SBA has approved Louisiana’s Economic Injury Disaster Loan Declaration as of March 19, 2020

Dear Partners and Allies:

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Governor John Bel Edwards has submitted Louisiana’s SBA application package for statewide coverage to the federal authorities, and as of today, March 19, 2020, the SBA has issued under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration for Louisiana.

Louisiana businesses may apply as follows:

Companies that already have SBA-backed loans through other programs can ask to delay their payments for six months, though the lender will make the final decision is our understanding.

NOTE:  Unlike other disaster responses, there are no “on-site” application locations at Small Business Development Centers.  All applications are by phone or on-line.

Don Pierson
Louisiana Economic Development

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