The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Connecticut small businesses suffering substantial economic injury, since January 31, 2020 and continuing, as a result of the Coronavirus (COVID-19). SBA issued Disaster Declaration CT-00046, for the Economic Injury Disaster Loan (EIDL) Program, following a request from Governor Ned Lamont on March 15, 2020.
This disaster declaration makes the SBA EIDL Program available throughout the entire state of Connecticut. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid due to the impact of the Coronavirus.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus and https://ctsbdc.com/covid19-businessresourcecenter/
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