In addition to the Paycheck Protection loans, the SBA has already begun taking applications from Louisiana businesses for Economic Injury Disaster Loans to address revenue losses related to COVID-19. Low-interest loans with long-term repayment programs are available up to $2 million at a fixed interest rate of 2.75% for non-profits and 3.75% for businesses with specific terms based on your situation.
SBA staff advise the process will take approximately 30-45 days to begin receiving funds and are encouraging applications immediately. Apply online by clicking HERE. While all SBA applications MUST be completed ONLINE, you can access paper copies of the forms below, along with instructions, in order to gather information beforehand and streamline the online process.
The SBA has announced automatic deferments through December 31, 2020, for borrowers still paying back SBA disaster loans from previous disasters such as the 2016 floods and Hurricanes Gustav, Ike, Katrina, or Rita. Borrowers of home and business disaster loans do NOT have to contact SBA to request deferment.
If you have additional questions – or questions specific to your business – you are encouraged to contact the Small Business Development Center (SBDC) for Winn Parish.