Idaho is looking for responses from small, non-farm businesses that have been affected by the novel coronavirus (COVID-19), according to Gov. Brad Little in a press release.
These responses will determine whether impacted businesses will be eligible for U.S. Small Business Administration (SBA) low-interest loans through Economic Injury Disaster Loan assistance. SBA disaster assistance offers assistance in the form of loans to regions affected by declared disasters according to the SBA.
Businesses impacted by coronavirus who won’t apply to receive financial assistance are still encouraged to submit a response. In order to receive assistance, Idaho still needs responses from small businesses to demonstrate economic injury determined by the SBA. This information will help Idaho businesses who do apply for Economic Injury Disaster Loan assistance to be more likely to receive assistance.
If approved, assistance will be provided in the form of direct loans with interest rates of 3.75% for small businesses, and 2.75% for non-profits. These loans will be determined on a case-by-case basis and will offer long-term repayments of up to 30 years.
To respond, businesses can download and complete the SBA Disaster Economic Injury Worksheet found on Idaho Commerce website. Once completed they can be sent to Jerry Miller at the Idaho Department of Commerce by email or cell.
Additional information can be found at SBA disaster assistance website.
The Argonaut will continue to update as more information becomes available. For more COVID-19 coverage visit our website.
Emily Pearce can be reached at [email protected] or on Twitter @Emily_A_Pearce