Businesses that were impacted by the civil unrest from May 26 through June 30, 2020, can now apply for low-interest federal disaster loans through the Small Business Administration (SBA).
Eligibility is based on the financial impact of the civil unrest. Physical damage is not taken into account when calculating loss. The loans offered by the SBA have an interest rate of 3 percent for small businesses and 2.75 percent for private non-profit organizations. The loan terms are up to 30 years. The specifics of each loan will be determined by SBA based on the financial condition of each borrower.
Businesses that are interested in applying can do so online through the SBA’s website, disasterloan.sba.gov. A Virtual Business Recovery Center is set up to support businesses with the application processes and help complete electronic loan applications. Businesses have until June 16, 2021 to apply.
Virtual Business Recovery Center
Monday – Sunday (7 days/week)
8 a.m. – 8 p.m. EDT
Businesses can also contact SBA’s Customer Service Center at 800-659-2955 or TTY 800-877-8339.
A disaster declaration made by U.S. Small Business Administration (SBA) at the request of Governor Jay Inslee makes SBA assistance available for seven counties in Washington, including King County. Before the SBA will offer disaster assistance, counties must show that there are enough businesses that have been impacted by the disaster. King County had more than 50 businesses report damages.
The above is a press release from the office of King County Emergency Management. The Auburn Examiner has not independently verified its contents and encourages our readers to personally verify any information they find may be overly biased or questionable. The publication of this press release does not indicate an endorsement of its contents.