SACRAMENTO, Calif.\u2014The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in the CNMI that are suffering substantial economic injury as a result of the coronavirus, COVID-19, SBA administrator Jovita Carranza announced Friday. <\/p>\n
SBA 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 Gov. Ralph DLG. Torres on March 19, 2020.<\/p>\n
The disaster declaration makes SBA assistance available in the entire Commonwealth.\u00a0<\/p>\n
\u201cSBA is strongly committed to providing the most effective and customer-focused response possible to assist CNMI small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus,\u201d said Carranza.<\/p>\n
SBA customer service representatives will be available to answer questions about SBA\u2019s Economic Injury Disaster Loan program and explain the application process.\u00a0<\/p>\n
\u201cSmall 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 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,\u201d said Carranza.<\/p>\n
\u201cThese loans may be used to pay fixed debts, payroll, accounts payable and other bills that can\u2019t be paid because of the disaster\u2019s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,\u201d Carranza added.<\/p>\n
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus. The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.\u00a0<\/p>\n
Applicants may apply online, receive additional disaster assistance information and download applications at\u00a0https:\/\/disasterloan.sba.gov\/ela. Applicants may also call SBA\u2019s Customer Service Center at (800) 659-2955 or email\u00a0disastercustomerservice@sba.gov\u00a0for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX\u00a0\u00a076155.<\/p>\n
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
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