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Local businesses affected by COVID-19 can apply for SBA loan

by | Mar 27, 2020 | Business

Many small businesses in Hopkinton — and around the nation — are struggling during the COVID-19 pandemic. In an effort to help, the Small Business Administration (SBA) is offering free webinars on the application process for the Economic Injury Disaster Loan (EIDL) program, which is targeted to small businesses that have suffered substantial economic injury as a result of the pandemic.

The program will be presented on the following dates:

Tuesday, March 31, 1-2:30 p.m. (click here for registration information)

Tuesday, April 7, 10-11:30 a.m. (click here for registration information)

In an email to area businesses, Corridor 9/495 Regional Chamber of Commerce president/CEO Karen J. Chapman share more details, noting that the SBA recently made an important adjustment to the terms of the EIDL program.

Explained Chapman, “Moving forward, EIDL loans will defer payments for the first year (12 months) of the loan. This is a change from the initial loan structure, which allowed payment deferral for four months. SBA EIDL loans are for small businesses and private non-profits (of any size) that were previously profitable but whose revenues have been adversely impacted by the outbreak of COVID-19 (since January 31, 2020). Loans can be up to $2 million and have a long-term repayment schedule of up to 30 years.”

Businesses may apply for the program via the SBA website.