SBA offers help for small businesses due to coronavirus crisis

Small businesses which are hurting or are forced to shut down from the Coronavirus COVID-19 response may be able to receive assistance from the U.S. Small Business Administration, Steve Rutherford, Sequoyah County Emergency Management director, said.
Rutherford said anyone wanting to apply for a loan or wanting more information can log on to the SBA website.
Rutherford said his office will be open on weekdays also if those interested want to call him at 918-775-1216.
Officials announced this week businesses in 24 Oklahoma counties can seek federal low-interest disaster loans to obtain working capital as they continue to be affected by the ongoing coronavirus response.
Officials said the loans are designed to provide working capital to small businesses and nonprofits that can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster response’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere but businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75 percent.
Eligible owners and operators also will be offered repayment terms of up to 30 years in length in an attempt to keep loan payments affordable.
The SBA announced March 13 it would be offering the aid as part of the federal government’s coronavirus response.

Sequoyah County Times

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