By Missy Schrott | [email protected]
Alexandria small companies which might be affected by the coronavirus outbreak may very well be eligible for federal financial damage catastrophe loans.
The U.S. Small Enterprise Administration has declared an financial catastrophe for a number of jurisdictions within the area, together with Alexandria. This implies the SBA will supply low-interest federal catastrophe loans to small companies struggling “substantial financial damage” because of coronavirus, in response to a information launch.
The loans supply as much as $2 million per small enterprise. They can be utilized to pay fastened money owed, payroll, accounts payable and different payments that may’t be paid due to the impression of coronavirus, in response to the discharge.
Solely companies with out credit score accessible elsewhere are eligible. Rates of interest are 3.75 p.c for small companies and a couple of.75 p.c for nonprofits. Lengthy-term repayments will likely be accessible as much as a most of 30 years.
Extra data is accessible at www.sba.gov/catastrophe.