Government Provides Low-Interest Emergency Loans For Small Businesses

FRANKFORT, Ky. — After some delays with the online application, small businesses should be able to seek relief from the coronavirus.

The Small Business Administration is allowing small businesses across the county to apply for low-interest loans at a rate of 3.75 percent. Non-profits would receive a 2.75 percent interest rates.

The loans are worth up to $2 million and could last up to 30 years.

Kentucky received approval last week, but Gov. Andy Beshear said the site kept crashing over the weekend. Now, he said, the issues with the website have been resolved.

The application can be found online. 

You will need several documents, including:

  • Tax Information Authorization form (IRS Form 4506T)
  • Most recent federal income tax return
  • Current profit-and-loss statement
  • Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities (SBA Form 2202)
  • Monthly sales figures (SBA Form 1368)

The deadline to apply is December 21. The SBA said responses usually take 2-3 weeks.