business

With the free fall of much of Alaska economy, Governor Michael Dunleavy announced Saturday that a safety net has been strung up in the form of U.S. Small Business Administration’s (SBA) low-interest federal disaster loans. The financial instrument will provide working capital to small businesses suffering substantial economic injury as a result of the Coronavirus.

SBA Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing, and long-term repayment schedules to that the monthly payments are affordable.

The funds may be used to pay any bills that cannot be paid because of the disaster’s impact including fixed debts, payroll, and accounts payable. The interest rate is 3.75% for small businesses without credit available elsewhere and 2.75% for non-profits.

Businesses interested in applying for an Economic Injury Disaster Loan will need to apply directly to SBA at SBA.gov/disaster.

For additional information, contact the SBA disaster assistance customer service center at 1-800-659-2955 or disastercustomerservice@sba.gov