The U.S. Small Business Administration today approved a request from Kansas Gov. Laura Kelly to make loans of up to $2 million available to small Kansas businesses disrupted by coronavirus.
The low interest loans will cover economic losses from January 31st through December of this year.
Kelly said the COVID-19 outbreak has and will continue to impact small Kansas businesses.
“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,” Kelly said.
According to a press release from the Kansas Department of Commerce, 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.
For more information about the Kansas response to COVID-19, please visit: https://govstatus.egov.com/coronavirus.
