INDIANAPOLIS — Indiana Gov. Eric Holcomb has announced eligibility for financial relief to small businesses across the state impacted by COVID-19.
On Thursday, the U.S. SBA approved a disaster designation requested by Holcomb on Tuesday though the organization's Economic Injury Disaster Loan Program, according to a news release.
What it means is that small businesses, small agricultural cooperatives and nonprofits across Indiana are eligible to apply for low-interest loans of up to $2 million to help safeguard their business during the current crisis. They can be used to pay debts, payroll, accounts payable and other bills received during the emergency. The loan rate for small businesses is 3.75% and nonprofits 2.75%.
“Small businesses play a critical role in driving Indiana’s economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state,” Holcomb said, according to a news release. “These disaster loans will provide much needed financial support to small business owners who are weathering the impact of the coronavirus outbreak.”
To apply for loans or receive more information about the Economic Injury Disaster Loan program, visit SBA.gov/Disaster. Contact 1-800-659-2955 or email@example.com with additional questions. The deadline to apply for the disaster loans is Dec. 18, 2020.