SBA Disaster Declaration Approved – Loans Now Available

Mar. 23--The U.S. Small Business Administration has just approved Missouri's COVID-19 disaster declaration, meaning assistance is now available for struggling small businesses across the state.

Begin the SBA Disaster Loan Assistance process at https://disasterloan.sba.gov/ela/

This document is a great resource and explains the process.

https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

? Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.

? Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

? SBA Customer Service Representatives will be available to answer questions about SBA's Economic Injury Disaster Loan program and explain the application process.

? Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.

? SBA offers loans with long-term repayments, up to a maximum of 30 years, and are available to entities without the financial ability to offset the adverse impact without hardship.

? The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.

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