The SBA's Economic Injury Disaster Loan for small businesses

Posted at 9:49 PM, Mar 24, 2020
and last updated 2020-03-25 07:01:40-04

RICHMOND, Va. - For small businesses struggling to survive the coronavirus crackdown, there is help.

They can apply for a special low interest loan of up to $2 million offered by the Small Business Administration. It's called the Economic Injury Disaster Loan.

Carl Knoblock is the SBA's Virginia-Richmond District Director. He says he's been on the phone a lot talking about this program.

"I talked to over a thousand businesses. They're facing a lot of challenges. They're trying to figure out how to - number one - how to take care of the people. That's the biggest concern," he said.

Knoblock says it takes about 30 days to get approved and receive the money. He says the interest is 3.75% and that the business owners can take up to 30 years to pay it back.

Related: 3 things small business owners should know during coronavirus pandemic

For more information, he suggests going online - but he says if you're going to call, call before 6 a.m. and after 9 p.m. because the demand is so high it will be very challenging to reach someone during the day.

Click here for the SBA's link on disaster assistance.

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