South Carolina Officially Designated for Small Business Administration Loans

On Friday, March 20, the Small Business Administration officially added South Carolina to the list of approved areas for Economic Injury Disaster loans due to impact of COVID-19. This is the first time in history a medical emergency has qualified for this type of loan.

  • Impacted small business (up to 500 employees) are eligible for federal loans up to $2 million at 3.75% interest with repayment terms of 10-30 years.
  • Loans have an automatic 12 month repayment deferral, interest accrues upon disbursement.
  • Loans are approved to address temporary loss of revenue and cover payroll and operating expenses.
  • Apply online at disasterloan.sba.gov/ela
  • More info on SBA programs in response to COVID-19 on their website.

We will continue provide valuable resources to guide your businesses response to COVID-19. View the latest update on state and local government response and view all resources at www.charlestonchamber.org/coronavirus-guide

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Government Relations

Summary of Federal Legislative Packages in Response to COVID-19

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