Small businesses impacted by COVID-19 can receive federal disaster loans

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OKLAHOMA CITY (KFOR) – Oklahoma small businesses that experience substantial economic loss because of coronavirus can receive low-interest federal disaster loans for working capital if their state qualifies for such federal funds.

The U.S. Small Business Administration is offering the loans through funding provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Donald Trump.

A state must submit documented business losses for at least five businesses per county to qualify for the program.

SBA Economic Injury Disaster Loan assistance declaration will make disaster loans of up to $2 million available to small businesses and private, nonprofit organizations in states that are approved for the program.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the impact of COVID-19. The interest rate is 3.75% for small businesses without credit available elsewhere and 2.75% for nonprofits. Businesses with credit available elsewhere are not eligible for this program,” the news release states.

The Oklahoma Department of Emergency Management will have a form for businesses to submit on its website starting Monday.

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