La. Gov announces all small businesses eligible for COVID-19 business aid

Closed(Source: MGN)
Updated: Mar. 19, 2020 at 4:48 PM CDT
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NORTHWEST LOUISIANA (KSLA) - On March 19, Louisiana Governor John Bel Edwards announced that small businesses will have access to federal small business administration disaster aid in wake of the coronavirus outbreak.

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More than 440,000 businesses in all 64 parishes are eligible to apply for low-interest federal disaster loans.

COVID-19 is a unique crisis affecting all walks of life, and that means Louisiana’s small business community will continue to be heavily impacted by disruptions to their operations. We are pleased to work with SBA and the federal government in providing this critical working capital to our small business owners who are suffering from the necessary measures installed due to the Coronavirus. Our hope is that these SBA disaster loans will be an important part of sustaining their businesses and providing support to their employees who make up over half of Louisiana’s private-sector workforce.

Small businesses may apply for up to $2 million in working capital to pay for fixed debts, payroll, accounts payable and other bills that can’t be paid.

Loan terms (3.75 percent interest rate for small businesses; 2.75 percent for nonprofits) may be extended up to 30 years to keep payments affordable.

To get started:

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