Yesterday morning, LABI partnered with the U.S. Small Business Administration to host a conference call to discuss the tools available to small businesses during the Coronavirus crisis. To download the SBA’s PowerPoint presentation from the call, click HERE.
Last week, the SBA began receiving applications from Louisiana businesses for loans to address revenue losses related to COVID-19. Low-interest loans with long-term repayment programs are available up to $2 million at a fixed interest rate of 2.75% for non-profits and 3.75% for businesses with specific terms based on your situation. SBA staff advise the process will take approximately 30-45 days to begin receiving funds and are encouraging applications immediately. Apply online by clicking HERE.
Furthermore, yesterday, SBA Administrator Jovita Carranza announced automatic deferments through December 31, 2020, for borrowers still paying back SBA disaster loans from previous disasters such as the 2016 floods or Hurricanes Gustav, Ike, Katrina, or Rita. Borrowers of home and business disaster loans do NOT have to contact SBA to request deferment.
SBA has asked LABI to share the following information related to the COVID-19 disaster loans:
- Full eligibility guidelines for non-profits and business, click HERE.
- Size and standards classification guidelines for small businesses (for use when applying), click HERE.
- Guidelines on what small businesses can do with the disaster loans, click HERE.
- Complete resource guide for small business, click HERE.
If you have additional questions – or questions specific to your business – you are encouraged to contact the Small Business Development Center (SBDC) in your area. While their offices are closed, technical advice is available remotely with SBDC experts. Click HERE to request a consultation and schedule a virtual meeting with SBDC staff in your area and/or email [email protected].
LABI is working with the SBA on scheduling future calls and sending out additional information as it becomes available. As debate continues in Congress on additional forms of aid, LABI is also urging leaders to quickly pass forgivable loans or grants for businesses to stave off additional layoffs. Please continue to check our daily update emails for more details. Anyone can sign up at www.labi.org.