Small Buisness Relief

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The below information has been provided by the U.S. Small Business Administration  

SBA Offers Disaster Assistance to South Carolina Small Businesses Economically Impacted by COVID-19

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to South Carolina small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

The disaster declaration makes SBA assistance available in the entire state of South Carolina. SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of COVID-19 since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.

Eligibility

Eligibility for Economic Injury Disaster Loans is based on the financial impact of COVID-19. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

How to Apply

Please use the provided link for more information and to download the application 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.

Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. 

For more information about available SBA resources and services, please visit SBA.gov/coronavirus.

Download a SBA Fact Sheet