Although both political parties and the Trump Administration are in favor of passing funding assistance in addition to the most recently passed FFCRA, there may be some immediate funding available through the Disaster Loan Assistance program from the U.S. Small Business Administration (USSBA).
The 3-Step Loan Process includes: 1) checking to see if your business resides in a eligible disaster area, 2) applying online, 3) checking your application status by the visiting the Disaster Loan Assistance site.
If approved, the assistance will be in the form of a low interest, direct loan from the USSBA. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the impact of the disaster. At the time of publishing, the interest rate is 3.75% for small businesses and 2.75% for non-profits. The USSBA 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.
Please note, farms and ranches are not eligible for the USSBA Disaster Loan Assistance program but may seek information from their county U.S. Department of Agriculture, Farm Service Agency representative.
For additional information, please visit the USSBA disaster assistance website here: https://www.sba.gov/funding-programs/disaster-assistance
Eureka Insurance Solutions continues to operate business as usual (working remotely) to assist our clients during the COVID-19 pandemic. Please feel free to contact us with any additional questions you may have.