Gov. Laura Kelly announced Saturday that the U.S. Small Business Administration has approved her request to make loans of up to $2 million available to small businesses disrupted by coronavirus.
The disaster declaration applies to all 105 Kansas counties, making low-interest federal disaster loans for working capital available for Kansas small businesses suffering substantial economic injury.
“The COVID-19 outbreak and the uncertainty around its spread has had, and continues to have, a significant impact on Kansas businesses,” Gov. Kelly said in a news release. “I’m grateful for the combined efforts of businesses, the Department of Commerce and the Kansas Division of Emergency Management to quickly pull together the data that made it possible for Kansas to receive this designation and begin getting support to the small Kansas businesses that need it during this emergency situation.”
Kansas small businesses can begin applying for disaster loan assistance through the SBA at https://disasterloan.sba.gov/ela. SBA customer service representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
“SBA’s disaster loans are a powerful tool to help our state’s small businesses weather this temporary storm,” Secretary of Commerce David Toland said. “The Department of Commerce is grateful for the SBA’s quick action to make these resources available and for their commitment to keeping Kansas businesses strong.”
SBA loans may be used to pay fixed debts, payroll, accounts payable and other bills because of the disaster’s impact.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the novel coronavirus, COVID-19. The interest rate is 3.75 percent for small businesses and 2.75 percent for private non-profit organizations.
Businesses may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.