Nevada businesses eligible for $2 million low-interest SBA loans
RENO, Nev. — Last week, the Small Business Administration declared the entire state of Nevada an economic disaster zone, meaning businesses impacted by the COVID-19 crisis are eligible for low-interest SBA loans from the federal government.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per each business that has “been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020,” according to SBA.
Loans may be used to pay fixed debts, payroll, accounts payable rents and/or other bills that can’t be paid because of the disaster’s impact.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Nevada small businesses with federal disaster loans,” SBA Administrator Jovita Carranza said in a press release. “We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19).
“Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
On Saturday, state officials announced the second week of March brought nearly three times the number of initial unemployment claims as the first week — the largest week-over-week jump since 1987.