ATLANTA — Small businesses in any of Georgia's 159 counties now have the opportunity to apply for an emergency loan following an update from Gov. Brian Kemp.
Kemp announced that Georgia had received a statewide disaster declaration from the U.S. Small Business Administration. The declaration will provide assistance in the form of SBA Economic Injury Disaster Loans to small businesses.
Kemp described the declaration as great news for small business owners, allowing them to apply for "much-needed funding to continue operation and pay their employees."
The application is now live and Georgia business owners can go directly to the SBA by visiting www.disasterloan.sba.gov for further information.
These loans are available to both small businesses and non-profit organizations. Terms are set on a case-by-case basis but many will have a 30-year repayment term. The first payment in those cases isn't due for up to 12 months.
To apply, businesses should provide a tax transcript, financial statements, and a profit and loss statement. The interest rates range from 2.75 to 3.75 percent.
The move comes as several businesses, especially those in the service industry like restaurants and retail shops, face partial or total shutdowns as a precaution against coronavirus.