic, the U.S. Small Business Administration offers a Disaster Loan Assistance Program for small businesses operating in areas of the country declared ‘disaster areas’.
Here are the highlights from the SBA:
Business Disaster Loans — up to $2 million*
SBA disaster loans are available to businesses, regardless of size, and nonprofits including charitable organizations such as churches and private universities.
Borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Loans may also be used for structural improvements such as adding a retaining wall or sump pump, clearing out overgrown landscaping, building a safe room or elevating the property to lessen the effect of future disasters.1
Economic Injury Disaster Loans — up to $2 million*
These loans are for small businesses, agricultural cooperatives, aquaculture enterprises and nonprofits affected by disaster to help meet working capital needs or normal business operating expenses through the recovery period. Businesses are eligible for these loans regardless of whether or not they have suffered property damage.
*The maximum loan for any combination of property damage and/or economic injury is $2 million.1
Contact Cg with questions or for more information.