PHOENIX — As the coronavirus pandemic takes hold in the United States and people are hunkering down in their homes, small businesses are struggling.
But some relief is coming by way of government loans.
The U.S. Small Business Administration approved an Economic Injury Disaster Loan declaration for Arizona small businesses impacted by the coronavirus outbreak on Thursday.
This means individual small businesses, like restaurants, bars and shops, will have access to up $2 million to pay workers and other bills during this time of economic unrest.
The interest rate on these loans is 3.75 percent for businesses without available credit elsewhere. The interest rate for non-profits is 2.75 percent.
The loans can be paid over a time period up to 30 years.
Gov. Doug Ducey submitted a request to the federal government for the economic assistance option for Arizona businesses.
The funds for loans are made available through the Coronavirus Preparedness and Response Supplemental Appropriations Act signed by President Donald Trump on Mar. 6.
“As we continue to address COVID-19 and prioritize public health, we are working with our federal partners to mitigate the economic impact on Arizona’s small businesses and employees,” said Ducey.
For more information go to http://sba.gov/disaster.