There’s new chance for federal help from the scourge of the virus.
The US Small Business Administration has set up a relief option for small business, offering low-interest federal disaster loans of up to $2 million dollars for working capital to Wyoming small businesses suffering substantial economic injury as a result of the COVID-19, following the simultaneous disaster declarations from the President and the Governor.
Assistance is now available in every county in the state, along with several neighboring counties in Colorado, Idaho, Montana, Nebraska, South Dakota, and Utah. The interest rate is 3.75 percent for small businesses and 2.75 percent for private non-profit organizations. The Small Business Administration offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. It might not be ideal, but it can lend some assistance during these unprecedented times.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov
