San Bernardino County Announces Available Funding Options
Small Business Administration
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to California small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). According to SBA Administrator Jovita Carranza, small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus since January 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profit organizations. SBA offers loans with long-term repayments in order to keep the payments affordable, up to a maximum of 30 years.
Applicants may apply online at https:/disasterloan.sba.gov, call (800) 659-2955, or email firstname.lastname@example.org. The deadline to apply for an Economic Injury Disaster Loan is December 16, 2020.