STATEHOUSE (March 20, 2020) – Gov. Holcomb announced this week that Indiana small businesses are eligible for financial assistance under a disaster designation by the U.S. Small Business Administration (SBA), said State Sen. Andy Zay (R-Huntington).
This declaration is in response to a formal request Gov. Holcomb submitted with the SBA on Tuesday, seeking assistance through the organization’s Economic Injury Disaster Loan program for small businesses impacted by the COVID-19 outbreak in Indiana.
Under the program, small businesses, small agricultural cooperatives and nonprofits across the state are eligible to apply for low-interest loans up to $2 million to help overcome the temporary loss of revenue due to the COVID-19 outbreak. These loans may be used to pay fixed debts, payroll, accounts payable and other bills incurred during this public health emergency. The loan interest rates for small businesses and nonprofits are 3.75% and 2.75%, respectively, with terms up to 30 years.
"As a small business owner, I understand the devastating effects that COVID-19 has put on daily operations," Zay said. "We must continue to support our small businesses, which are the engine of our state and national economy."
To apply for loans or receive more information about the Economic Injury Disaster Loan program, visit SBA.gov/Disaster. Contact 800-659-2955 or disastercustomerservice@sba.gov with questions. The deadline to apply for the disaster loans is Dec. 18, 2020.
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For a high-resolution photo of Sen. Zay, click here.
