Kansas Small Businesses Impacted By COVID-19 Eligible For Loans

Joanna Estrada
March 24, 2020

New Hampshire's application for SBA Economic Injury Disaster Loans was approved, which will help small businesses in all 10 counties overcome the loss of revenue during the COVID-19 outbreak.

"The SBA is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business".

"When our local businesses were ordered to close down or severely reduce their services to mitigate COVID-19, many small business owners anxious they may lose their livelihood in the process", said Pratt, Chair of the Senate Jobs and Economic Growth committee.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. "The Department of Commerce is grateful for the SBA's quick action to make these resources available and for their commitment to keeping Kansas businesses strong".

"The loans are not meant to replace lost sales or profits, rather they are meant to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred", reads the loan application document. Under the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Trump, upon receiving a request from a state or territory's governor, SBA will issue, under its own authority, an Economic Injury Disaster Loan declaration.

Interest rates for the loans are 3.75% for small businesses and 2.75% for nonprofit organizations.

Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application. "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 SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. This represents 151,500 businesses that employ over one million Tennesseans. Several states have already aligned their tax filing and payment deadlines with the new federal deadline.

States and municipalities are adding programs by the day. By making this change, deferments through December 31, 2020, will be automatic. "More people are being instructed to spend less time in public places and more time at home", Fiverr CEO and Founder Micha Kauffman said in an email last week.

The global COVID-19 public health emergency has mobilized federal, state and local governments to provide economic relief as businesses and workers face a period of uncertainty.

Other reports by Click Lancashire

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