Turner Padget Insights

SBA Loans Approved for South Carolina

Posted On March 20, 2020

South Carolina small businesses just received a little bit of good news at a time when good news seems few and far between. The United States Small Business Association (“SBA”) has now approved Governor McMaster’s request for South Carolina small businesses to be eligible for the SBA’s Economic Disaster Loans. These Economic Disaster Loans are aimed to provide direct economic support to small businesses to overcome the temporary loss of revenue caused by the COVID-19 virus.

These loans can assist small businesses and non-profits in paying fixed debts, payroll, accounts payable and other bills that cannot be paid by a company due to the COVID-19 virus’ impact. The interest rate for these Economic Disaster Loans is 3.75% for small businesses and 2.75% for non-profits; and these loans offer long-term repayment plans of up to 30 years to allow the payments to be affordable for the businesses. The specific terms of each loan are determined on a case-by-case basis by the SBA, based upon each company’s ability to repay. The deadline to apply for these loans is December 21, 2020.

For more information or to apply for a SBA Economic Disaster Loan please visit https://disasterloan.sba.gov/ela. If you have any questions or need assistance in applying for these loans, please do not hesitate to call your attorneys at Turner Padget who remain dedicated to assisting small businesses navigate through these difficult times.