SBA to Provide Loans to D.C.-Area Small Businesses Economically Impacted by the Coronavirus

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in the D.C. area suffering substantial economic injury as a result of the Coronavirus (COVID-19).

SBA, stated a release, acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Mayor Muriel Bowser.

The disaster declaration makes SBA assistance available in the District of Columbia; and the contiguous counties of Montgomery and Prince Georges in Maryland; and Alexandria (City), Arlington and Fairfax in Virginia.

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 Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.

Applicants may apply online, receive additional disaster assistance information and download
applications at https://disasterloan.sba.gov/ela.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 17, 2020.