In an effort to fight the Coronavirus, the Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA) was passed by the U.S. government this month. In short, $8.3 billion dollars was appropriated to various departments, programs and funds to address the pandemic. As a part of this Act, $20 Million was allocated for a "Disaster Loans Program Account" to carry out disaster loan assistance for small businesses via the Small Business Administration.
Under this program, small businesses and non-profits in Arizona can apply for an Economic Injury Disaster Loan for up to $2 million so long as they don't have any credit available somewhere else. The interest rate is 3.75% for small businesses and 2.75% for non-profits. Long-term payments are available up to 30 years. As is the case with most loans, the amount of the loan provided and the term of the payments is evaluated on a business-by-business basis,
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
Small businesses can apply here, call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail [email protected] for more information.
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