Loading...The economic effects of the COVID-19 pandemic have been far-reaching, and like many others, Monterey Language Services has been keeping up to date on resources available for small businesses that have been negatively affected. We would like to share what we have found:
Hard-hit small businesses in the US may be eligible for low-interest federal disaster relief loans through the Small Business Administration. The maximum amount of an Economic Injury Disaster Loan is $2 million, the interest rate for small businesses is 3.75%, and affordable, long-term repayment plans are available. The loan amount must be used towards regular operating costs that couldn’t otherwise be paid, due to the pandemic.
An Economic Injury Disaster Loan may be what many small businesses suffering under the COVID-19 outbreak need to weather the crisis, and with the passing of the historic $2 trillion stimulus bill, the Small Business Administration will be offering even more relief to businesses. Visit https://www.sba.gov/ to view relief options and check your eligibility.
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