COVID-19: Important Information on SBA Small Business Assistance

COVID-19: Important Information on SBA Small Business Assistance

Last week, Governor McMaster requested federal assistance for South Carolina small businesses from the U.S. Small Business Administration (SBA), which has been approved. As such, we want to share SBA’s guidance for how you can apply for a federal loan. General information is below, and the SBA’s full information sheet is here.

  • Any Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • The information on the application process for Economic Injury Disaster Loan assistance will be made available once there is a declaration for designated areas within a state, to all affected communities as well as updated on our website: SBA.gov/disaster.
  • These loans may are for paying fixed debts, payroll, accounts payable, and other bills impacted by a disaster. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
  • For additional information, please contact the SBA Disaster Assistance Sevice Center: 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov.

The most recent update of the CARES Act Loans Update can be found here: CARES Act Loans_Update 3-26.

We will continue to keep our members updated as we receive any COVID-19 information impacting you. As always, let us know how we can help.