Iowa Added to Eligible States to Apply for Federal Disaster Loans
Iowa was recently added to the list of states eligible to apply to receive low-interest federal disaster loans from the U.S. Small Business Administration (SBA). The SBA recently approved Iowa’s request to be included. Small businesses that have been financially affected by COVID-19 since Jan. 31 may qualify for loans to pay fixed debts, payroll, accounts payable and other bills.
The SBA will provide loans of up to $2 million to small business owners who prove their revenues have fallen because of the spread of COVID-19. The exact amount of money will vary based on the application.
The interest rate is 3.75% for small businesses and 2.75% for non-profits. The loans will have an interest rate of 3.75% and run for up to 30 years. Interested business owners can apply through the SBA’s website. These SBA Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response to COVID-19.
Please contact your LWBJ professional for guidance on how this new program could impact your business.
Additional resources available on lwbj.com