SBA offers up to $2M in disaster assistance loans in Worcester County
Photo | Grant Welker
A parking lot shared by Volturno and Wormtown Brewery, among others, on Worcester's Shrewsbury Street is nearly empty March 16.
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Central Massachusetts small businesses suffering substantial economic injury as a result of the coronavirus.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said SBA Administrator Jovita Carranza.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that businesses are struggling with because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. The loans can be paid out up to a maximum of 30 years.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. The deadline to apply is Dec. 16.
Assistance will be available for the entire state of Connecticut, and the contiguous counties of Berkshire, Hampden, and Worcester in Massachusetts; and Dutchess, Putnam and Westchester in New York; and Kent, Providence and Washington in Rhode Island.
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