The Baker Administration announced last night that the U.S Small Business Administration will begin offering low-interest federal disaster loans of up to $2 million to small businesses in the Commonwealth suffering as a result of COVID-19.
This includes private non-profit organizations of any size, small agriculture cooperatives and small aquaculture enterprises impacted by the outbreak since January 31st.
The eligibility for this economic injury disaster loan will be based on the financial impact of the virus outbreak. The interest rate will be 3.75% for small businesses and 2.75% for private non-profits.
The deadline to apply is December 18, 2020.Applicants can apply online at https://disasterloan.sba.gov/ela or call SBA’s Customer Service Center at (800) 659-2955. You can also request more information by email at firstname.lastname@example.org.