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Assistance Offered to Small Businesses Economically Impacted by COVID-19
Pasadena Independent Mar 17, 2020
As businesses close during this pandemic, the SBA is offering federal disaster loans. - Courtesy photo / Facebook, @oldtownmonrovia
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TheU.S. Small Business Administration (SBA) is offering low-interest federaldisaster loans for working capital to California small businesses sufferingsubstantial economic injury as a result of the Coronavirus (COVID-19), SBAAdministrator Jovita Carranza announced Monday. SBA acted under its ownauthority, as provided by the Coronavirus Preparedness and ResponseSupplemental Appropriations Act that was recently signed by the president, todeclare a disaster following a request received from Governor Gavin Newsom’sdesignated representative, Director Mark S. Ghilarducci of the Governor’sOffice of Emergency Services on March 13, 2020.
Thedisaster declaration makes SBA assistance available in the following Californiacounties:
| Alameda | Alpine | Amador | Calaveras |
| Contra Costa | El Dorado | Imperial | Kern |
| Lake | Los Angeles | Madera | Marin |
| Mariposa | Mendocino | Merced | Mono |
| Napa | Orange | Placer | Riverside |
| Sacramento | San Bernardino | San Diego | San Francisco |
| San Joaquin | San Mateo | Santa Clara | Santa Cruz |
| Solano | Sonoma | Stanislaus | Sutter |
| Tuolumne | Ventura | Yolo |
SBACustomer Service Representatives will be available to answer questions aboutSBA’s Economic Injury Disaster Loan program and explain the applicationprocess.
“Smallbusinesses, private non-profit organizations of any size, small agriculturalcooperatives and small aquaculture enterprises that have been financiallyimpacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020,may qualify for Economic Injury Disaster Loans of up to $2 million to helpmeet financial obligations and operating expenses which could have been met hadthe disaster not occurred,” said Carranza.
“Theseloans may be used to pay fixed debts, payroll, accounts payable and other billsthat can’t be paid because of the disaster’s impact. Disaster loans can providevital economic assistance to small businesses to help overcome the temporaryloss of revenue they are experiencing,” Carranza added.
Eligibilityfor Economic Injury Disaster Loans is based on the financial impact ofCOVID-19. The interest rate is 3.75% for small businesses. The interest ratefor private nonprofit organizations is 2.75%. SBA offers loans with long-termrepayments in order to keep payments affordable, up to a maximum of 30 yearsand are available to entities without the financial ability to offset theadverse impact without hardship.
Applicantsmay apply online, receive additional disaster assistance information anddownload applications at disasterloan.sba.gov/ela. Applicants may alsocall SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for moreinformation on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearingmay call (800) 877-8339. Completed applications should be mailed to U.S.Small Business Administration, Processing and Disbursement Center, 14925Kingsport Road, Fort Worth, TX 76155.
Thedeadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
Formore information about Coronavirus, please visit: Coronavirus.gov.
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