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Responding to COVID-19 in Our Region

Get interactive updates on how communities in our region are responding to COVID-19. This blog was created to help community leaders share information. Comments (moderated) are encouraged. 

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Mar 17

Disaster loans for small businesses now available

Posted on March 17, 2020 at 2:53 PM by Tom Bell

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Maine small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Janet T. Mills on March 13, 2020.

The disaster declaration makes SBA assistance available in the entire state of Maine and the contiguous counties of Carroll, Rockingham and Stratford in New Hampshire. 

Small Businesses may apply for Economic Injury Disaster Loans by visiting www.sba.gov/disaster

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 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 non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

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