The U.S. Small Business Administration approved an Economic Injury Disaster Loan declaration for Arizona on March 19 to help small businesses in the state impacted by COVID-19. Individual businesses can be eligible for up to $2 million through the program.
Gov. Doug Ducey requested the economic assistance, which is made available through the Coronavirus Preparedness and Response Supplemental Appropriations Act signed by President Donald Trump on March 6.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of COVID-19’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere. The interest rate for nonprofits is 2.75 percent. Terms are determined on a case-by-case basis.
The Chandler chamber is hosting a Zoom seminar about the SBA Economic Injury Disaster Loans on March 20 at 2 p.m.
The city also addressed the tough times businesses are facing in a video from Council Member Mark Stewart on March 19.
"Chandler, we are in uncharted territory right now, and our businesses are indeed facing hard times ahead, but I know we will get through this together," Stewart said in a video address.
Chamber resources for businesses are available here.