The U.S. Small Business Administration is Offering Disaster Relief Loans As a result of the COVID-19 pandemic, the U.S. Small Business Administration has been authorized to offer low-interest disaster working capital loans to small businesses and non-profit organizations in certain areas, including all of New York State. Eligibility for such loans is based on the financial impact to the business stemming from COVID-19.
Loans that qualify can be made for terms of up to 30 years and amounts up to $2 million. The interest rates are 3.75% for small businesses and 2.75% for nonprofit organizations. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. For additional information or for assistance in applying for this benefit, please reach out to your Meltzer Lippe contact person.