SMALL BUSINESS ADMINISTRATION TO MAKE ECONOMIC INJURY DISASTER LOANS AVAILABLE IN RESPONSE TO CORONA VIRUS PANDEMIC
Although the ultimate impact of the Coronavirus (COVID-19) cannot be predicted, the pandemic has and will continue to affect commerce in the United States as well as abroad. Among the hardest hit will be small businesses which have the least cushion for absorbing the economic consequences of the pandemic. At the Mississippi Airports Association, we understand that many of our non-airport members as well as tenants and operators at Mississippi airports, many of which are small business, are among those that will be affected.
To help these small businesses, President Donald J. Trump has directed the United States Small Business Administration (SBA) to make low-interest working capital loans available to small businesses affected by the pandemic under the SBA’s Economic Injury Disaster Loan Program. In addition, the President has requested that Congress act to increase appropriations to the SBA from $19 billion to $50 billion to make more assistance available to small businesses.
The loans will be available to small businesses in an amount of up to $2,000,000 per borrower, will carry an interest rate of 3.75% and will be payable over a term of up to 30 years. Proceeds of the loans may be used to pay existing fixed debt, employee payroll, accounts payable and other expenses of operation.
Governor Tate Reeves has worked with the SBA to have the state of Mississippi declared an affected area. Applications may be filed online at https://disasterloan.sba.gov.