The Small Business Administration is urging businesses that are hurting from the coronavirus pandemic to apply for low-interest loans now, and not wait for rules and procedures created by the federal government’s recovery program.
“The best thing businesses can do is to file online, and if that is not available, to fill out and upload a completed application,” said Dorris Evans, public affairs specialist for the 27-state eastern region of the SBA’s Office of Disaster Assistance.
The best way to apply is online, but “the system is overloaded,” Evans said. She suggests going online early in the morning or late at night. Alternatively, applicants can download forms and upload their completed documents.
Applicants can expect to get a confirmation that their application has been received within 10 business days. The time for an evaluation by a loan officer of income and creditworthiness varies with the completeness and complexity of the application.
The most important thing for an applicant to remember is that an application must be complete; missing documents and unclear responses can delay a request, Evans said. The applications are evaluated using criteria in place in other disasters, including hurricanes Katrina and Maria.
Connecticut businesses were made eligible for the 3.75% interest, 30-year loan program after Gov. Ned Lamont filed for an emergency declaration last week. Loans are available up to $25,000 without collateral, and to $2 million with.
Evans confirmed that applications made now will be re-evaluated should criteria change under new legislation.
Application information is available at https://disasterloan.sba.gov/ela. Questions can be directed to 1-800-659-2955 or firstname.lastname@example.org