Local small businesses suffering amid COVID-19 pandemic eligible for federal disaster loans

Coronavirus

MONTGOMERY, Ala. (WIAT) — COVID-19 has negatively impacted countless small businesses throughout the state and forced many to temporarily shut their doors.

Gov. Kay Ivey announced that those small businesses will be eligible for help in the form of Economic Injury Disaster Loans from the U.S. Small Business Administration. Eligible businesses can get up to $2 million in assistance.

According to the SBA website, the assistance is available for affected businesses in all Alabama counties and contiguous counties in Florida, Georgia, Mississippi and Tennessee. Interest rates vary; however, the maximum rate is 3.75 percent, and collateral is required for loans more than $25,000.

The application filing deadline is December 21, 2020. For more information, click here.

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