3/26/20 Economic injury Disaster Loan Assistance

Good Afternoon, Community Leaders,

The SBA has just released exciting new details on Economic Injury Disaster Loans (EIDL) for the COVID-19 disaster.  There will now be a one-year deferment on EIDLs, meaning business owners will receive their lump sum in about three weeks and will not be required to make a payment until 2021.  Terms are 30-year repayment at 3.75% fixed interest for small businesses.  These are the best business loan terms that have ever been made available to the general public. 

The deferment is especially great news for Kenai Peninsula businesses, since the 2020 tourist season will likely be a bust.  Tourism usually starts to recover 6-7 months following a pandemic, which puts us into September.  I encourage any small business owner, especially in accommodation, food services, arts, entertainment, fishing, retail, tourism, and transportation sectors, to apply now here and see how the SBA can help.  Applying is free and there is no initial commitment by submitting an application.

All the Best,

Cliff

Full link to the assistance program is: https://disasterloan.sba.gov/apply-for-disaster-loan/index.html