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Louisiana small businesses eligible for COVID-19 disaster aid

More than 440,000 small businesses are eligible to apply for low-interest federal disaster loans for businesses suffering due to the coronavirus.

NEW ORLEANS — Louisiana Governor John Bel Edwards announced Thursday that small businesses in all parishes will have access to federal disaster aid from the Small Business Administration. 

More than 440,000 small businesses are eligible to apply for low-interest federal disaster loans for businesses suffering due to the coronavirus.

Businesses can apply for up to $2 million in working capital to pay for fixed debts, payroll, accounts payable and other bills that can't be paid due to the public health emergency. 

The loans have a 3.75 % interest rate for small businesses and 2.75% for nonprofits. 

To get started immediately, visit SBA.gov/Disaster. SBA offers a three-step process for disaster loans explained here.

"Our hope is that these SBA disaster loans will be an important part of sustaining their businesses and providing support to their employees who make up over half of Louisiana’s private-sector workforce," Edwards said.

Louisiana Economic Development also is offering COVID-19: Business Resources, an online guide to assistance available for impacted businesses. Look for updates to the guide at OpportunityLouisiana.com.

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