Today Arizona passed loan assistance for small business owners

Today, the U.S. Small Business Administration (SBA) approved the Economic Injury Disaster Loan Declaration for Arizona, which will help those affected by COVID-1...

Today, the U.S. Small Business Administration (SBA) approved the Economic Injury Disaster Loan Declaration for Arizona, which will assist the state’s small businesses affected by COVID-19. Through this program, individual businesses can receive loans of up to $2 million.

On Monday, March 16, 2020, Governor Ducey submitted a request to the federal government for financial assistance, which is available through the Coronavirus Preparedness and Response Supplemental Appropriations Act, signed by President Trump on March 6, 2020.

Read the Governor’s letter HERE .

"We remain committed to addressing COVID-19 and prioritizing public health, and we are working with our federal partners to mitigate the economic impact on Arizona's small businesses and workers," said Governor Ducey. "Businesses that have experienced significant economic harm due to COVID-19 can apply for this loan through the Small Business Administration's website at SBA.gov/disaster. Our government stands ready to help."

National Federation of Independent Business Arizona State "Arizona's small business community is grateful to Governor Ducey for prioritizing the health and safety of Arizonans while supporting businesses impacted by COVID-19," said Commissioner Chad Heinrich. "There is no question that these trying times will severely harm our economy and the livelihoods of working men and women across the state." This relief will go a long way toward making up for the damage caused and protecting Arizona families. "

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of COVID-19. The interest rate for small businesses with no credit available elsewhere is 3.75%. The interest rate for non-profit organizations is 2.75%. The SBA offers loans with long-term repayments to make payments affordable, up to 30 years. Terms are determined on a case-by-case basis based on each borrower's ability to repay.

Arizona businesses impacted by COVID-19 are eligible here.