More information on the state's response to COVID-19's impact on small businesses More Info
Gov. John Carney formally requested an Economic Injury Declaration from the U.S. Small Business Administration on Monday. According to the Delaware SBA, approval should come in the next day or so.
In the meantime, you can prepare to apply, which will help to ensure you get assistance as quickly as possible.
A good first step is to start to gather or fill out the necessary documents.
Click here for a three-step explanation of the loan application process.
The SBA offers up to $2 million in federal direct loans per business. The rates on the fixed loans are 3.75% for small businesses and 2.75% for non-profits. The term of the loan can be up to 30 years to keep monthly payments small. Businesses have the ability to increase their loan amounts, if needed, as well as pay the loan off early without a penalty.
Some other key points about the loan program, which were shared by the Delaware SBA.
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