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By Lauren Sims, Community & Government Affairs Chief
Mount Pleasant, S.C. (March 19, 2020) – The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Eligible small businesses and nonprofits may apply online here.
According to the SBA, the turn around time between submitting your application and cash in hand is about 30 days, so business owners are encouraged to apply as soon as possible. There is no cost to apply. More information and application tips are available on our website here.