SMALL BUSINESS ASSOCIATION LOANS
The U.S. Small Business Administration will offer low-interest federal disaster loans for working capital to Mississippi small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), according to SBA Administrator Jovita Carranza. 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 Governor Reeves’ request on March 18, 2020.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications by Clicking Here. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Deadline to apply is December 21, 2020.
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