Small Business Financial Assistance Programs
Updated: Mar 27, 2020
In an effort to slow the spread of the coronavirus, Los Angeles County and city officials ordered all indoor malls, shopping centers, playgrounds and nonessential retail businesses to close until April 19th.
In order to help Small Businesses affected by these closures, The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19)
These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years.
As of March 23, businesses in every state plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands can apply.
You can use the loan to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
How to Apply
Apply online and select “Economic Injury” as the reason you’re seeking assistance.
You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
Relief from financial institutions
BANK OF AMERICA
For consumer and small business deposit accounts, clients can request refunds of overdraft, insufficient funds and monthly maintenance fees.
Clients can request to defer payments and refunds of late fees on their small business loans.
For more information visit Bank of America’s coronavirus help page.
Minimum payment assistance
Deferred loan assistance
For more information and updates, visit Capital One’s coronavirus help page.
Waivers on monthly service fees, for both regular and small business customers
Waived penalties for early CD withdrawal, for both regular and small business customers
Fee waivers on remote deposit capture for small business customers
Bankers available after hours and on weekends to support small business customers
Some credit card customers may be eligible for credit line increases and collection forbearance programs.
For more information and updates, visit Citibank's coronavirus help page.