California the first state to request them. “Take advantage of them in real time.”
At a Wednesday night (March 18) news conference in Sacramento, Gov. Gavin Newsom provided an update on state efforts to deal with the coronavirus, and in it, took a moment to encourage small-business owners to take advantage of the financial help available to them from the U.S. Small Business Administration.
California was the first state to put in its application with the SBA, according to Newsom, who encouraged small-business owners to “learn about them and take advantage of them in real time.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. The interest rate for small businesses is 3.75% and for non-profits is 2.75%. These loans have long-term repayment options in order to keep payments affordable, with a maximum of up to 30 years. Repayment terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Further information about the loans can be read here. The governor also encouraged Californians to keep abreast of coronavirus news at the Governor’s Office of Emergency Services at http://www.oesnews.com/
Related News
- NFIB California State Director John Kabateck March 18 participated in a conference call held by Isabel Guzman, director of the Office of Small Business Advocate, to solicit small-business input on how the state might better assist Main Street enterprises.
- NFIB has created a coronavirus landing page to house all news related to the issue.
