As expected, businesses in Kansas now officially qualify for low-interest federal disaster loans through the Small Business Administration.
Loans of up to $2 million will be available for businesses or non-profit agencies “suffering substantial economic injury” as a result of coronavirus. Loans can be used to pay fixed debt, payroll, accounts payable and other bills that can’t be paid due to the pandemic. Interest rates are 3.75 percent for small businesses and 2.75 percent for private non-profits. Long-term repayments are possible with terms lasting up to 30 years.
Businesses and non-profits can apply online at https://disasterloan.sba.gov/eda, by email at disastercustomerservice@sba.gov or by phone at 800-659-2955. Applications are due by Dec. 21.
