MEMPHIS, Tenn. (WMC) - Wednesday, Tennessee Governor Bill Lee announced he has submitted a request for Economic Injury Disaster Loan assistance to the U.S. Small Business Administration.
This would allow all Tennessee small businesses and nonprofit organizations that have suffered economic injury as a result of COVID-19 to apply for disaster loan assistance of up to $2 million per applicant.
The loans can be used to pay fixed debts, payroll, accounts payable or other bills that can’t be paid due to the disaster’s impact. Interest rates for the loans are 3.75% for small businesses and 2.75% for nonprofit organizations.
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Once the declaration has been received, additional information about Economic Injury Disaster Loan assistance, along with instructions on where to apply, will be announced.
To learn more about resources offered by the U.S. Small Business Administration, click here.