Georgia has received an official statewide disaster declaration from the U.S. Small Business Administration, which will provide assistance in the form of “economic injury disaster” loans to small businesses and non-profit organizations impacted by the coronavirus outbreak, Gov. Brian Kemp’s office announced Wednesday, March 18.
"This is great news for Georgia small business owners," Kemp said in a news release. "As we continue to navigate the impact of COVID-19 on our economy, small business owners can apply for much-needed funding to continue operation and pay their employees. My thanks to the Trump administration for (its) swift action to protect small business owners throughout the country."
The application is now live, and Georgia small business owners can go directly to the SBA for assistance. Small business owners should go to www.disasterloan.sba.gov for information and the application, according to the release.
While terms will be established on a case-by-case basis, many will have a 30-year repayment term with first payments not due for up to 12 months, according to the release. Businesses should expect to provide a tax transcript, financial statements, and a profit and loss statement. Interest rates will range from 2.75-3.75 percent.