The federal Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses and nonprofits suffering substantial economic injury as a result of the coronavirus outbreak, the Alaska congressional delegation announced Saturday.
The loans are being made available through the Coronavirus Preparedness and Response Supplemental Appropriations Act recently approved by Congress and signed into law by President Donald Trump.
The loans provide up to $2 million in assistance per small business to help overcome the temporary loss of revenue.
The loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, according to the announcement.
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.
Additional information is available from the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by emailing firstname.lastname@example.org.