Tennessee Receives Economic Injury Disaster Loan Declaration For Small Businesses

Small Business Administration

Small Business Administration

Baldwin's plan would also provide small businesses loan forgiveness for any economic injury disaster loan granted under the Small Business Administration COVID disaster declaration if the small business employer maintains 100 percent of its staff at full pay and full benefits throughout the duration of the declared disaster.

SBA customer service representatives will be available to answer questions related to the Economic Injury Disaster Loan program, as well as to explain the application process.

Carranza said SBA "is strongly committed to providing the most effective and customer-focused response possible to assist CNMI small businesses with federal disaster loans".

The online business page is created to be a one-stop resource, which includes details of Gov. Sununu's emergency orders; the SBA disaster declaration and how to apply for low interest loans; unemployment information for businesses and employees, and other state and federal resources.

"I applaud the efforts of the SBA in swiftly processing and approving Tennessee's request for Economic Injury Disaster Loan assistance", Governor Lee said.

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Gov. Ron DeSantis has announced the first two emergency bridge loans for small businesses impacted by COVID-19.

"We understand and appreciate the sacrifice that many are making, and we are doing everything we can to ease the burden many small businesses are facing", said Gov. Chris Sununu. "Small businesses are the backbone of our rural communities and the lifeblood of our state, so we've got to make sure they have the resources they need to keep the wolf away from the door".

The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.

To apply and for more information, visit https://disasterloan.sba.gov/ela, or contact the SBA Customer Service Center at (800) 659-2955, or email This email address is being protected from spambots. The interest rate for private nonprofit organizations is 2.75%.

In a joint statement, U.S. Sens. Businesses needing short term loans during this time, applicants may apply online, receive additional disaster assistance information and download applications at: DISASTER LOAN ASSISTANCE PAGE.

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