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.
- 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