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To assist hospitality-related businesses in Delaware that have been economically impacted by Coronavirus (COVID-19), the Division of Small Business is launching the Hospitality Emergency Loan Program (HELP).
The state will be making available no-interest loans of up to $10,000 per business per month to help the estimated 2,700 affected Delaware businesses in the hospitality industry cover immediate, unavoidable expenses over the next few months.
The program is open to businesses with less than $1.5 million in annual revenue that have been in business and operating with revenue for at least 12 months.
The loans carry a 10-year term with payments deferred for 9 months.
They can be used for a wide range of expenses, other than payroll costs.
To be eligible, the business must operate in one of the four-digit NAICS industry codes listed below:
Applications will be available online later this week. Visit delbiz.com/coronavirus for updates.
In the meantime, gather the documents you will need:
Related Topics: Delaware Division of Small Business