Yesterday, the U.S. Small Business Association (SBA) announced that small businesses in Maryland are now eligible to apply for the Small Business Administration’s Economic Injury Disaster Loan program.
The SBA’s Economic Injury Disaster Loan program provides long-term, low-interest, working-capital loans of up to $2 million for “small businesses suffering substantial economic injury as a result of the coronavirus.”
Small businesses that qualify for an economic injury disaster loan may use the proceeds to pay “fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.” The interest rate is 3.75% for small businesses and 2.75% for non-profits.
Small businesses in Maryland may apply for a loan on-line at www.disasterloan.sba.gov or mail in paper forms available for download here. You will also need to complete an IRS Form 4506-T, which authorizes the IRS to share your tax information with SBA.
Applicants may also call SBA’s Customer Service Center at -800-659-2955 or email firstname.lastname@example.org.