SBA Coronavirus Disaster Loans Now Available in Minnesota

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The US Small Business Administration (SBA) is offering low-interest federal disaster working capital loans to small businesses in Minnesota suffering significant economic hardship from the coronavirus (COVID-19).

According to a March 20 press release, the SBA acted on its own to declare a disaster in Minnesota, following a request by Governor Tim Walz on March 18.

This authority was provided by the Supplementary Appropriations for Coronavirus Preparedness and Response Act that Pres. Donald Trump has just signed.

The disaster declaration makes SBA Assistance available throughout Minnesota and the border counties of Iowa, North and South Dakota, and Wisconsin.

Small businesses, private non-profit organizations, small agricultural cooperatives and small aquaculture businesses that have been financially affected as a direct result of the coronavirus since January 31 may be eligible for economic disaster loans of up to to $ 2 million to help meet financial obligations and operating expenses, the ASB announced. These loans can be used to pay off fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster.

The interest rates are 3.75% for small businesses and 2.75% for nonprofits. The SBA offers long-term repayments, up to 30 years, to keep payments affordable.

To apply for the loans or for more information, visit Disasterloan.sba.gov/ela, call 800-659-2955 (800-877-8339 for the deaf or hard of hearing) or email Disastercustomerservice @ sba.gov. The deadline to apply for an economic disaster loan is December 21.

For more information on the coronavirus, visit Coronavirus.gov. For more information on related SBA resources and services, visit SBA.gov/coronavirus.

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