The federal Small Business Administration (SBA) has declared Connecticut a disaster area. The SBA provides low-interest loans to help businesses recover from declared disasters. Has your business suffered substantial economic injury as a result of the Coronavirus (COVID-19)?
Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify.
What can the funds be used for?
The SBA’s disaster loans can help you pay for just about anything you need to afford after a disaster. With an Economic Injury Disaster Loan, you can use the funds to meet your financial obligations and pay for operating expenses that could’ve been met if the disaster hadn’t occurred.
How long does it take to get approved?
Receiving an SBA disaster loan is a 3-step process: Application, Property/Loss Verification & Loan Processing Decision, Loan Closing & Disbursement of Funds. The SBA states that the first and second step takes an average of four weeks. Step 3 takes around five days for borrowers to receive funds.