Schmidt, Sethi & Akmajian Blog

Small Businesses in Arizona Can Get Loan Assistance As a Part of the Disaster Loan Program under the CPRSA

Posted by Matt Schmidt | Mar 20, 2020 | 0 Comments

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.

About the Author

Matt Schmidt

Matt graduated from the James E Rogers College of Law at the University of Arizona in passing the Arizona bar exam in 2010. Matt's primary interest in law focuses on general personal injury and insurance bad faith.

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Our team works together - for you!

Our award-winning lawyers are backed by a talented, caring team of legal professionals, paralegals, bilingual assistants, notaries, and others - all dedicated to you, your case, and the compensation you deserve.

No fees and no costs until we win.

Initial consultations are completely complimentary and we only get paid when you get paid. As such, we always have your case and your best interest in mind, because it’s in our firm’s best interest to do so.

Thorough investigation and preparation.

We tirelessly and thoughtfully prepare every case we represent as though it was going to trial. This lets insurance companies know that we are a force to be reckoned with. As such, we settle successfully 98% of the time.