Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long term low-interest loan due to Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
You can apply for disaster assistance online or via mail. For questions, please contact the Customer Service Center at 1-800-659-2955 or (TTY) (800) 877-8339.
Carranza Implements Automatic Deferment on Existing SBA Disaster Loans Through End of 2020
On Monday, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.
To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately.
"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. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time," said Administrator Carranza.
"Today’s announcement adds a list of growing actions the SBA is taking to support small businesses. These actions include making it easier for states and territories to request a declaration so small businesses statewide can now apply for economic injury disaster loans, and changing the terms of new economic injury loans to allow for one-year deferments. We are working around the clock to find ways to assist small businesses and today’s action is one step in this process."
KV Kumar, President & CEO of Indian American International Chamber of Commerce (IAICC) met U.S. Small Business Administration (SBA) Administrator Jovita Carranza at the 2020 Legislative Summit of the The Latino Coalition in Washington DC.
During the meeting, Kumar briefed Ms. Carranza about IAICC’s long association with SBA, and how IAICC initiated, supported and successfully mediated the signing of a MoU between SBA and the Government of India in collaboration with American Chamber of Commerce in January 2007 in New Delhi, India.
Ms. Carranza thanked Mr. Kumar for his unwavering support, appreciated IAICC’s efforts, and said she looked forward to the continued collaboration with IAICC in future.