By Thomas Galvin, Rose Law Group Attorney
ROSE LAW GROUP has been reviewing and researching the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Donald Trump. The US Small Business Administration (SBA) will provide small businesses that are impacted by Coronavirus up to $2 million each in disaster assistance loans. These low-interest federal disaster loans will provide working capital for small businesses that have suffered significant economic harm. Once the SBA makes an Economic Injury Disaster Loan assistance declaration it will then be able provide loans to small businesses and private, non-profit organizations.
The SBA’s Economic Injury Disaster Loans will provide up to $2 million in assistance. The loans may be used to pay fixed debts, payroll, accounts payable and other bills. The terms include a 3.75% interest rate. However, businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. The repayment plans will be long term, up to 30 years. Terms will be determined on a case-by-case basis.
The SBA is expected to begin accepting and processing applications from Arizona, very soon. If you would like to learn more and would like to apply for the SBA Disaster loans, please reach out to ROSE LAW GROUP and we’d be happy to help you.
For more information, please contact Thomas Galvin at ROSE LAW GROUP at 480-240-5651 or tgalvin@roselawgroup.com
