SBA Designates Maryland Businesses Eligible for Economic Injury Disaster Loans
March 27, 2020
The entire state of Maryland has received designation for SBA assistance. Economic Injury Disaster Loans are given in amounts up to $2m with interest rates set at 3.75% currently. The approval process takes 14-21 days, with a 5 day wait time for funds to be dispersed. There is current legislation to increase SBA funding (outside of the disaster fund). Borrowers may also be able to apply for SBA Express Bridge Loan Pilot Program that allows the SBA to give loans up to $25k for small businesses in designated disaster areas. Find more information and links to all the appropriate loan programs here. For more detailed information on the SBA express loans, go here.
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