The US Small Business Administration has accepted the District of Columbia’s declaration for assistance in the form of economic injury disaster loans following the advent of the novel coronavirus (COVID-19) and DC businesses can start applying now. While the SBA directly administers this loan program, the Department of Small and Local Business Development will liaise with the SBA on behalf of the District of Columbia. The SBA’s Office of Disaster Assistance will provide targeted, low-interest loans to Washington, DC small businesses that have been severely impacted by COVID-19. Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. For more information on the District’s response and recovery, visit coronavirus.dc.gov.
