U.S. Small Business Administration – COVID-19 Disaster Assistance Loans
Wisconsin small businesses may be eligible to apply for federal disaster loans through the Small Business Administration (SBA) website as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act.
Disaster Assistance Loans
- Loans are available up to $2 million with terms of up to thirty years.
- Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
- Loans may be used to cover fixed debts, payroll, accounts payable and other bills impacted by Coronavirus (COVID-19).
Application Process
- Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises may apply.
- All applicants should apply directly through the SBA. This program is not offered through third party financial institutions.
- Applicants should expect the process to take at least 21 days.
- The deadline to apply is December 21st, 2020.
Application Considerations
- The SBA will be using historical financial information to determine the size and term of the loan an applicant qualifies for. Having up to date and accurate financial statements is important for demonstrating how your business has been impacted.
- Loans are only available to those who have been directly financially impacted by Coronavirus (COVID-19), not by the economic downturn generally.
- If you are unsure if you will qualify you should contact the SBA to allow them to make that determination.
Resources
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- Applicants may apply online, receive additional disaster assistance information and download applications from the SBA website.
- Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
- For additional information about available SBA resources and services please visit SBA.gov/coronavirus.
- Additional assistance is available through the Wisconsin Small Business Development Center, WWBIC, and SCORE.
To evaluate if an offer of assistance legitimate please visit ftc.gov/coronavirus. Additional information regarding COVID-19 scams can be found here.
(Please be aware that you may experience issues or delays with the SBA website, due to the high volume of traffic to their website at this time.)
