SBA Working Capital Loans for Small Businesses and PNP in GEORGIA

Coronavirus Relief Options

March 31, 2020 - CARE ACT & Economic Injury Relief Program Overview

Georgia Chamber of Commerce Virtual Conference Call addressing the Economic Injury Relief Program Overview

Virtual Conference Speakers:
• David Perdue, Senior U.S. Senator
• Ashley D. Bell, U.S. Small Business Administration (SBA) Regional Administrator
• Joseph Shuford, Synovus Director of Gov. Guaranteed Lending
• Chris Clark, Georgia Chamber President & CEO (host)

U.S. Senator David Perdue launched the conversation with a review of the CARES Act signed into law on Friday, March 27, 2020.
You can access the video here and their written overview here.

During the call they discussed the difference between the two types of  loans see below:
SBA_Comparison_P2     SBA_Conference_Call

March 25, 2020

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.  Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomers[email protected]  for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit www.sba.gov.

SBA Customer Service Representatives will be available to answer questions about SBA's Economic Injury Disaster Loan program and explain the application process at 1-800-659-2955.