The teleconference, set to be held at 10 a.m., will discuss how small businesses can apply for the SBA's $2 million disaster assistance loans program. Questions expected to be covered during the teleconference include how to receive a loan, what business expenses are covered and how forgivable the loans are, among others.
Tim Jeffcoat, regional director of the U.S. SBA, will join McCaul via teleconference. Businesses interested in participating can fill out the form linked here, and they will receive a participation number by text or email for the April 3 teleconference.
The $2 million disaster assistance loans program was created to assist small businesses who have been substantially impacted by the coronavirus pandemic, according to a March 12 SBA news release. Areas in which loans are applicable include payroll, accounts payable and related bills that cannot be paid due to the coronavirus.
Per the March 12 news release, the interest rate for small businesses is 3.75%, while nonprofits have an interest rate of 2.75%. Long-term repayments are available for small businesses up to a maximum of 30 years.
For further information, contact SBA's disaster assistance customer service center at 800-659-2955 or by email at [email protected].
