The U.S. Small Business Administration (SBA) offers a disaster loan assistance program, which is currently available to small businesses impacted by COVID-19. The loan program is only available to small businesses located in a designated disaster area, but as the coronavirus and COVID-19 are affecting the U.S. from coast to coast, all 50 states are currently considered in the disaster area.
If you are an agency owner or an independent contractor, you may be eligible to apply for a disaster loan from the SBA to cover your payroll and other business expenses.
The program allows applicants to borrow up to $2 million at an interest rate of 3.75% for a term of up to 30 years. Keep in mind that not everyone is guaranteed the same terms, as the terms are determined on a case-by-case basis. Also remember that because this is a loan, you will have to pay back the money, but if you are experiencing a cash-flow issue with your agency, it may be the relief you need to continue operating through the pandemic.
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