SBA is offering low-interest federal disaster loans for working capital to New York State (a) small businesses or (b) private nonprofit organizations that are suffering substantial economic injury as a result of the Coronavirus.

DETAILS:

  • Your business must be experiencing a business loss due to COVID-19
  • Entities may qualify for loans up to $2 million
  • Maximum unsecured loan amount is $25,000
  • Interest rates:  3.75% for small business; 2.75% for private nonprofits
  • Term – up to 30 years
  • Use of funds:  working capital, paying fixed debts, payroll, accounts payable, o