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.