Applications for small business emergency loans now open
COLUMBIA, S.C. - In response to a request from Governor Henry McMaster for a disaster declaration, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for South Carolina small businesses suffering substantial economic injury resulting from the Coronavirus (COVID-19). The disaster declaration makes SBA assistance available in the entire state of S.C.
"These low-interest loans are of monumental importance to our business community," said Gov. Henry McMaster. "There's no doubt that our state's small businesses have suffered losses throughout this incredibly difficult time, but help is on the way."
Small businesses and non-profit organizations that have been financially impacted as a direct result of COVID-19 may qualify for Economic Injury Disaster Loans up to $2 million to help meet financial obligations and operating expenses.
"These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact," said SBA Administrator Jovita Carranza. "Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing."
"We are grateful the SBA acted so swiftly to provide assistance to South Carolina's small business community," said S.C. Secretary of Commerce Bobby Hitt. "We encourage S.C. businesses to take advantage of this program aimed at bridging the financial gap during this unprecedented time."
The application and additional information is available at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. The deadline to return Economic Injury Disaster Loan applications is December 21, 2020.