Gov. Holcomb recently announced that Indiana small businesses are eligible for financial assistance under a disaster designation by the U.S. Small Business Administration (SBA), said State Sen. Brian Buchanan (R-Lebanon).
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 myself, I understand the severity of having to shut down for a number of weeks,” Buchanan said. “With more than 500,000 small businesses in Indiana, many of which are being impacted by COVID-19, it’s critical that our state take the appropriate steps to assist them financially. appreciate Gov. Holcomb’s quick action in assisting Indiana businesses while also doing what is necessary to keep Hoosiers healthy.”
To apply for loans or receive more information about the Economic Injury Disaster Loan program, visit SBA.gov/Disaster. Contact 800-659-2955 or [email protected] with questions. The deadline to apply for the disaster loans is Dec. 18, 2020.