Affected by COVID-19?

Federal Loans Now Available For State Small Businesses, Non-Profits

Disaster loans are available from the federal Small Business Administration for businesses and non-profit organizations damaged economically by the coronavirus crisis.

WASHINGTON–The federal Small Business Administration is offering low-interest disaster loans to firms suffering substantial economic injury due to the coronavirus crisis.

The Oklahoma Department of Commerce and local officials are collecting information to be presented in a report to the SBA on the economic impact of COVID-19 in the state.

The report will reflect damages by county.

The information will be used to support a request for Economic Injury Disaster Loan declarations from the SBA.

If approved, disaster loans of up to $2 million will be available to small businesses and private, non-profit organizations.

The funds were appropriated by the stimulus act signed into law late last week.

The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of COVID-19, a SBA statement sad.

The interest rate on the loans is 3.75 percent for small businesses without credit available elsewhere and 2.75 percent for non-profits.

Businesses with credit available elsewhere are not eligible for the program.

When loan applications are made available, the state commerce department will assist applicants fill out forms and provide other assistance.

Ray Little of the state commerce department may be contacted by e-mail for additional information at ray.little@okcommerce.gov or by telephone at (405) 815-5227.

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