ATLANTA — Gov. Brian Kemp announced Wednesday that Georgia small businesses can now apply for emergency loans in the wake of the COVID-19 pandemic.
A news release from the governor says the state received a declaration that will provide assistance loans to small businesses impacted by COVID-19.
The official statewide disaster declaration from the U.S. Small Business Administration will aid in the form of Economic Injury Disaster Loans, according to the release.
This is for all small businesses in the state impacted by the coronavirus pandemic.
"This is great news for Georgia small business owners," Kemp said in the release. "As we continue to navigate the impact of COVID-19 on our economy, small business owners can apply for much-needed funding to continue operation and pay their employees.”
The release says these loans are available for small businesses and non-profit organizations.
The loan terms will be established on a case-by-case basis. In many cases, there will be a 30-year repayment term and the first payments won’t be due for up to a year.
Businesses can expect to provide a tax transcript, financial statements, and a profit and loss statement, according to the release.
Interest rates on the loans can range anywhere between 2.75 percent and 3.75 percent.
The release says small business owners can start applying for funding online now.
The application and more information is available on the disaster loan website.
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