SBA Offers Disaster Assistance to New York Small Businesses Economically Impacted By Coronavirus

OSWEGO COUNTY – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to New York small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced March 20.

SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Andrew M. Cuomo on March 17, 2020.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

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[1]. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected][2] 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.

For more information about Coronavirus, please visit: Coronavirus.gov[3].

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus[4].