SBA offers disaster loans to Nevada small businesses for virus impact
Nevada’s small businesses and nonprofit organizations in need of a capital boost can now apply for a low-interest federal disaster loan for up to $2 million through the U.S. Small Business Administration office.
The SBA’s Economic Injury Disaster Loan program is available for small businesses, private nonprofit organizations of any size, small agricultural cooperatives and small aquacultural enterprises who have been financially impacted as a direct result of the novel coronavirus since Jan. 31.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” SBA Administrator Jovita Carranza said in a statement. “Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”
Eligibility for the loan is based on the financial impact from the coronavirus outbreak, according to the administration.
The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofits.
Loans with long-term repayments are available of up to a maximum of 30 years and for entities without the financial ability to offset the adverse impact without hardship.
The deadline to apply is Dec. 17 and companies can apply online or call the SBA’s Customer Service Center at 800-659-2955.
Contact Subrina Hudson at shudson@reviewjournal.com or 702-383-0340. Follow @SubrinaH on Twitter.
