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U.S. Small Business Administration offering loans for business impacted by coronavirus closures

SYCAMORE – The U.S. Small https://www.sba.gov/Business Administration is offering low-interest federal disaster loans to help small businesses that are suffering economically from the impact of the coronavirus, the City of Sycamore website states.

The U.S. Small Business Administration will issue the loans as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that President Donald Trump signed, which was part of an Economic Injury Disaster Loan declaration, according to a U.S. Small Business Administration release.

The loans are available statewide to small businesses and private, non-profit organizations to help alleviate “economic injury,” caused by the coronavirus.

The loans offer up to $2 million in assistance and can provide economic support to small businesses.

The loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, at a 3.75% interest rate – for small businesses. Loans to non-profit organizations would carry a 2.75% interest rate.

The loans the U.S. Small Business Administration is offering have long-term repayment options that are up to a maximum of 30 years. The terms of the loans are determined on a case-by-case basis and are based on each borrower’s ability to repay, the release states.

For additional information, visit the SBA’s website www.sba.gov. Those with questions should contact the U.S. Small Business Administration’s disaster assistance customer service center at 800-659-2955, or email disastercustomerservice@sba.gov.

Source: The Daily Chronicle

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