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SBA Disaster Assistance Now Available to Georgia Small Businesses

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SBA Disaster Assistance Now Available to Georgia Small Businesses

The U.S. Small Business Administration (SBA) announced on Wednesday, March 18, 2020 that it is now offering low-interest federal disaster loans for working capital to small businesses in Georgia that are suffering economic injury resulting from COVID-19.

Assistance is available to small businesses across the entire state, as well as to contiguous counties in Alabama, Florida, North Carolina, South Carolina and Tennessee.

SBA’s Economic Injury Disaster Loans can be used by Georgia’s small businesses to pay fixed debts, accounts payable, payroll and other bills that a business cannot pay due to COVID-19’s impact.

Eligibility for an Economic Injury Disaster Loan is based on the financial impact of COVID-19 on a business. These loans have an interest rate of 3.75 percent for small businesses and 2.75 percent for private non-profit organizations.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020. To apply online, visit https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

To discuss if an SBA Economic Injury Disaster Loan is a good fit for your business, contact Aprio’s Coronavirus Loan & Capital Assistance team.

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