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SBA makes disaster loans available to Louisiana small businesses

Posted: 12:01 PM, Mar 25, 2020
Updated: 2020-03-25 13:01:32-04
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The U.S. Small Business Administration is offering assistance to Louisiana small businesses impacted by COVID-19.

The SBA says they are offering low-interest federal disaster loans for working capital to Louisiana small businesses facing economic injury as a result of the pandemic.

According to SBA, small businesses , private non-profit organizations, small agricultural cooperatives and small aquaculture enterprises 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.

Louisiana's disaster declaration, which was signed by President Trump on Tuesday, makes SBA assistance available to the entire state of Louisiana and neighboring counties.

SBA says that the 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.

Eligibility for the loans will be based on the financial impact of the coronavirus.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.

Those with questions about the Disaster loan program can contact SBA for more information at 800-659-2955.

Applications can be found at sba.gov/coronavirus.