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SBA offers assistance to small businesses affected by Covid-19

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THE U.S. Small Business Administration Administrator Jovita Carranza on Saturday announced that it is “offering low-interest federal disaster loans for working capital” to small businesses in the Commonwealth that are suffering “substantial economic injury as a result of the coronavirus.”

SBA said it “acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Donald Trump, to declare a disaster following a request received from Gov. Ralph DLG Torres on March 19, 2020.”

Carranza said SBA “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 (Covid-19).”

SBA customer service representatives will be available to answer questions related to the Economic Injury Disaster Loan program, as well as to explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives, and small aquaculture enterprises that have been financially impacted as a result of the Coronavirus (Covid-19) since January 31, 2020 may qualify for Economic 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,” Carranza said.

She said these loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot 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,” Carranza said.

Eligibility for these disaster loans are based on the financial impact of the coronavirus. According to SBA, “the interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.”

SBA said it 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.”

To apply and for more information, visit https://disasterloan.sba.gov/ela, or contact the SBA Customer Service Center at (800) 659-2955, or email This email address is being protected from spambots. You need JavaScript enabled to view it..

Completed applications should be mailed to:

U.S. Small Business Administration

Processing and Disbursement Center

14925 Kingsport Road

Fort Worth, TX 76155

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


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