Christ Yoder
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Arkansas small businesses statewide are eligible to apply for Economic Disaster Disaster Loans (EIDLs) from the United States Small Business Administration (SBA) due to the COVID-19 public health emergency .
EIDL loans offer up to $2 million in assistance per small business and can provide vital economic support, at an interest rate of 3.75% for small businesses with no credit available elsewhere; companies with credit available elsewhere are not eligible.
These loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. Federal direct loans come with long-term repayments to keep payments affordable, up to a maximum of 30 years.
The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
Applicants must be small businesses (500 employees or less). Eligible businesses include:
— Retailers, restaurants, leisure facilities, tourism businesses, manufacturers, rental property owners, hotels, wholesalers and many more.
— Private non-profit organizations
— Small agricultural cooperatives are eligible, but agricultural enterprises are not
— Small scale aquaculture enterprises
— Applicants must provide the following information:
business information
— Contact information and social security numbers for all applicants
— Employer Identification Number (EIN) for business applicants
— Insurance Information
— Financial information (such as income, account balances, and monthly expenses)
— Know the total amounts and payments due for debts that will be paid off in the next 10 months or more (such as mortgages, student loans, credit cards, etc.)
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