Mandatory closures and safety measures required to slow the spread of the coronavirus (COVID-19) have affected the restaurant industry tremendously. The U.S. Small Business Administration (SBA) is now offering low-interest, long-term disaster loans to small businesses impacted by this crisis.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital support to help small businesses recover from the economic hardship caused by COVID-19. These loans can go toward meeting capital needs such as fixed debt, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate for small businesses is 3.75% and can be paid back up to a maximum of 30 years.
For questions, please visit: https://disasterloan.sba.gov/ela/
Contact the SBA disaster assistance customer service center at 1-800-659-2955
Apply online at the SBA’s secure website: https://disasterloan.sba.gov/ela/