In response to the novel coronavirus (COVID-19) outbreak, Louisiana businesses are now eligible for Small Business Administration disaster loans.
As a result, small businesses and private, non profit organizations facing substantial economic injury as a result of the COVID-19 outbreak in the state of Louisiana may now be eligible for up to $2,000,000 in loans at low interest rates.
During these challenging times when revenue may slow down, these loans can potentially be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
According to official documents from the Small Business Administration, the interest rate is 3.75% for small businesses and 2.75% for non-profits, with terms for repayment of up to 30 years.
As with all loans, businesses should always consider their ability to repay prior to accepting loan proceeds.
The presentation discussed in the video above is available for download here.