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March 23, 2020

SBA DISASTER ASSISTANCE NOW AVAILABLE TO IDAHO SMALL BUSINESSES IMPACTED BY COVID-19

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to Idaho small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 

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 (COVID-19) since Jan. 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. 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 up to a maximum of 30 years.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process. Applicants may 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. 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. For more information about available SBA resources and services, please visit SBA.gov/coronavirus.

For any questions on the SBA Economic Injury Disaster Loan program, contact Jerry Miller at (208) 287-0780 or jerry.miller@commerce.idaho.gov or visit commerce.idaho.gov/covid-19.